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

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28/08/2026

1

Buy

$4.40

15.79%

On a second look, the target is raised to $4.40 from $4.15. The analyst remains Buy rated.

The broker leaves FY27-FY29 earnings forecasts unchanged but sees upside risk given strong demand across multiple sectors, with FDC's workforce up 1% and active subcontractor base up 6.6% in recent months signalling a healthy pipeline of opportunities.

FY27 EBIT is forecast at $100m, representing a 5.3% margin.

First read: FDC Consolidated Holdings' maiden result was stronger than expected, led by Construction, while Fit-out & Refurbishment was slightly softer.

UBS highlights work in hand rising to $2.5bn, covering 89% of FY27 prospectus revenue guidance, while the pipeline increased to $22bn from $19.9bn in April and cash conversion reached 214%.

FY27 guidance for $1.9bn revenue and $100m EBIT was reaffirmed, but the analyst sees upside risk given the high level of revenue coverage.

The broker expects Fit-out & Refurbishment margins to progressively improve as FDC builds scale outside NSW.

Buy. Target $4.15.

FORECAST
UBS forecasts a full year FY27 dividend of 20.00 cents and EPS of 24.00 cents.
UBS forecasts a full year FY28 dividend of 21.00 cents and EPS of 27.00 cents.

30/08/2026

1

Buy

$4.57

20.26%

Moelis retains a Buy rating for FDC Consolidated with its target price increased to $4.57 from $4.56 following an FY26 result featuring $1.69bn in revenue and normalised EBIT of $91.7m.

The company's performance exceeded prospectus forecasts, supported by strong cash generation including an operating cash conversion rate of 194%.

Management reaffirmed FY27 guidance of $1.9bn revenue and $100m normalised EBIT, implying an EBIT margin of 5.3%.

The analyst notes the revenue target is largely de-risked with 89% of the forecast underpinned by a robust Work in Hand position that grew to $2.5bn at June 2026.

Earnings per share estimates are increased slightly by 1%-2% across FY27 to FY29, reflecting the positive trajectory.

The broker believes the stock offers value, trading at a -19% discount to domestic peers on a 15.5x FY27 price-to-earnings multiple.

FORECAST
Moelis forecasts a full year FY27 dividend of 20.90 cents and EPS of 24.50 cents.
Moelis forecasts a full year FY28 dividend of 23.30 cents and EPS of 27.40 cents.