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: 2.64
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

$0.30

05 May
2025

-0.020

OPEN

$0.31

-6.25%

HIGH

$0.32

185,964

LOW

$0.30

TARGET
$0.35 16.7% upside
Franking for last dividend paid out: 100%
OTHER COMPANIES IN THE SAME SECTOR
SUL .
FNARENA'S MARKET CONSENSUS FORECASTS
KMD: 1
Title FY25
Forecast		 FY26
Forecast
EPS (cps) - 0.9 xxx
DPS (cps) N/A 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: 0.00%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 0.00

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 201920202021202220232024
EPS Basic xxxxxxxxxxxxxxx-6.5
DPS All xxxxxxxxxxxxxxx0.0
Sales/Revenue xxxxxxxxxxxxxxx904.2 M
Book Value Per Share xxxxxxxxxxxxxxx99.7
Net Operating Cash Flow xxxxxxxxxxxxxxx133.6 M
Net Profit Margin xxxxxxxxxxxxxxx-5.08 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 201920202021202220232024
Return on Capital Employed xxxxxxxxxxxxxxx-6.20 %
Return on Invested Capital xxxxxxxxxxxxxxx-4.47 %
Return on Assets xxxxxxxxxxxxxxx-3.37 %
Return on Equity xxxxxxxxxxxxxxx-6.20 %
Return on Total Capital xxxxxxxxxxxxxxx1.39 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx90.3 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 201920202021202220232024
Short-Term Debt xxxxxxxxxxxxxxx77 M
Long Term Debt xxxxxxxxxxxxxxx276 M
Total Debt xxxxxxxxxxxxxxx353 M
Goodwill - Gross xxxxxxxxxxxxxxx268 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx31 M
Price To Book Value xxxxxxxxxxxxxxx0.41

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 201920202021202220232024
Capex xxxxxxxxxxxxxxx30.0 M
Capex % of Sales xxxxxxxxxxxxxxx3.32 %
Cost of Goods Sold xxxxxxxxxxxxxxx490 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx398 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

Morgan Stanley

28/03/2025

3

Equal-weight

$0.35

16.67%

Morgan Stanley made more substantial revisions to KMD Brands' forecasts following the 1H25 result. The broker cut the FY25 EBITDA forecast by -40% and by -18% for FY26.

Target price lowered to 35c from 50c. Rating remains Equal-weight.

-------------------------------

KMD Brands' 1H25 EBITDA was in line with consensus, Morgan Stanley notes, but the company flagged gross margin pressure in the short term due to higher competition.

The broker notes direct customer sales for the Kathmandu brand rose 5.2% y/y in the first seven weeks of 2H25 and 0.7% y/y for the Rip Curl brand, but the wholesale market is taking longer to recover. The company is focusing on growing margins in the medium-term.

The broker made minor downward revision to FY25 EPS. Target price of 50c and Equal-weight remains.

FORECAST
Morgan Stanley forecasts a full year FY25 EPS of minus -0.91 cents.
Morgan Stanley forecasts a full year FY26 EPS of 2.73 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

31/03/2025

2

Overweight

-

-

Jarden notes KMD Brands' 1H25 result showed a positive (0.5%) y/y growth in revenue but the outlook is worrying due to pressure on margins.

The company expects pressure on margins to continue as a highly competitive environment will force more promotional activity. 

The broker believes Kathmandu will need to adjust prices to boost sales during its key trading period, and Rip Curl will face discounting pressures too.

The broker cut FY25-27 underlying EBITDA forecasts by -20%, -7% and -3% respectively. Target price drops to NZ55c from NZ60c.

Overweight maintained. 

FORECAST
Jarden forecasts a full year FY25 dividend of 0.00 cents and EPS of minus -0.64 cents.
Jarden forecasts a full year FY26 dividend of 1.37 cents and EPS of 2.46 cents.
Access Extra Coverage Research History >

KMD STOCK CHART

FNArena News on KMD

1
Australian Broker Call *Extra* Edition – Mar 31, 2025

Mar 31 2025 - Daily Market Reports
2
FNArena Corporate Results Monitor – 28-03-2025

Mar 28 2025 - Australia
3
Australian Broker Call *Extra* Edition – Jan 29, 2025

Jan 29 2025 - Daily Market Reports
4
In Brief: Pro Medicus, Superloop, Clarity & More

Dec 13 2024 - Weekly Reports
5
Australian Broker Call *Extra* Edition – Nov 21, 2024

Nov 21 2024 - Daily Market 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