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No consensus estimates are available for this company.
Overvalued
Morningstar Quantitative Rating as of 29 OCT 2026.
Quantitative Equity Rating Methodology – view here
Five-star price 2.79 Fair value 3.17 One-star price 3.61
Morningstar Quantitative Rating as of 29 OCT 2026.
Morningstar Quantitative Rating as of 29 OCT 2026. The slider runs from the five-star price (2.79) to the one-star price (3.61).
| Ratios |
|---|
| Currency (Price/reporting): AUD/AUD |
| Exchange Rate: 1.0000 |
| Price - closing or last bid | 3.43 |
| Price - 12 month high | 4.18 |
| Price - 12 month low | 2.31 |
| Pricing date | 29 OCT 2026 |
| Volume - avg. trading volume for the last ten days | 2.23 |
| Market capitalization | 2,172.45 |
| 12 Month High price date | 19 AUG 2026 |
| 12 Month Low price date | 19 MAR 2026 |
| Volume - avg. trading volume for the last 3 months | 2.11 |
| Price - 1 Day % Change | -0.29% |
| Price - 13 week price percent change | 2.69% |
| Price - 26 week price percent change | 20.35% |
| Price - 5 Day % Change | 0.88% |
| Price - 52 week price percent change | 21.63% |
| Price - YTD price percent change | 14.33% |
| Price % Change Month To Date | -13.82% |
| EPS excluding extraordinary items - most recent fiscal year | 0.111 |
| EPS excluding extraordinary items - trailing 12 month | 0.111 |
| EPS Normalized - most recent fiscal year | 0.132 |
| Revenue/share - most recent fiscal year | 2.586 |
| Revenue/share - trailing 12 month | 2.586 |
| Book value per share - most recent fiscal year | 0.748 |
| Book value per share - most recent half-year | 0.748 |
| Book value (tangible) per share - most recent fiscal year | 0.151 |
| Book value (tangible) per share - most recent half-year | 0.151 |
| Cash per share - most recent fiscal year | 0.231 |
| Cash per share - most recent half-year | 0.231 |
| Cash Flow per share - most recent fiscal year | 0.195 |
| Cash Flow per share - trailing 12 month | 0.195 |
| Dividend per share - most recent fiscal year | — |
| Dividends per share - trailing 12 month | 0.070 |
| EBITD per share - trailing 12 month | 0.255 |
| EPS Basic excluding extraordinary items - most recent fiscal year | 0.116 |
| EPS Basic excluding extraordinary items - trailing 12 month | 0.116 |
| EPS including extraordinary items - most recent fiscal year | 0.116 |
| EPS including extraordinary items - trailing 12 month | 0.116 |
| Free Cash Flow per share - trailing 12 month | 0.128 |
| P/E excluding extraordinary items, most recent fiscal year | 30.90 |
| P/E Normalized, most recent fiscal year | 26.05 |
| Price to sales - most recent fiscal year | 1.33 |
| Price to Tangible Book - most fiscal year | 22.71 |
| Price to Free Cash Flow per Share - most recent fiscal year | 26.87 |
| Price to Cash Flow per share - trailing 12 month | 17.62 |
| Price to Book - most recent fiscal year | 4.59 |
| P/E excluding extraordinary items high, trailing 12 months | 46.14 |
| P/E excluding extraordinary items low, trailing 12 months | 26.93 |
| Net Debt, LFI | 56.02 |
| Net Debt, LFY | 26.50 |
| Dividend Yield - 5 Year Average | 3.29% |
| Dividend Yield - indicated annual dividend divided by closing price | 2.03% |
| Current Dividend Yield - Common Stock Primary Issue, LTM | 2.04% |
| Free Cash Flow - most recent fiscal year | 82.71 |
| LT debt/equity - most recent fiscal year | 25.32% |
| Payout ratio - most recent fiscal year | — |
| Total debt/total equity - most recent fiscal year | 36.55% |
| LT debt/equity - most recent half-year | 31.12% |
| Total debt/total equity - most recent half-year | 41.44% |
| Free Cash Flow - trailing 12 month | 82.71 |
| Payout ratio - trailing 12 month | — |
| Revenue - most recent fiscal year | 1,675.50 |
| Revenue - trailing 12 month | 1,675.50 |
| EBITD - most recent fiscal year | 165.11 |
| EBITD - trailing 12 month | 165.11 |
| Earnings before taxes - most recent fiscal year | 103.19 |
| Earnings before taxes - trailing 12 month | 103.19 |
| Net Income available to common - most recent fiscal year | 71.92 |
| Net Income available to common - trailing 12 months | 71.92 |
| Earnings before taxes Normalized - most recent fiscal year | 103.19 |
| Net Income Available to Common, Normalized - most recent fiscal year | 85.31 |
| Earnings per Share, Normalized, Excluding Extraordinary Items, Avg. Diluted Shares Outstanding, TTM | 0.13 |
| Net Profit Margin % - 1st historical fiscal year | 4.29% |
| Net Profit Margin % - trailing 12 month | 4.29% |
| Operating margin - 1st historical fiscal year | 6.64% |
| Operating margin - trailing 12 month | 6.64% |
| Pretax margin - trailing 12 month | 6.16% |
| Pretax margin - 1st historical fiscal year | 6.16% |
| Operating Margin - 5 year average | 5.20% |
| Pretax Margin - 5 year average | 4.90% |
| Free Operating Cash Flow/Revenue, 5 Year Average | 4.88% |
| Free Operating Cash Flow/Revenue, TTM | 4.94% |
| Net Profit Margin - 5 year average | 3.40% |
| Return on average assets - most recent fiscal year | 7.24% |
| Return on average assets - trailing 12 month | 7.24% |
| Return on average equity - most recent fiscal year | 16.59% |
| Return on average equity - trailing 12 month | 16.59% |
| Return on average assets - 5 year average | 5.30% |
| Return on average equity - 5 year average | 11.13% |
| Net Income/employee - most recent fiscal year | — |
| Revenue/employee - most recent fiscal year | — |
| Revenue growth rate, 5 year | 24.09% |
| EPS growth rate, 5 year | 32.68% |
| Growth rate% - dividend, 3 year | 19.68% |
| Revenue/share (5 yr growth) | 15.15% |
| Growth rate% - Revenue, 3 year | 27.47% |
| Growth rate% - EPS, 3 year | 33.17% |
| Book value per share growth rate, 5 year | 8.00% |
| Capital Spending growth rate, 5 year | 17.35% |
| Earnings Before Interest, Taxes, Depreciation & Amortization, 5 Year CAGR | 28.54% |
Financial forecast (AUD, millions except per share)
No consensus estimates are available for this company.
Financials (AUD, millions)
| Period end: | JUN 22 | JUN 23 | JUN 24 | JUN 25 | JUN 26 |
| Fiscal year: | 2022 | 2023 | 2024 | 2025 | 2026 |
| Period length: | 12 months | 12 months | 12 months | 12 months | 12 months |
Announcements
| DATE | TIME | HEADING | PAGES |
| Price sensitive |
SRG +9.39%: Posted a strong FY26 result, with earnings and revenue ahead of expectations and management upgrading FY27 EBITDA guidance. The combination of double-digit earnings growth, a large work-in-hand position and an increasingly recurring earnings base continues to improve the quality and visibility of SRG’s growth profile.
SRG +16.56%: upgraded FY26 guidance and introduced FY27 expectations that comfortably exceeded market forecasts, reinforcing why the stock has been one of the ASX’s standout performers over the past 18 months.
SRG Global entered the ASX200 in March after rallying +120% over the last year, taking its market cap to $1.8bn. The inclusion places SRG alongside established peers, including Downer EDI (ASX:DOW), Monadelphous (ASX:MND) and Worley (ASX:WOR), all of which operate across engineering, maintenance and infrastructure services. The company is certainly performing, with revenue on track to double in FY26 from the $809mn in FY23. However, the stock is priced for ongoing strong performance, with its current valuation significantly above its historical averages.
We are selling two holdings in the Emerging Companies Portfolio today
SRG -2.11%: Reported 1H25 results that underwhelmed first up this morning, though it seems like they’ve been conservative on guidance.
We are making several changes to the Emerging Companies Portfolio Today
It’s been a big 24 hours for SRG, releasing strong FY24 results, announcing an important acquisition, and launching an associated capital raise to fund it partially. We currently hold a 3% weighting in SRG for the Emerging Companies Portfolio, having trimmed it at 92.5c last month, though the series of events discussed below, has us firmly bullish on the stock.
We are making several changes to the Emerging Companies Portfolio today, repositioning towards stocks we believe offer a better mix of quality and leverage to the themes we remain confident in
We are making a number of changes to the Emerging Companies Portfolio. Selling FCL & GL1, trimming SLX, SFR, CNI & SRG, buying LTR & BWP, and adding to AD8 & C79.
SRG +4.79%: the mining and asset services contractor announced 1H results today, impressing the market and taking its share price to 10-month highs. Revenue grew 34% to $510m, while earnings (EBITDA) were up 33% to $45m, around 10% ahead of expectations.
MM remains bullish toward SRG
MM is now bullish toward SRG
MM is neutral towards SRG around $3.00
MM are selling SRG in the Emerging Companies Portfolio, taking a profit around $1.53
MM remains bullish & long SRG
MM are updating our target weight for SRG in the Emerging Companies Portfolio, targeting a 4% portfolio weight around $1.15
MM is bullish and long SRG
MM are trimming SRG in the Emerging Companies Portfolio, targeting a 3% weighting, around 93c
MM are trimming SRG in the Emerging Companies Portfolio, targeting a 4% portfolio weighting taking profit around 90c
MM remains bullish and long SRG in the Emerging Companies Portfolio
SRG Global Ltd is a diversified infrastructure services company that brings an engineering mindset to deliver critical services for industry through its Maintenance & Industrial Services and Engineering & Construction businesses, solving complex problems across the entire asset lifecycle. Maintenance & Industrial Services generates maximum revenue and provides integrated services across oil and gas, energy, infrastructure, offshore, mining, power generation, water treatment plants, commissioning, decommissioning, shutdowns, and civil works. Engineering & Construction provides integrated products and services to customers involved in the construction of complex infrastructure.
PULSE CHECK WEBINAR: Portfolio positioning towards FY26
FY26 is shaping up as a year where strategic portfolio positioning will matter more than ever. Hear from James Gerrish & Shawn Hickman as they detail MM's current views.
Harrison Watt’s High Conviction Call
Recorded 16th November
Pulse Check Webinar: Opportunities in the unloved parts of the market
Recorded Wednesday 27st September
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