SIMS LIMITED (SGM)
Share Price Analysis and Chart

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19/08/2026

1

Outperform

$35.10

51.03%

Sims reported FY26 revenue up 7%. Macquarie notes underlying earnings increased 168%, driven by Sims Lifecycle Services (SLS) and strong North American metals earnings.

SLS earnings increased 5x but guided below consensus for 1HFY27, while SA Recycling (SAR) materially outperformed expectations on non-ferrous dynamics, the broker notes.

SLS and SAR have strengthened Sims' earnings base, while firm non-ferrous markets and supportive US steel fundamentals should continue to benefit the metals businesses.

Near-term SLS timing and weaker A&NZ ferrous conditions remain the key issues in the broker's view.

Target rises to $35.10 from $34.40, Outperform retained.

FORECAST
Macquarie forecasts a full year FY27 dividend of 62.00 cents and EPS of 205.00 cents.
Macquarie forecasts a full year FY28 dividend of 54.00 cents and EPS of 177.00 cents.

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20/08/2026

3

Neutral

$26.00

11.88%

Jarden maintains a Neutral rating for Sims with its target price decreased to $26.00 from $27.50 following an FY26 underlying EBIT result of $468.0m that came in 10% ahead of consensus, driven by SA Recycling and stronger non-ferrous pricing.

The analyst highlights that data centre recycling business SLS delivered FY26 EBIT of $172.7m up 430%, although SLS first-half FY27 guidance of $75m to $90m underlying EBIT landed below the second-half FY26 exit rate and proved a clear negative.

The broker updates forecasts to reflect higher growth in SA Recycling alongside minor adjustments of 0.8%, 1.5%, and -0.9% to EPS estimates across FY27, FY28, and FY29 respectively.