KELSIAN GROUP LIMITED (KLS)
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KLS - KELSIAN GROUP LIMITED

FNArena Sector : Transportation & Logistics

Year End: June

GICS Industry Group : Transportation

Debt/EBITDA: 4.25

Index: ASX300 | ALL-ORDS

LAST PRICE	CHANGE +/-	CHANGE %	VOLUME
$2.68 24 Mar 2025	-0.060 OPEN $2.79	-2.19% HIGH $2.80	1,723,717 LOW $2.68

LAST PRICE

CHANGE +/-

CHANGE %

VOLUME

$2.68

24 Mar
2025

-0.060

OPEN

$2.79

-2.19%

HIGH

$2.80

1,723,717

LOW

$2.68

TARGET

$4.00

49.3% upside

Franking for last dividend paid out: 100%

OTHER COMPANIES IN THE SAME SECTOR
ACE . AIZ . AQZ . AVD . AZJ . BXB . CLX . ERD . KSC . LAU . NTD . QAN . QUB . SLH . SPZ . SST . THL . WTC . Z2U .

FNARENA'S MARKET CONSENSUS FORECASTS

Title	FY23 Actual	FY24 Actual	FY25 Forecast	FY26 Forecast
EPS (cps)	xxx	21.5	33.1	xxx
DPS (cps)	xxx	17.5	17.0	xxx
EPS Growth	xxx	100.0%	53.9%	xxx
DPS Growth	xxx	3.5%	- 2.9%	xxx
PE Ratio	xxx	N/A	8.2	xxx
Dividend Yield	xxx	N/A	6.2%	xxx
Div Pay Ratio(%)	xxx	81.5%	51.4%	xxx

Dividend yield today if purchased 3 years ago: 2.45%

DIVIDEND YIELD CALCULATOR

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: 13/09 - ex-div 9.5c (franking 100%)

HISTORICAL DATA ARE ALL IN AUD

Copyright © 2025 FactSet UK Limited. All rights reserved

Title	2019	2020	2021	2022	2023	2024
EPS Basic	xxx	xxx	xxx	xxx	xxx	21.5
DPS All	xxx	xxx	xxx	xxx	xxx	17.5
Sales/Revenue	xxx	xxx	xxx	xxx	xxx	2,016.8 M
Book Value Per Share	xxx	xxx	xxx	xxx	xxx	343.8
Net Operating Cash Flow	xxx	xxx	xxx	xxx	xxx	146.7 M
Net Profit Margin	xxx	xxx	xxx	xxx	xxx	2.88 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title	2019	2020	2021	2022	2023	2024
Return on Capital Employed	xxx	xxx	xxx	xxx	xxx	6.27 %
Return on Invested Capital	xxx	xxx	xxx	xxx	xxx	3.22 %
Return on Assets	xxx	xxx	xxx	xxx	xxx	2.53 %
Return on Equity	xxx	xxx	xxx	xxx	xxx	6.27 %
Return on Total Capital	xxx	xxx	xxx	xxx	xxx	5.25 %
Free Cash Flow ex dividends	xxx	xxx	xxx	xxx	xxx	-49.0 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	2019	2020	2021	2022	2023	2024
Short-Term Debt	xxx	xxx	xxx	xxx	xxx	56 M
Long Term Debt	xxx	xxx	xxx	xxx	xxx	964 M
Total Debt	xxx	xxx	xxx	xxx	xxx	1,020 M
Goodwill - Gross	xxx	xxx	xxx	xxx	xxx	721 M
Cash & Equivalents - Generic	xxx	xxx	xxx	xxx	xxx	134 M
Price To Book Value	xxx	xxx	xxx	xxx	xxx	1.50

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title	2019	2020	2021	2022	2023	2024
Capex	xxx	xxx	xxx	xxx	xxx	149.8 M
Capex % of Sales	xxx	xxx	xxx	xxx	xxx	7.43 %
Cost of Goods Sold	xxx	xxx	xxx	xxx	xxx	1,665 M
Selling, General & Admin. Exp & Other	xxx	xxx	xxx	xxx	xxx	255 M
Research & Development	xxx	xxx	xxx	xxx	xxx	-
Investments - Total	xxx	xxx	xxx	xxx	xxx	0 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
EXTRA COVERAGE

EXPERT VIEWS

Display All Commentary

Sentiment Indicator

0.5

No. Of Recommendations

BROKER	DATE	RATING	RECOMMENDATION	TARGET PRICE	% TO REACH TARGET	COMMENTARY
Macquarie	xx/xx/xxxx	3	xxxxxxxxx xx xxxxxxx xxxx xxxxxxxxxx	$xx.xx	xx.xx%	Broker commentary and detailed analysis is available for Full Members Only. Login above or Get a Free Trial
UBS	27/02/2025	1	Buy	$4.80	79.10%	Kelsian Group's 1H25 result missed forecasts due to underperformance in its International Bus segment, with EBITDA falling -11% below UBS estimates. Profit after tax and amortisation (NPATA) declined -8%, also below expectations due to disruptions in a key LNG contract and slowing demand from key tech clients. UBS sees FY25 as a year of investment, with the company reaffirming its $283–295m EBITDA guidance. Management’s net sustainable capex of -$85m per year and a return exceeding the cost of capital is being targeted. The broker believes execution on these metrics is critical for re-rating. UBS lowers net profit after tax forecasts by -3% for FY25 and -5% for FY26, driven by weaker International Bus performance, partially offset by upgrades in Australian Bus and Marine & Tourism. Target cut to $4.80 from $5.60, Buy rating retained. FORECAST UBS forecasts a full year FY25 dividend of 17.00 cents and EPS of 33.00 cents. UBS forecasts a full year FY26 dividend of 18.00 cents and EPS of 35.00 cents.

BROKER

DATE

RATING

RECOMMENDATION

TARGET PRICE

% TO REACH TARGET

COMMENTARY

Macquarie

xx/xx/xxxx

xxxxxxxxx xx xxxxxxx xxxx xxxxxxxxxx

$xx.xx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
Login above or Get a Free Trial

UBS

27/02/2025

Buy

$4.80

79.10%

Kelsian Group's 1H25 result missed forecasts due to underperformance in its International Bus segment, with EBITDA falling -11% below UBS estimates.

Profit after tax and amortisation (NPATA) declined -8%, also below expectations due to disruptions in a key LNG contract and slowing demand from key tech clients.

UBS sees FY25 as a year of investment, with the company reaffirming its $283–295m EBITDA guidance. Management’s net sustainable capex of -$85m per year and a return exceeding the cost of capital is being targeted.

The broker believes execution on these metrics is critical for re-rating.

UBS lowers net profit after tax forecasts by -3% for FY25 and -5% for FY26, driven by weaker International Bus performance, partially offset by upgrades in Australian Bus and Marine & Tourism.

Target cut to $4.80 from $5.60, Buy rating retained.

FORECAST
UBS forecasts a full year FY25 dividend of 17.00 cents and EPS of 33.00 cents.
UBS forecasts a full year FY26 dividend of 18.00 cents and EPS of 35.00 cents.

Access Stockbroker Research History >

EXTRA COVERAGE

Display All Commentary

No. Of Recommendations

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	10/03/2025	1	Buy	$5.60	108.96%	Canaccord Genuity observes there is always heightened concern going into the Kelsian Group results, which missed forecasts, and the first half provided much to assess. The company has indicated addressing leverage is a priority and this is "paramount" to the broker's view, given the de-rating that has occurred and, therefore, the potential equity upside if the issue is addressed. Several bridges are required to meet FY25 EBITDA guidance, the midpoint of which suggests 9% growth, and the June 2026 gearing targets, Canaccord Genuity highlights. Buy rating. Target is reduced to $5.60 from $6.10. FORECAST Canaccord Genuity forecasts a full year FY25 dividend of 17.00 cents and EPS of 33.00 cents. Canaccord Genuity forecasts a full year FY26 dividend of 18.00 cents and EPS of 36.00 cents.

BROKER

DATE

RATING

RECOMMENDATION

TARGET PRICE

% TO REACH TARGET

COMMENTARY

Canaccord Genuity

10/03/2025

Buy

$5.60

108.96%

Canaccord Genuity observes there is always heightened concern going into the Kelsian Group results, which missed forecasts, and the first half provided much to assess.

The company has indicated addressing leverage is a priority and this is "paramount" to the broker's view, given the de-rating that has occurred and, therefore, the potential equity upside if the issue is addressed.

Several bridges are required to meet FY25 EBITDA guidance, the midpoint of which suggests 9% growth, and the June 2026 gearing targets, Canaccord Genuity highlights. Buy rating. Target is reduced to $5.60 from $6.10.

FORECAST
Canaccord Genuity forecasts a full year FY25 dividend of 17.00 cents and EPS of 33.00 cents.
Canaccord Genuity forecasts a full year FY26 dividend of 18.00 cents and EPS of 36.00 cents.

Access Extra Coverage Research History >

KLS STOCK CHART

FNArena News on KLS

1	Australian Broker Call Extra Edition – Mar 10, 2025 Mar 10 2025 - Daily Market Reports

2	Weekly Ratings, Targets, Forecast Changes – 28-02-25 Mar 03 2025 - Weekly Reports

3	FNArena Corporate Results Monitor – 27-02-2025 Feb 27 2025 - Australia

4	Next Week At A Glance – 11-15 Nov 2024 Nov 08 2024 - Weekly Reports

5	Australian Broker Call Extra Edition – Nov 01, 2024 Nov 01 2024 - Daily Market Reports

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Dividend Yield Today On Last Actual Payout :	6.43
Estimated Dividend Growth (Average Of Past Three Years)	%
Amount Invested	$
Tell Me The Dividend After This Many Years

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KELSIAN GROUP LIMITED (KLS)
Share Price Analysis and Chart