NRW HOLDINGS LIMITED (NWH)
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NWH

NWH - NRW HOLDINGS LIMITED

FNArena Sector : Mining Sector Contracting
Year End: June
GICS Industry Group : Capital Goods
Debt/EBITDA: 1.65
Index: ASX200 | ASX300 | ALL-ORDS

NRW Holdings is an Australian mining and infrastructure services company with operations in several states. The company was founded in 1994 and listed on the ASX in 2007.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$4.95

14 Oct
2025

0.020

OPEN

$5.00

0.41%

HIGH

$5.12

5,320,505

LOW

$4.94

TARGET
$4.90 -1.0% downside
Franking for last dividend paid out: 100%
OTHER COMPANIES IN THE SAME SECTOR
ALQ . ANG . ARI . C79 . CDA . DNL . DOW . EHL . GNG . IMD . IPG . LBL . LYL . MAD . MAH . MIN . MLG . MND . MSV . MYE . ORI . PRN . RAN . RCR . RUL . SGH . SRG . SXE . XRF .
FNARENA'S MARKET CONSENSUS FORECASTS
NWH: 1
Title FY24
Actual		 FY25
Actual		 FY26
Forecast		 FY27
Forecast
EPS (cps) xxx 6.1 34.5 xxx
DPS (cps) xxx 16.5 19.5 xxx
EPS Growth xxx - 73.8% 100.0% xxx
DPS Growth xxx 6.5% 18.2% xxx
PE Ratio xxx N/A 14.4 xxx
Dividend Yield xxx N/A 3.9% xxx
Div Pay Ratio(%) xxx 272.3% 56.5% xxx

Dividend yield today if purchased 3 years ago: 6.73%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 3.31

Estimated Dividend Growth
(Average Of Past Three Years)

  %

Amount Invested

 $ 

Tell Me The Dividend After This Many Years
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: 19/09 - ex-div 9c (franking 100%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2025 FactSet UK Limited. All rights reserved
Title 202020212022202320242025
EPS Basic xxxxxxxxxxxxxxx6.1
DPS All xxxxxxxxxxxxxxx16.5
Sales/Revenue xxxxxxxxxxxxxxx3,267.7 M
Book Value Per Share xxxxxxxxxxxxxxx133.4
Net Operating Cash Flow xxxxxxxxxxxxxxx251.5 M
Net Profit Margin xxxxxxxxxxxxxxx0.85 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202020212022202320242025
Return on Capital Employed xxxxxxxxxxxxxxx4.38 %
Return on Invested Capital xxxxxxxxxxxxxxx3.09 %
Return on Assets xxxxxxxxxxxxxxx1.60 %
Return on Equity xxxxxxxxxxxxxxx4.38 %
Return on Total Capital xxxxxxxxxxxxxxx5.86 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx34.1 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 202020212022202320242025
Short-Term Debt xxxxxxxxxxxxxxx115 M
Long Term Debt xxxxxxxxxxxxxxx296 M
Total Debt xxxxxxxxxxxxxxx411 M
Goodwill - Gross xxxxxxxxxxxxxxx170 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx266 M
Price To Book Value xxxxxxxxxxxxxxx2.24

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202020212022202320242025
Capex xxxxxxxxxxxxxxx154.4 M
Capex % of Sales xxxxxxxxxxxxxxx4.73 %
Cost of Goods Sold xxxxxxxxxxxxxxx2,789 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx421 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx7 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

0.9

No. Of Recommendations

4
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

UBS

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Citi

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Macquarie

10/09/2025

1

Outperform

$4.45

-10.10%

Macquarie highlights what a good August reporting season it was for contractors, assisted by good demand, margin beats, robust balance sheets including a number of share buybacks, and positive EPS upgrade revisions for FY26/FY27.

The analyst points to the "breadth" of end market demand, including iron ore activity and the renewables sector, including transmission/electricity infrastructure. The domestic exposures have been outperforming the global peers.

Both the top-down (macro) and bottom-up factors support the sector, with a stock preference for Downer EDI ((DOW)), Worley ((WOR)), Monodelphous Group ((MND)), NRW Holdings, and Maas Group ((MGH)).

Macquarie rates NRW Holdings as Outperform with a $4.45 target price. The acquisition of Fredon was 16%-17% earnings accretive, in addition to work in hand of $1bn, a $3.6bn pipeline and $2bn in submitted tenders.

FORECAST
Macquarie forecasts a full year FY26 dividend of 21.00 cents and EPS of 34.30 cents.
Macquarie forecasts a full year FY27 dividend of 22.00 cents and EPS of 36.50 cents.

Morgans

xx/xx/xxxx

2

xxxxxxxxx xx xxxxxxxxxx xxxx xxx

$xx.xx

xx.xx%

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EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

3

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

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Moelis

10/09/2025

1

Buy

$4.52

-8.69%

NRW Holdings is acquiring Fredon Industries for a combination of upfront cash of $122m and earnouts/deferred payments totalling $82m. 

Moelis regards the deal as a strategically sound, accretive acquisition that bolsters the company's pipeline, east coast exposure, and client diversification at a compelling multiple. The entry multiple is 5.2x EV/EBIT.

The broker notes the deal will be funded by existing debt facilities and will temporarily increase gearing to 49% but sees ND/EBITDA at a comfortable 0.7x.

FY26 EPS forecast upgraded by 11% and FY27 by 14%, assuming a nine-month contribution from Fredon in FY26.

Buy. Target rises to $4.52 from $4.07.

FORECAST
Moelis forecasts a full year FY26 dividend of 18.00 cents and EPS of 33.20 cents.
Moelis forecasts a full year FY27 dividend of 18.00 cents and EPS of 35.40 cents.

Jarden

xx/xx/xxxx

2

xxxxxxxxxx

$xx.xx

xx.xx%

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NWH STOCK CHART

FNArena News on NWH

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Sep 10 2025 - Rudi's View

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