Fleetwood Limited (FWD) AI Stock Analysis

• Market Cap: €242.35M
• Dividend Yield: 8.85%
• Average Volume (3M): 180.11K
• Price to Earnings (P/E): 53.1
• Beta (1Y): 0.57
• Revenue Growth: 10.48%
• EPS Growth: -31.28%
• Country: AU
• Employees: 650
• Sector: Industrials
• Sector Strength: 84
• Industry: Engineering & Construction
• EPS (TTM): 0.05
• Shares Outstanding: 93,211,570
• 10 Day Avg. Volume: 199,107
• 30 Day Avg. Volume: 180,107
• PEG Ratio: -0.44
• Price to Book (P/B): 0.68
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 7.09
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: €3.02
• Price Target Upside: 17.61% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1

• Rating: 71 Outperform
• Price Target: AU$3.00 ▲(16.73%Upside)

Fleetwood Limited shows strong financial stability and positive technical indicators, suggesting potential for growth. However, its high valuation and pressure on profitability margins weigh down the score. The solid dividend yield adds appeal, but the lack of guidance from earnings calls and absence of notable corporate events leaves room for uncertainty.

Positive Factors

Efficiency and Productivity

The continued transformation of Fleetwood’s Smithfield facility towards a ‘production line’ model of workflow creates increased efficiency and productivity.

Financial Outlook

The strong order book, tender pipeline, and guidance provide a solid outlook and de-risk the company's future results.

Market Opportunities

The adoption of modular construction in the public and private sectors is expected to support sustained top-line growth and margin expansion in Building Solutions.

Negative Factors

Corporate Costs

Weakness in the RV segment and increased corporate overhead costs offset some of the positive growth in other areas.

Project Risks

With potential project delays and the margin of error for labour requirements in construction, there would be upside risk to estimates in FY26 for Searipple.

Fleetwood Limited Business Overview & Revenue Model

Company Description

Fleetwood Limited engages in the design, manufacture, and sale of modular accommodation units in Australia and New Zealand. It operates through three segments: RV Solutions, Building Solutions, and Community Solutions. The company also engages in the operation of accommodation villages; develops and commercialize keyless locks and energy management systems; and manufacture, installation, and distribution of recreational vehicle parts and accessories. It offers accommodation solutions for resources, education, affordable housing, mining, and corrections sectors; and provides caravan plumbing and electrical services, as well as supplies related parts. The company was formerly known as Fleetwood Corporation Limited and changed its name to Fleetwood Limited in November 2020. Fleetwood Limited was founded in 1964 and is headquartered in Subiaco, Australia.

How the Company Makes Money

Fleetwood Limited generates revenue through its diverse business operations. The company earns income from the sale and leasing of modular buildings and structures, which are utilized in various industries such as education, construction, and government services. Additionally, Fleetwood Limited profits from providing accommodation solutions, particularly through its village operations, which cater to workforce housing needs in remote areas. The company also derives significant revenue from the manufacturing and distribution of recreational vehicles, targeting both domestic and international markets. Key revenue streams include direct sales, leasing agreements, and service contracts. Strategic partnerships with industry stakeholders and a robust supply chain further enhance the company's ability to capitalize on market opportunities and drive earnings growth.

Fleetwood Limited Financial Statement Overview

Summary

Fleetwood Limited's financial performance shows a positive growth trajectory in revenue and cash flow, strong equity ratios, and low leverage. However, profitability margins are under pressure, indicating a need for operational improvements. The balance sheet is robust, providing a strong foundation for future growth, but returns on equity are modest.

Income Statement

Fleetwood Limited shows a modest revenue growth rate of 1.71% from the previous year, with a gross profit margin improving significantly to 68.81% in 2024. The net profit margin is at 0.91%, reflecting profitability challenges. EBIT and EBITDA margins were 0.19% and 5.94% respectively, indicating low operational profitability. While revenue is growing, operational efficiency and net profitability need enhancement.

Balance Sheet

Fleetwood Limited has a stable equity position with an equity ratio of 65.95% in 2024, indicating a strong reliance on equity financing. The debt-to-equity ratio is 0.11, suggesting low leverage and financial risk. However, return on equity is low at 2.29%, indicating limited profitability despite a strong equity base. The balance sheet reflects financial stability, but with room for improved returns.

Cash Flow

Fleetwood Limited has demonstrated strong cash flow management with a significant increase in free cash flow, from a deficit of -2.33 million in 2023 to a surplus of 5.06 million in 2024. The free cash flow to net income ratio is 1.33, showing efficient cash generation relative to profit. Operating cash flow covers net income well, at 4.71 times, indicating healthy cash flow operations.

Breakdown
TTM	Jun 2024	Jun 2023	Jun 2022	Jun 2021	Jun 2020
Income Statement		Total Revenue
462.65M	416.36M	409.33M	445.14M	353.60M	324.87M
	Gross Profit
166.44M	286.50M	269.82M	290.99M	214.75M	216.27M
	EBIT
77.19M	4.68M	4.21M	-20.08M	17.87M	13.06M
	EBITDA
26.41M	23.91M	20.23M	-35.56M	41.95M	23.68M
	Net Income Common Stockholders
4.59M	3.79M	2.05M	-47.46M	13.34M	-2.82M
Balance Sheet		Cash, Cash Equivalents and Short-Term Investments
57.55M	39.33M	46.58M	55.27M	57.57M	65.73M
	Total Assets
287.71M	250.59M	276.19M	310.19M	335.47M	323.72M
	Total Debt
19.82M	18.65M	25.34M	27.18M	31.38M	23.20M
	Net Debt
-37.72M	-20.68M	-21.23M	-28.09M	-26.19M	-42.52M
	Total Liabilities
120.47M	85.34M	110.55M	146.68M	113.00M	97.19M
	Stockholders Equity
167.24M	165.24M	165.63M	163.52M	222.47M	226.53M
Cash Flow		Free Cash Flow
39.69M	5.06M	-2.33M	5.30M	20.02M	35.88M
	Operating Cash Flow
49.89M	17.84M	5.48M	15.25M	26.70M	46.64M
	Investing Cash Flow
-11.86M	-12.17M	-6.73M	-7.00M	-1.31M	-7.36M
	Financing Cash Flow
-14.51M	-12.92M	-7.44M	-10.55M	-33.55M	-7.20M

Fleetwood Limited Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 2.57
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:FWD, the sentiment is Neutral. The current price of 2.57 is below the 20-day moving average (MA) of 2.77, below the 50-day MA of 2.73, and above the 200-day MA of 2.14, indicating a neutral trend. The MACD of -0.03 indicates Positive momentum. The RSI at 37.14 is Neutral, neither overbought nor oversold. The STOCH value of 26.04 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for AU:FWD.

Fleetwood Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
FWD	71 Outperform	€242.35M	53.06	2.75%	8.85%	10.48%	-31.28%
Sector *	66 Neutral	$4.44B	12.08	5.34%	5.82%	4.17%	-11.81%
59Y		€169.90M	11.82	16.85%	6.66%	―	―
47L		€11.18M	5.44	14.71%	―	―	―
DUR	70 Outperform	AU$353.35M	15.73	37.07%	2.50%	-1.02%	-7.39%
SND	67 Neutral	AU$86.44M	8.82	18.42%	5.59%	12.06%	-8.98%
DDB	54 Neutral	AU$41.52M	―	-35.80%	―	-32.52%	-300.55%

Fleetwood Limited Corporate Events

Fleetwood Limited Announces Employee Share Scheme Buy-Back

Fleetwood Limited has announced an employee share scheme buy-back involving 877,340 ordinary shares under its Long Term Incentive Plan (LTIP) for the fiscal years 2015 to 2018. The buy-back, priced at approximately $2.84 per share, will result in the cancellation of these shares, following the terms of the LTIP which allows for forfeiture upon employee departure or if shares remain unvested. This move is expected to streamline Fleetwood’s share structure and potentially impact its financial standing by reducing the number of outstanding shares.

The most recent analyst rating on (AU:FWD) stock is a Buy with a A$2.09 price target. To see the full list of analyst forecasts on Fleetwood Limited stock, see the AU:FWD Stock Forecast page.

Fleetwood Limited Completes Share Buy-Back Program

Fleetwood Limited has announced the final notification of its on-market buy-back program. The company has repurchased a total of 1,073,006 ordinary fully paid securities for a total consideration of AUD 2,015,654.63. This buy-back could potentially impact Fleetwood Limited’s market positioning by reducing the number of shares available in the market, which might influence the company’s stock price and shareholder value.

The most recent analyst rating on (AU:FWD) stock is a Buy with a A$2.09 price target. To see the full list of analyst forecasts on Fleetwood Limited stock, see the AU:FWD Stock Forecast page.

Fleetwood Limited Launches Unmarketable Parcel Sale Facility

Fleetwood Limited, listed on the ASX under the ticker FWD, has introduced an Unmarketable Parcel Sale Facility to assist shareholders holding shares valued at less than $500. This initiative allows these shareholders to sell their shares without incurring brokerage or handling costs, with Fleetwood covering all associated expenses except for tax liabilities. This move is expected to streamline Fleetwood’s share register by reducing the number of small shareholdings, thereby lowering administrative costs.

The most recent analyst rating on (AU:FWD) stock is a Buy with a A$2.09 price target. To see the full list of analyst forecasts on Fleetwood Limited stock, see the AU:FWD Stock Forecast page.

Ryder Capital Reduces Stake in Fleetwood Limited

Fleetwood Limited has announced a change in the substantial holding of its shares by Ryder Capital Limited. Ryder Capital’s voting power in Fleetwood has decreased from 6.70% to 5.58%, indicating a reduction in their stake. This change reflects a shift in the investment strategy of Ryder Capital, which may impact Fleetwood’s shareholder dynamics and influence within the company.