EXPERIENCE CO LIMITED (EXP)
Share Price Analysis and Chart

01/09/2025

1

Buy

$0.25

66.67%

Experience Co’s result provided further evidence to Ord Minnett that the business is slowly but surely recovering from the absence of its key customers, being Chinese holiday visitors. 

Ord Minnett sees continued improvement in Chinese visitor numbers in the coming years, and this is expected to become a key driver of group earnings.

Given this backdrop and the fact the company exited the year in a net debt position of $10.6m, the decision to recommence dividend payments and a share buyback may be questioned by the market, the broker warns.

Target falls to 25c from 28c, Buy retained.

FORECAST
Ord Minnett forecasts a full year FY26 dividend of 0.30 cents and EPS of 1.20 cents.
Ord Minnett forecasts a full year FY27 dividend of 0.40 cents and EPS of 1.80 cents.

03/09/2025

1

Buy

$0.23

53.33%

Canaccord Genuity notes after years of restructuring, Experience Co is now delivering operating leverage, cash flow generation, and growth optionality. The reinstatement of a dividend (first since FY18) reflects management’s confidence in the progress.

Skydiving underlying EBITDA rose 34% y/y, with margin up 270bps y/y, driven by recovery in Australia/NZ. EBITDA for adventure experiences reflected a 140bps y/y margin recovery.

Update for July showed solid progress, helping to de-risk the growth hurdle for FY26. No change to FY26 revenue and EBITDA, but FY27 lifted by 2% for both.

Buy. Target rises to 23c from 21c.

FORECAST
Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 0.75 cents.
Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of 1.22 cents.