KMD BRANDS LIMITED (KMD)
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KMD

KMD - KMD BRANDS LIMITED

FNArena Sector : Sports & Recreation
Year End: July
GICS Industry Group : Retailing
Debt/EBITDA: 3.49
Index:

KMD Brands, formerly Kathmandu, is a retailer of outdoor and travel clothing and equipment in Australia and New Zealand. Apart from Kathmandu, the retailer also owns the Oboz footware and Rip Curl surfware brands. Founded in 1987 it listed on the ASX and NZX in 2009.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$0.24

05 Nov
2025

-0.005

OPEN

$0.25

-2.04%

HIGH

$0.25

132,728

LOW

$0.24

OTHER COMPANIES IN THE SAME SECTOR
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FNARENA'S MARKET CONSENSUS FORECASTS
KMD: 1
Title FY26
Forecast		 FY27
Forecast
EPS (cps) 0.0 xxx
DPS (cps) 0.0 xxx
EPS Growth N/A xxx
DPS Growth N/A xxx
PE Ratio N/A xxx
Dividend Yield 0.0% xxx
Div Pay Ratio(%) N/A xxx
This company reports in NZD.
All estimates have been converted into AUD by FNArena at present FX values.

Dividend yield today if purchased 3 years ago: N/A

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 N/A

Estimated Dividend Growth
(Average Of Past Three Years)

  %

Amount Invested

 $ 

Tell Me The Dividend After This Many Years
Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages

Last ex-div: 14/06 - ex-div 2.3679c (franking 100%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2025 FactSet UK Limited. All rights reserved
Title 202020212022202320242025
EPS Basic xxxxxxxxxxxxxxx-12.2
DPS All xxxxxxxxxxxxxxx0.0
Sales/Revenue xxxxxxxxxxxxxxx903.3 M
Book Value Per Share xxxxxxxxxxxxxxx88.1
Net Operating Cash Flow xxxxxxxxxxxxxxx115.2 M
Net Profit Margin xxxxxxxxxxxxxxx-9.61 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202020212022202320242025
Return on Capital Employed xxxxxxxxxxxxxxx-12.99 %
Return on Invested Capital xxxxxxxxxxxxxxx-9.26 %
Return on Assets xxxxxxxxxxxxxxx-6.82 %
Return on Equity xxxxxxxxxxxxxxx-12.99 %
Return on Total Capital xxxxxxxxxxxxxxx-2.09 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx102.1 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 202020212022202320242025
Short-Term Debt xxxxxxxxxxxxxxx81 M
Long Term Debt xxxxxxxxxxxxxxx263 M
Total Debt xxxxxxxxxxxxxxx344 M
Goodwill - Gross xxxxxxxxxxxxxxx269 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx31 M
Price To Book Value xxxxxxxxxxxxxxx0.27

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202020212022202320242025
Capex xxxxxxxxxxxxxxx22.4 M
Capex % of Sales xxxxxxxxxxxxxxx2.49 %
Cost of Goods Sold xxxxxxxxxxxxxxx512 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx412 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx0 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

0.0

No. Of Recommendations

1
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

UBS

25/09/2025

3

Neutral

-

-

KMD Brands' FY25 group sales beat forecasts by NZ$6m, on higher Rip Curl and Oboz sales, partly offset by lower Kathmandu sales, UBS explains.

Higher-than-forecast operating expenses of around -$10m and lower gross margins resulted in earnings (EBITDA) coming in below the estimate by -21%. Positively, inventory levels fell for the third year, and wholesale trends are improving.

Online sales rose 14.6% in FY25 compared to 13.6% for the prior year. The first seven weeks of FY26 show Kathmandu sales up 19% y/y and gross profit up 11%, inferring a recovery in the brand.

Debt levels also fell, viewed as another positive. UBS lowers its FY26 underlying earnings (EBITDA) forecast by -32% due to higher cost of goods sold assumptions and increased opex.

The FY27-28 earnings (EBITDA) downgrades are less severe due to expected improvements in gross margins and operating leverage.

Neutral rating retained. Target slips -13% to NZ$0.28 from NZ$0.32.

FORECAST
UBS forecasts a full year FY26 dividend of 0.00 cents and EPS of 0.00 cents.
UBS forecasts a full year FY27 dividend of 0.00 cents and EPS of 2.72 cents.
Access Stockbroker Research History >
EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

2

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Canaccord Genuity

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

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Jarden

30/09/2025

2

Overweight

-

-

KMD Brands reported FY25 earnings (EBITDA) of NZ$18m, down -65% year-on-year and a record low, with margin contraction of -410bps in 2H25 as clearance activity intensified, explains Jarden.

Sales trends improved through the half, though Kathmandu remained weak, while net debt fell to NZ$53m on tighter working capital management, observes the broker.

The analysts expect FY26 to be challenging, with a further -400bps of margin compression in 1H26 across brands due to tariffs and inventory clearance. Recovery is forecast to begin in 2H26, supported by new product initiatives and merchandising improvements.

The broker lowers its FY26 earnings forecast by -26% to NZ$38m. Target price remains NZ$0.45 and Overweight rating retained.

FORECAST
Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -0.64 cents.
Jarden forecasts a full year FY27 dividend of 0.00 cents and EPS of 2.63 cents.
Access Extra Coverage Research History >

KMD STOCK CHART

FNArena News on KMD

1
Australian Broker Call *Extra* Edition – Oct 01, 2025

Oct 01 2025 - Daily Market Reports
2
FNArena Corporate Results Monitor – 26-09-2025

Sep 26 2025 - Australia
3
In Brief: NRW Holdings, Aroa Biosurgery, Online Retail Winners

Sep 12 2025 - Weekly Reports
4
Australian Broker Call *Extra* Edition – Sep 11, 2025

Sep 11 2025 - Daily Market Reports
5
Next Week At A Glance – 8-12 Sep 2025

Sep 05 2025 - Weekly Reports

Latest Sports & Recreation News

1
Tough Times For KMD Brands

Sep 21 2023 - Australia
2
Key Brands Providing Upside For Kathmandu

Sep 23 2021 - Australia
3
Riding The Kathmandu Wave

Sep 06 2021 - Australia
4
Winter Lockdowns Impact Kathmandu Sales

Jul 01 2021 - Australia
5
Kathmandu Looks Internationally For Growth

Sep 20 2018 - Small Caps
6
Oboz Footwear Fits Kathmandu

Mar 21 2018 - Australia
7
Next Week At A Glance

Sep 16 2016 - Weekly Reports
8
Next Week At A Glance

Sep 02 2016 - Weekly Reports
9
Treasure Chest: Potential In Kathmandu Turnaround

Jun 09 2016 - Treasure Chest
10
Next Week At A Glance

Mar 18 2016 - Weekly Reports