Imdex Ltd (IMDXF) AI Stock Analysis

Company Guidance

Management guided that FY'27 will build on a strong FY'26 base (revenue $520m, +21%; EBITDA normalized $163m, +29%; NPAT normalized $59m; NPATA $70m; EPS $0.115; cash conversion 83%; net debt $199m; leverage 1.3x; platform revenue 47% of group), flagging a strong start to FY'27 with record months in June and July and the full‑year benefit of five FY'26 acquisitions (partial‑year contribution $17m, ~ $51m annualized). They said FY'27 will be a year of investment — continued R&D (FY'26 R&D $43m; target circa 10% of revenue), higher capex to grow the connected fleet (FY'26 capex $69m), and integration of the acquired DEK businesses — and updated capital settings (dividend policy 25–35% of NPATA normalized). Guidance included higher depreciation/amortization and financing costs than consensus, which management attributed to the prior year capital profile, higher borrowings and an assumed small potential rate rise, and they reiterated a normalized effective tax rate of ~32%. Management also reminded investors of FX sensitivity (~$2.5–3.0m P&L impact per 1% USD move, ~50% flowing to EBITDA) and reiterated that margin expansion remains a medium‑term priority even as FY'27 will absorb integration and investment spend.