SUPPLY NETWORK LIMITED (SNL)
Share Price Analysis and Chart

28/01/2026

1

Buy

$41.00

6.33%

Supply Network announced a 1H26 trading update which was better than Ord Minnett's expectations, with underlying net profit after tax at $22.9m, a rise of 18.2% y/y and 7.1% above the analyst's forecast.

Sales revenue rose 16.8% to around $200m, a beat by 3.4%, and a 36c dps was announced, better than anticipated by 1.5c per share, or 4.3%.

The analyst points to market share gains as likely, judging by the revenue update, with a slight decline in the operating margin to around 16.8%, down -20bps.

Target price lifts to $41 from $40.20, with no change to Buy rating.

FORECAST
Ord Minnett forecasts a full year FY26 dividend of 80.00 cents and EPS of 106.20 cents.
Ord Minnett forecasts a full year FY27 dividend of 92.50 cents and EPS of 122.80 cents.

26/01/2026

1

Upgrade to Buy from Hold

$42.90

11.26%

Supply Network’s 1H26 preliminary result reinforces the view that operating leverage and capacity investment continue to drive earnings momentum, Moelis argues

Revenue of $200m rose 17% y/y and was 2% ahead of expectations, while NPAT of $22.9m beat forecasts by 3.3% and margins expanded to 11.5%, with ERP disruption proving minimal.

Strong returns are evident from recent network expansion, including contributions from new WA stores and distribution centre upgrades, with further capacity investments expected to underpin future growth.

The analyst lifts EPS estimates  by 1–3% across  Target is upgraded to Buy from Hold is upgraded and the target price lifts to $42.90 from $40.10.

FORECAST
Moelis forecasts a full year FY26 dividend of 80.40 cents and EPS of 108.30 cents.
Moelis forecasts a full year FY27 dividend of 97.30 cents and EPS of 128.80 cents.