SYMAL GROUP LIMITED (SYL)
Share Price Analysis and Chart

27/08/2025

1

Buy

$2.50

35.14%

Ord Minnett describes Symal Group's FY25 result as strong as it beat the upgraded guidance and its forecasts at the revenue and EBITDA levels. Importantly, EBITDA margin of 11.8% was at the top end of 10-12% range.

Work in hand was strong at $1.76bn excluding $230m minimum guaranteed revenue from the Locale acquisition spread over six years. Early Contract Involvement are with two big wind farms in NSW and Victoria, suggesting material upside risk.

The broker notes the Locale acquisition was the company's first move into recurring revenue, and provides cross-selling opportunities and potential synergies.

Buy. Target lifted to $2.50 from $2.40.

FORECAST
Ord Minnett forecasts a full year FY26 dividend of 8.10 cents and EPS of 20.20 cents.
Ord Minnett forecasts a full year FY27 dividend of 9.70 cents and EPS of 24.20 cents.

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26/08/2025

1

Buy

$2.85

54.05%

Symal Group has announced its first civil acquisition with the -$35m purchase of Locale Civil, which Petra Capital views favourably. The deal expands reach in civil, adds high-margin earnings and aligns with strategy, explains the analyst.

Locale Civil holds a $230m six-year contract expected to contribute $6m in FY26 earnings, with funding drawn from Symal's $100m liquidity. Commentary suggests this leaves $65m for further acquisitions.

The new business is capital light, focused on excavation, trenching and traffic management. Petra Capital factors no synergies into forecasts.

The broker anticipates additional acquisitions in contracting and growth driven by market share gains, geographic expansion and recycling investment.

Petra Capital raises its target to $2.85 from $2.55 and retains a Buy rating.

FORECAST
Petra Capital forecasts a full year FY26 dividend of 12.00 cents and EPS of 24.00 cents.