JOYCE CORPORATION LIMITED (JYC)
Share Price Analysis and Chart

01/09/2026

1

Buy

$7.00

13.09%

The FY26 result from Joyce showed a 14.7% increase in revenue with EBIT up 31.8%. Ord Minnett suggests this is evidence of operating leverage that flows through as new showrooms in the KWB business mature.

The broker remains positive on the business, noting a measured roll-out strategy is continually being refined. Target is raised to $7.00 from $6.50 and a Buy rating is maintained.

FORECAST
Ord Minnett forecasts a full year FY27 dividend of 30.00 cents and EPS of 37.80 cents.
Ord Minnett forecasts a full year FY28 dividend of 34.50 cents and EPS of 42.90 cents.

29/06/2026

1

Initiation of coverage with Buy

$6.67

7.75%

Canaccord Genuity initiates coverage on Joyce with a Buy rating and a $6.67 target price, highlighting the strong growth profile of its core renovation and furniture operations.

The analyst notes the kitchen and wardrobe showroom division, KWB Group, contributes 85% of group earnings and maintains a market-leading position within the fragmented do-it-for-me renovation segment.

An outsourced manufacturing and installation model supports operating margins exceeding 20% while luxury customer payment schedules ensure high cash conversion.

The report suggests network expansion plans targeting new showrooms across Victoria and Western Australia should drive long-term earnings growth despite potential near-term cyclical softness in written sales orders.

The broker values the business using an 18.0x multiple applied to FY27 earnings estimates, viewing a potential future move to full ownership of KWB as a major positive catalyst.