MOTORCYCLE HOLDINGS LIMITED (MTO)
Share Price Analysis and Chart

27/02/2026

1

Buy

$4.77

93.12%

Morgans highlights a robust 1H26 result from Motorcycle Holdings coming in modestly ahead of expectations.

Vehicle sales were a standout, with new units up 23% and used up 18%, both on materially improved gross profit, while EBITDA increased 21% and balance sheet strength improved with net debt at just $6m.

The integration of Peter Stevens Motorcycles and Harley Heaven is tracking ahead of expectations, with margins above legacy retail operations and further improvement anticipated as the business transitions to business as usual.

EPS forecasts are tweaked down -3% for FY26 and up 4% for FY27. No change to Buy rating. Target lifts to $4.77 from $4.50.

FORECAST
Morgans forecasts a full year FY26 dividend of 18.00 cents and EPS of 32.00 cents.
Morgans forecasts a full year FY27 dividend of 21.00 cents and EPS of 39.00 cents.

05/03/2026

1

Buy

$3.73

51.01%

First-half revenue for Motorcycle Holdings rose 20.9% on the prior year to $396.4m. Moelis highlights a favourable mix shift toward Mojo and contributions from Peter Stevens and Harley-Heaven (PSHH) supported gross margin expansion to 25.9% from 25.6%.

Profit rose 28.7% to $12.1m, while net debt declined -32.2% to $6.1m, reflecting improved operating performance and working capital management, the analysts explain.

Longer-term opportunities from cost-outs and revenue synergies related to PSHH are noted though management has provided no quantitative guidance on margins or timing.

FY26-28 earnings forecasts fall by between -2-6% reflecting caution around discretionary demand and interest rate sensitivity in the core retail segment.

Moelis retains a Buy rating and lowers its target price to $3.73 from $4.17.

FORECAST
Moelis forecasts a full year FY26 dividend of 18.00 cents and EPS of 31.37 cents.
Moelis forecasts a full year FY27 dividend of 19.60 cents and EPS of 34.40 cents.