Boom Logistics Strings Together Eight Upgrades on a 7x Multiple

Fund managers say Australia's leading crane and logistics provider remains materially undervalued despite a sustained earnings run

30 Sep 2026 · 3 min read

A run of eight consecutive earnings upgrades has left Boom Logistics, Australia's leading crane and logistics services provider, trading on just 7 times earnings even after its share price nearly doubled over the past year.

A strong result clouded by a leadership departure

Collins St Asset Management's September 2025 update reported Boom Logistics delivering revenue growth of 2 per cent to $264 million, underlying net profit after tax of $9.3 million, and earnings per share of 22 cents, up 38 per cent. The manager highlighted strong profit growth, exposure to renewable and infrastructure spending, a reinstated small dividend, and a $4 million buyback representing around 7.3 per cent of shares outstanding, with management expected to complete the buyback in full. Modest revenue growth and the CEO being stood down shortly after the result were flagged as the main negatives, though Collins St noted the company had delivered seven profit upgrades in a row and remained reasonably priced.

Boom Logistics reported revenue growth of 2% to $264 million, underlying NPAT of $9.3 million, and EPS of 22 cents (up 38%). Strengths included strong profit growth, exposure to renewable and infrastructure spending, a small dividend reinstated, and a $4 million buyback representing ~7.3% of shares. Nonetheless, the company has delivered seven profit upgrades in a row and remains reasonably priced.

— Collins St Asset Management, Webinar, September 2025

A capex theme attracts new small-cap buyers

Centennial Asset Management's June 2026 update named Boom Logistics as a recent addition to its portfolio, seeing attractive upside potential in the small cap crane operator, added alongside Korvest as the fund hunts for value exposure to the broader capital expenditure theme.

An eighth consecutive upgrade, still on an undemanding multiple

Collins St Asset Management's June 2026 quarterly update reported Boom had extended its run to eight consecutive earnings upgrades, with earnings per share up around 50 per cent since FY25. The company had also reinstated both its buyback and dividend policy. Despite that sustained earnings momentum, Collins St noted the stock traded on just 7 times earnings, a multiple it viewed as materially undervaluing Australia's leading provider of crane and logistics services.

Boom has upgraded earnings in eight consecutive updates, with EPS increasing by approximately 50% since FY25. The company has also reinstated both its buyback and dividend policy. Despite this, Boom trades on just 7x earnings, which we view as materially undervaluing Australia's leading provider of crane and logistics services.

— Collins St Asset Management, Quarterly Report, June 2026