Ansell Ltd (ANN.AX): Model Update

研报英文原文证据摘录

Ansell Ltd (ANN.AX): Model Update

Ansell Ltd (ANN.AX)

06 July 2026 Citi Research

ANN.AX: Fiscal year end 30-Jun Price:$32.46; TP:$33.50; # Shares: 141m; Market Cap: A$4570m; Recomm: Neutral

Profit & Loss (US$m) 2024 2025 2026E 2027E 2028E Per share data 2024 2025 2026E 2027E 2028E

Sales revenue 1,619 2,003 2,076 2,163 2,263 Reported EPS (¢) 59.1 69.5 131.1 142.1 159.7

Cost of sales na na na na na Core EPS (¢) 101.6 125.4 139.1 150.3 159.7

Gross profit na na na na na DPS (¢) 38.4 50.2 56.0 61.0 64.0

EBITDA (Adj) 268 357 391 409 430 CFPS (¢) 210.4 163.8 171.9 193.6 218.0

Depreciation -68 -70 -80 -83 -87 BVPS (¢) 1298.4 1345.4 1374.4 1457.5 1555.5

Amortisation -4 -4 -5 -5 -5 Wtd avg ord shares (m) 129 145 141 137 138

EBIT (Adj) 196 282 306 321 339 Wtd avg diluted shares (m) 129 146 142 138 139

Net interest -21 -40 -43 -45 -45 Valuation ratios 2024 2025 2026E 2027E 2028E

Earnings before tax 175 242 263 276 294 PE (x) 22.4 18.2 16.4 15.1 14.3

Tax Recurring -42 -57 -63 -66 -71 EV/EBIT (x) 16.8 12.0 12.4 11.9 11.1

Non-op/Except/Extraord -55 -82 -11 -11 0 EV/EBITDA (x) 12.3 9.5 9.7 9.4 8.7

Minority interests -1 -2 -2 -2 -2 FCF yield (%) 7.1 5.1 5.6 5.8 6.7

Associates 0 0 0 0 0 Dividend yield (%) 1.7 2.2 2.5 2.7 2.8

Reported net profit 77 102 187 196 222 Payout ratio (%) 38 40 40 41 40

Core NPAT 132 183 198 208 222 Growth rates 2024 2025 2026E 2027E 2028E

Half year data (US$m) 1H25 2H25 1H26 2H26E 1H27E Sales revenue (%) -2.2 23.7 3.6 4.2 4.6

Sales revenue 1,020 984 1,027 1,056 1,066 EBIT (Adj) (%) -5.2 44.3 8.5 5.0 5.4

EBIT (Adj) 127 155 147 159 145 Core NPAT (%) -9.7 39.3 8.1 4.9 6.6

Core NPAT 81 102 96 102 92 Core EPS (%) -11.3 23.4 10.9 8.1 6.2

Core EPS (true) 55.5 69.9 65.9 72.4 66.7

Balance Sheet (US$m) 2024 2025 2026E 2027E 2028E 2024 2025 2026E 2027E 2028E