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Articore Group Limited
(Sydney:ATG)
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Rating:70Outperform
Price Target:
AU$0.40
▲(34.00% Upside)
Action:Reiterated
Date:08/29/26
The score is driven primarily by improving financial fundamentals and a positive earnings-call outlook (profitability, cash, and margin guidance), supported by a conservative balance sheet and low P/E valuation. Offsetting factors are still-thin margins and historically volatile revenue/cash flow, plus overbought technical signals that raise near-term pullback risk.
Positive Factors
Profitability turnaround
The return to positive EBIT marks a meaningful operating turnaround after several loss-making years. If maintained, improved profitability can fund product investment internally, strengthen resilience, and provide a more durable earnings base over the next several quarters.
Negative Factors
Top-line weakness
A material decline in Redbubble revenue shows that margin gains are not yet being matched by broad-based demand growth. Continued top-line pressure could limit operating leverage, reduce the benefit of platform scale, and make the overall recovery less durable.
Read all positive and negative factors
Positive Factors
Negative Factors
Profitability turnaround
The return to positive EBIT marks a meaningful operating turnaround after several loss-making years. If maintained, improved profitability can fund product investment internally, strengthen resilience, and provide a more durable earnings base over the next several quarters.
Read all positive factors
Articore Group Limited (ATG) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$112.50M
Dividend YieldN/A
Average Volume (3M)421.91K
Price to Earnings (P/E)6.5
Beta (1Y)0.73
Revenue Growth-6.86%
EPS GrowthN/A
CountryAU
Employees225
SectorConsumer Cyclical
Sector Strength84
IndustrySpecialty Retail
Share Statistics
EPS (TTM)0.06
Shares Outstanding293,675,020
10 Day Avg. Volume1,204,462
30 Day Avg. Volume421,906
Financial Highlights & Ratios
PEG Ratio-0.04
Price to Book (P/B)1.46
Price to Sales (P/S)0.19
P/FCF Ratio3.31
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$0.90Price Target Upside200.00% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)0.03
Revenue Forecast (FY)AU$364.00M
Articore Group Limited Business Overview & Revenue Model
Company Description
Articore Group Limited, an enterprise established in 2006 and headquartered in Docklands, Australia, operates a network of digital platforms. These online marketplaces enable creators to upload designs and facilitate the sale of merchandise featur...
How the Company Makes Money
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Articore Group Limited Earnings Call Summary
Earnings Call Date:Aug 27, 2026
(Q4-2026)
| % Change Since: |
Next Earnings Date:Feb 17, 2027
Earnings Call Sentiment Positive
The call presented a clear operational and financial turnaround: strong margin expansion, restored profitability (EBIT $10.3M), materially improved cash flow ($10.1M) and a strengthened balance sheet ($40.5M cash) together with demonstrable efficiency gains and AI-driven productivity. Growth challenges remain — notably Redbubble's double-digit revenue decline, continued MPR softness, and the small current contribution from high-growth businesses which require continued investment. Management provided concrete FY'27 targets (GPAPA margin, OpEx, operating EBITDA) and articulated strategic initiatives to drive profitable MPR growth. On balance, the positive trajectory on profitability, cash, margin sustainability and strategic investments outweighs the remaining top-line and market risks.Positive Updates
Return to Profitability and Strong EBIT Turnaround
EBIT of $10.3M in FY'26 vs a loss of $9.8M in FY'25, representing a ~$20.1M year-on-year turnaround and the first positive EBIT outside the pandemic-driven FY'21.
Negative Updates
Redbubble Top-Line Decline
Redbubble marketplace revenue declined 11.1% in constant currency in FY'26 despite margin improvements; this divergence in top-line performance is a material challenge for the group.
Read all updates
Q4-2026 Updates
Positive
Negative
Return to Profitability and Strong EBIT Turnaround
EBIT of $10.3M in FY'26 vs a loss of $9.8M in FY'25, representing a ~$20.1M year-on-year turnaround and the first positive EBIT outside the pandemic-driven FY'21.
Read all positive updates
Company Guidance
Articore guided FY27 to a GPAPA margin of 27–30%, operating expenses of A$79–85m and operating EBITDA of A$17–23m (with capitalized product development ~15–20% higher than FY26 and a still H1‑weighted but improving EBITDA skew). That guidance builds on FY26 momentum: EBIT A$10.3m, gross profit margin 49.6% (+400bps), GPAPA margin 28.6% (+210bps), underlying cash flow A$10.1m, closing cash A$40.5m (up 42%), OpEx A$85m (down from A$129m peak, −34%), D&A −57.8% YoY, revenue/employee ≈A$1.8m, >75m designs, >3m creators, >20m units shipped, Dashery GPS A$4m / MPR A$2.4m (GPAPA 36.5%), Frankly Wearing triple‑digit YoY growth with a targeted breakeven year, buyback >2m shares and ROE +21.8% (from −22.8%).Articore Group Limited Financial Statement Overview
Summary
Income Statement
61
Positive
Balance Sheet
78
Positive
Cash Flow
64
Positive
| Breakdown | Jun 2026 | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 408.55M | 438.64M | 492.99M | 555.12M | 573.39M |
| Gross Profit | 111.31M | 173.00M | 240.59M | 260.07M | 273.94M |
| EBITDA | 14.56M | 2.67M | 7.02M | -40.52M | -11.63M |
| Net Income | 10.89M | -11.29M | -8.84M | -54.18M | -24.59M |
Balance Sheet | |||||
| Total Assets | 121.10M | 109.41M | 130.51M | 134.72M | 134.72M |
| Cash, Cash Equivalents and Short-Term Investments | 40.46M | 28.42M | 36.90M | 35.72M | 35.72M |
| Total Debt | 4.31M | 6.58M | 9.47M | 9.47M | 7.01M |
| Total Liabilities | 66.91M | 63.56M | 77.45M | 77.48M | 77.48M |
| Stockholders Equity | 54.19M | 45.85M | 53.05M | 57.24M | 57.24M |
Cash Flow | |||||
| Free Cash Flow | 23.83M | -4.60M | 6.42M | -49.72M | -49.72M |
| Operating Cash Flow | 24.35M | 147.00K | 12.49M | -37.09M | -37.09M |
| Investing Cash Flow | -4.41M | -4.71M | -6.07M | -6.07M | -12.63M |
| Financing Cash Flow | -4.90M | -5.05M | -3.93M | -3.93M | -3.68M |
Articore Group Limited Technical Analysis
Positive
0.30
Price Trends
0.30
Positive
0.28
Positive
0.29
Positive
Market Momentum
0.03
Negative
59.84
Neutral
57.53
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:ATG, the sentiment is Positive. The current price of 0.3 is below the 20-day moving average (MA) of 0.33, above the 50-day MA of 0.30, and above the 200-day MA of 0.29, indicating a bullish trend. The MACD of 0.03 indicates Negative momentum. The RSI at 59.84 is Neutral, neither overbought nor oversold. The STOCH value of 57.53 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:ATG.
Articore Group Limited Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | AU$112.50M | 6.48 | 19.48% | ― | -6.86% | ― | |
66 Neutral | AU$1.27B | 16.27 | 27.14% | 5.01% | 4.33% | 31.22% | |
63 Neutral | AU$318.51M | 29.20 | 23.74% | 4.40% | 4.64% | ― | |
62 Neutral | AU$47.63M | 8.52 | 14.55% | 7.67% | 8.43% | 23.06% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
55 Neutral | AU$236.66M | -6.00 | -19.53% | 8.78% | 3.83% | -251.57% | |
51 Neutral | AU$569.91M | 133.05 | 3.54% | ― | 10.63% | -62.61% |
* Consumer Cyclical Sector Average
AU:ATG
Articore Group Limited
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Articore Group Limited Corporate Events
Articore Director Increases Shareholding Through Equity-Based Fees
Sep 7, 2026
Articore Group Limited has reported a change in the shareholdings of director Robin Mendelson, following the monthly vesting and conversion of Restricted Stock Units into fully paid ordinary shares under the company’s employee share scheme. ...
Articore Group Issues New Shares Following Option Conversions
Sep 7, 2026
Articore Group Limited has notified the market of the issue of 45,292 ordinary fully paid shares on 7 September 2026 following the exercise or conversion of unquoted options or other convertible securities. This move marginally increases the compa...
Articore Group Sets Date and Nomination Deadline for 2026 AGM
Sep 2, 2026
Articore Group Limited has scheduled its 2026 Annual General Meeting for Thursday, 29 October 2026, giving shareholders formal notice of the key governance event in its corporate calendar. The company has set 10 September 2026 as the deadline for ...
Articore Delivers Transformative FY26 Turnaround With Record Margins
Aug 31, 2026
Articore Group has marked a pivotal year with FY26, reporting EBIT of $10.3 million, slightly above guidance and representing a $20.1 million turnaround from the prior year. The company highlighted record gross profit margins driven by supply chai...
Articore Group lodges updated ASX corporate governance disclosures
Aug 28, 2026
Articore Group Limited has released its updated corporate governance statement for the financial year ended 30 June 2026, confirming it is current as of late August 2026 and approved by the board. The statement, available via the company’s w...
Articore Tightens Governance with Updated Delegation Framework
Aug 28, 2026
Articore Group Limited has detailed a governance structure in which its Board manages overall strategy and performance while delegating daily operations to the Group CEO and Group Leadership Team under a formal Statement of Delegated Authority. Th...
Articore Delivers FY26 Turnaround with Record Margins and Strong Cash Position
Aug 28, 2026
Articore Group Limited, an online marketplace operator serving artists and customers, continues to refine its business model around higher-margin transactions, optimised supply chain operations and data-driven marketing spending. The group’s...
Articore Returns to Profit With Record Margins and Growth Investments
Aug 28, 2026
Articore Group has delivered a significant turnaround in FY26, posting its first full-year profit since listing, excluding a one-off pandemic spike, with EBIT of $10.3 million and operating EBITDA up 76.9% to $16.4 million. The group achieved reco...
Articore Group Issues New Shares Following Option Conversions
Aug 4, 2026
Articore Group Limited has notified the market of the issue of 45,292 ordinary fully paid shares following the exercise or conversion of previously unquoted options or convertible securities. The move modestly increases the company’s share c...
Articore Director Increases Indirect Stake Through Vesting of Equity Awards
Aug 3, 2026
Articore Group Limited has reported a change in the securities held by director Robin Mendelson, reflecting the ongoing vesting of restricted stock units issued in lieu of cash director fees. The company’s employee share trustee, Solium Nomi...
Articore Group Cuts Share Count Through On‑Market Buy‑Back Cancellations
Jul 7, 2026
Articore Group Limited has notified the market of the cessation of a series of ordinary fully paid ATG securities following an on‑market buy‑back program conducted over March, April, and May 2026. The cancellations, executed in multipl...
Articore Group Tightens Capital Base as Options and Rights Lapse
Jul 6, 2026
Articore Group Limited has reported the cessation of a series of equity-linked instruments, including 4,174 options that expired unexercised and multiple tranches of share appreciation rights that have lapsed. These changes reflect a reduction in ...
Articore Issues 1.58 Million Unquoted RSUs Under Employee Incentive Plan
Jul 6, 2026
Articore Group Limited has notified the market of the issuance of 1,582,738 unquoted restricted stock units under its employee incentive scheme, dated May 5, 2026. These securities are not intended to be quoted on the ASX, reflecting the company&#...
Articore Group Expands Share Capital Through Conversion of Unquoted Securities
Jul 6, 2026
Articore Group Limited has notified the market of the conversion of a series of previously unquoted securities into ordinary fully paid shares on multiple dates in April, May, June, and July 2026. The new ATG shares, issued in varying amounts acro...
Articore Director Boosts Equity Stake Through Restricted Stock Vesting
Jul 1, 2026
Articore Group Limited has reported a change in the equity interests of director Robin Mendelson, reflecting the company’s ongoing practice of issuing restricted stock units in lieu of cash director fees and allocating shares through its emp...
Articore Updates Market on Ongoing On-Market Share Buy-Back
Jun 30, 2026
Articore Group Limited continues its on-market share buy-back program for its ordinary fully paid shares, disclosing that it had repurchased a cumulative total of 2,161,863 securities prior to the latest reporting day and a further 22,000 shares o...
Articore CFO Buys 1 Million Shares in Compliance with Trading Policy
Jun 29, 2026
Articore Group Limited disclosed that its Group Chief Financial Officer, Derek Yung, purchased 1,000,000 Articore shares for a total consideration of AUD 247,388.16 during the most recent open trading period, in line with the company’s conti...
Articore Continues On‑Market Share Buy-Back with Daily ASX Updates
Jun 28, 2026
Articore Group Limited is conducting an on-market buy-back of its ordinary fully paid shares traded under the ASX code ATG, as part of an ongoing capital management strategy to manage its issued share capital. The company has been regularly updati...
Articore Updates Daily On‑Market Share Buy‑Back Activity
Jun 25, 2026
Articore Group Limited has reported an update to its on-market share buy-back program for its ordinary fully paid shares traded on the ASX under the ticker ATG. The company continues to actively manage its capital structure and shareholder base th...
Articore Group Updates ASX on Ongoing On-Market Share Buy-Back
Jun 24, 2026
Articore Group Limited has provided an updated notification to the ASX regarding its ongoing on-market share buy-back of ordinary fully paid shares. The company reported that a total of 1,917,863 shares had been repurchased prior to the previous d...
Articore updates market on ongoing on‑market share buy‑back
Jun 24, 2026
Articore Group Limited has disclosed an update to its on‑market share buy‑back program involving its ordinary fully paid shares traded under ticker ATG on the ASX. The latest filing notes that the company is continuing executions under...
Articore Group Continues On-Market Share Buy-Back With Daily ASX Update
Jun 19, 2026
Articore Group Limited has been conducting an on-market share buy-back of its ordinary fully paid shares under the ASX code ATG, with the program initially notified in October 2025 and subsequently updated through regular disclosures. The latest u...
Articore Continues Daily On‑Market Share Buy-Back
Jun 18, 2026
Articore Group Limited has provided an updated notification to the ASX on its ongoing on-market share buy-back for its ordinary fully paid shares under code ATG. The update notes that the buy-back program, first notified in October 2025, remains a...
Articore Group Continues Daily On‑Market Share Buy‑Back
Jun 16, 2026
Articore Group Limited, traded on the ASX as ATG, is an Australian listed company with ordinary fully paid shares but the announcement provides no further detail on its operating sector or core business activities. The company is currently executi...
Articore Continues On-Market Buy-Back With Daily ASX Update
Jun 16, 2026
Articore Group Limited has updated the market with a new daily notification regarding its on-market share buy-back of ordinary fully paid shares, reported under ASX code ATG. The company has been conducting this buy-back program since October 2025...
Articore Group Updates Market on Ongoing On-Market Share Buy-Back
Jun 9, 2026
Articore Group Limited has continued its on-market share buy-back program, updating the market with a daily notification for its ordinary fully paid ATG shares. The company reported that, as of the latest update, a total of 1,676,382 shares had be...
Articore Director Naseema Sparks Buys First Stake in Company
Jun 9, 2026
Articore Group Limited has disclosed a change in director interests, reporting that board member Naseema Sparks has acquired 21,818 fully paid ordinary shares in the company on 2 June 2026 via an on-market purchase. The transaction, valued at $5,9...
Articore Director Increases Indirect Stake Through On-Market Purchase and RSU Vesting
Jun 9, 2026
Articore Group Limited has disclosed changes in the equity holdings of director Vivek Kumar, reflecting both on‑market purchases and the vesting of share‑based incentives. The transactions underscore the company’s ongoing use of ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.