SKINKANDY LIMITED (SK1)
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18/06/2026

1

Buy

$2.70

6.72%

Ord Minnett recently initiated coverage of SkinKandy, Australia's largest piercing services provider, with a Buy rating and $2.70 target.

The broker is attracted to the company's highly profitable business model, highlighting gross margins of around 90% and store-level earnings (EBIT) margins of 40%. Average store payback periods of less than 14 months are also noted.

SkinKandy currently operates 108 stores and is targeting 180-210 locations over time.

Growth prospects are aided by SkinKandy's close relationship with Lovisa Holdings ((LOV)), suggests Ord Minnett. CEO Dain Friis was formerly global COO of Lovisa, with more than 90% of stores now co-located in the same shopping centres.

Ord Minnett also sees substantial international expansion potential, particularly in the US, where management's retail experience and the company's capital-light model could support significant long-term growth.

27/08/2026

2

Overweight

$2.90

14.62%

Jarden maintains its Overweight rating for SkinKandy with its target price unchanged at $2.90 following second-half FY26 net profit after tax exceeding consensus by 12% alongside an in-line first-half FY27 year-to-date sales update.

Operational performance demonstrated progress on store rollouts, international preparations, and margin initiatives. The broker's estimates indicate that earnings projections remain largely unchanged following the trading update.

The analyst highlights that near-term trading trends and structural developments continue to support a positive outlook for the business.