Fund Manager Summary
The fund managers believe that AMA Group Ltd presents a significant investment opportunity following recent leadership changes and a successful recapitalisation plan. In their opinion, the company is poised for recovery and growth, particularly with a strong balance sheet and renewed management focus. Although AMA had a negative impact on performance in FY2024, the fund managers express cautious optimism regarding its potential in FY2025 and beyond. They emphasize the importance of the Thorney Group's involvement as a stabilizing force, suggesting that the strategic changes implemented may lead to improved performance and shareholder value.
Source: Trading View
Commentary From The Managers
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Thorney Investment Group
17 Nov 2025
$0.85
Summary
- Thorney Investment Group identifies AMA Group Limited as the single largest contributor in FY2025.
- In FY2024, Thorney Investment Group noted issues related to poor governance and operational execution at AMA.
- In response, Thorney Investment Group and TOP initiated a campaign to recompose AMA’s Board of Directors.
- This effort culminated in mid-June 2024 with the confirmation of a new Board, chaired by Brian Austin.
- The new Board is focused on recapitalising the company’s balance sheet.
- Thorney Investment Group supports the streamlining of operations to enhance efficiency.
- The objective is to restore market confidence in the underlying quality of AMA’s business.
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Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
Commentary From The Managers
Thorney Investment Group
17 Nov 2025
$0.85
- Thorney Investment Group identifies AMA Group Limited as the single largest contributor in FY2025.
- In FY2024, Thorney Investment Group noted issues related to poor governance and operational execution at AMA.
- In response, Thorney Investment Group and TOP initiated a campaign to recompose AMA’s Board of Directors.
- This effort culminated in mid-June 2024 with the confirmation of a new Board, chaired by Brian Austin.
- The new Board is focused on recapitalising the company’s balance sheet.
- Thorney Investment Group supports the streamlining of operations to enhance efficiency.
- The objective is to restore market confidence in the underlying quality of AMA’s business.
Summary
Ellerston Capital
31 July 2025
$0.92
- Ellerston Capital notes that AMA Group (AMA AU) shares declined by 12% in July, mainly due to a lack of news flow.
- Over the past year, AMA has made significant strides in addressing balance sheet challenges.
- The company has strengthened its key insurer partnerships through renegotiated terms.
- This transformation is expected to pave the way for improved operational performance.
- AMA has issued FY25 guidance, forecasting a pre-AASB 16 EBITDA of $58 million to $62 million.
- Longer-term margin targets are set at 10%.
- Ellerston Capital is optimistic about AMA's potential to achieve an improved margin profile and consistent performance moving forward.
Summary
Forager Funds
30 June 2025
$0.11
- Forager Funds notes that AMA Group (AMA) has resolved its financial overhang through a capital raise in July 2024.
- This capital raise has removed long-standing balance sheet concerns that affected the stock.
- After previous unsuccessful investments in AMA, Forager Funds participated in this final restoration.
- With improved liquidity, management is now focusing on operational enhancements.
- Significant improvements have been observed in the Capital SMART division, which specializes in fast-turnaround collision repairs.
- The AMA Collision Repair segment is also starting to recover margins.
- A new CEO is implementing a medium-term plan aimed at restoring operating leverage and increasing profitability.
- The share price rose 161% from the placement price, contributing 4.4% to Forager Funds returns.
Summary
Acorn Capital
30 June 2025
$0.11
- AMA Group Ltd has seen a significant increase of 81.1% in its performance.
- The company has notably reduced balance-sheet risk.
- In the Q325 update, normalized pre-AASB 16 EBITDA surged 97% year-on-year to $21.1 million.
- Margins have improved, now approaching 9%.
- FY25 guidance has been lifted to $58–62 million.
- The combination of a cleaner capital structure and sharply improving earnings has led to a significant re-rating of the company.
Summary
Naos Asset Management
30 June 2025
$0.11
- Naos Asset Management highlights a dynamic Q4 FY25 for AMA Group, with significant announcements impacting share price.
- Appointment of a new Managing Director, Ray SmithRoberts, who has relevant industry experience.
- AMA’s share price surged approximately 60% during the quarter following these announcements.
- The Board aims to restore pre-AASB 16 EBITDA margins to around 10%, focusing on the turnaround of the AMA Collision business.
- AMA Collision’s margins have been subdued but are expected to improve over time.
- Q3 FY25 business update showed Group EBITDA margins reached 8.9%, nearing the 10% target.
- Notable improvements in the AMA Collision Division support the goal of achieving 10% EBITDA margins.
- Consistent cash flow generation reported, with a $12.3 million improvement over the prior period.
- While Q4 performance may not replicate Q3 due to fewer trading days, progress across multiple areas continues.
- Long-term focus expected to shift to robust cash flow generation and growth opportunities in a fragmented industry.
- If management execution continues, a potential for significant earnings multiple re-rating could drive further share price appreciation.
Summary
Forager Funds
31 May 2025
$0.10
- Forager Funds notes that AMA Group Ltd (AMA) has shown a significant operational recovery.
- The third-quarter results released in May were the best in many years, indicating strong performance.
- Guidance for the remainder of the financial year suggests that this operational recovery may be sustainable.
- AMA's share price increased by 61% in the month following the results.
- The share price is now 138% higher than the capital raise price of 4.2 cents last July.
- After being on the sidelines for several years, Forager Funds believes their re-entry via the placement is looking well founded.
Summary
Thorney Investment Group
31 May 2025
$0.10
- Thorney Investment Group notes that AMA Group Limited was the largest individual contributor to performance within TOP’s portfolio during the period.
- Approximately twelve months ago, Thorney Investment Group played a significant role in the recapitalisation of AMA’s balance sheet.
- There was also a recomposition of AMA’s Board, indicating strategic changes in governance.
- The market is beginning to recognize AMA Group’s underlying earnings capabilities, which is a positive development.
- Thorney Investment Group continues to hold shares based on these encouraging signs of performance and governance improvement.
Summary
Ellerston Capital
31 Mar 2025
$0.06
- Ellerston Capital notes that AMA Group was a solid performer, achieving an 18% gain after finalizing an agreement with Suncorp.
- Details of the agreement remain confidential, but it includes an inflationary mechanism related to cost and severity of repairs.
- Both companies have reaffirmed their commitment to collaboration to better serve Suncorp's customers.
- The partnership aims to target twelve new locations and an additional 40,000 annual repairs over the next four years.
- AMA Group has finalized its capital structure by redeeming $50m of convertible notes.
- Debt facilities have been agreed upon with two major banks, improving financial stability.
- With a tidied balance sheet and a key customer agreement in place, Ellerston Capital believes AMA Group is well positioned to lead the consolidation of the fragmented accident repair industry.
Summary
Thorney Investment Group
20 Feb 2025
$0.05
- Thorney played a vital role in AMA Group Ltd, influencing leadership changes.
- Thorney acted as an anchor participant in the recapitalisation of AMA.
- TOP and associates have become the largest shareholder in AMA.
- The share price has consistently traded above the recapitalisation price.
- With refreshed leadership and a strong balance sheet, Thorney remains optimistic about the company's prospects in FY2025 and beyond.
- As Australia’s largest collision repair business, AMA has significant potential for growth.
Summary
Naos Asset Management
31 Dec 2024
$0.06
- AMA Asset Management emphasizes ongoing support for AMA Group Ltd.
- Recently toured AMA facilities with CEO Matt Cooper, reinforcing confidence in the business.
- AMA is Australia’s largest network of smash repair operations, approaching $1 billion in revenue.
- Business has seen a challenging journey from near administration to a high market capitalisation.
- Current strategies focus on transitioning to a net cash balance sheet and aiming for consistent organic profit growth.
- Strategic M&A opportunities are being prioritized in the car and truck space.
- Key opportunities identified include:
- AMA Collision division: undergoing a network reset to drive strategic change.
- Securing more volume from existing insurance customers, resolving past strained relationships.
- Truck Opportunity: focusing on heavy vehicle repairs with a market size >$6 billion.
- Calibration capabilities are being enhanced to capture revenue previously lost post-repair.
- Risks to consider include:
- Labour costs: sourcing and retaining skilled labour remains a significant challenge.
- Customer relationships: reliance on insurance partners to maintain repair volume.
- Competitive landscape: while AMA leads the market, the lack of a distinctive moat could affect its position.
- Management’s potential to integrate with insurance customers could foster long-term organic growth.
- Naos Asset Management will closely monitor AMA’s progress over the next 12-24 months.
Summary
Paradice Investment Management
30 Sept 2024
$0.06
- Paradice Investment Management participated in a $125m capital raising in July.
- The capital raised primarily aimed to repair an over-geared balance sheet.
- Post-raising, balance sheet leverage fell to 0.6x, reducing interest costs.
- This allowed for a refinancing of the existing senior debt facility.
- The capital raising provides flexibility for necessary maintenance capex.
- Despite facing operating challenges and a weak environment, signs of stabilization are evident.
- FY24 numbers released during the capital raise were above market expectations and at the top end of guidance.
- The cost-out strategy identified $20m in savings.
- Renegotiation of contracts has been a primary driver of improved outcomes.
Summary
Naos Asset Management
30 Sept 2024
$0.06
- Naos Asset Management has tracked AMA Group Ltd since 2010, observing its ups and downs from near administration to a market capitalisation exceeding $1 billion.
- Currently, AMA is the largest network of smash repair operations in Australia, with revenues nearing $1 billion.
- A significant, debt-funded acquisition and inflexible customer contracts placed AMA in a challenging position during the COVID-19 pandemic.
- Recent recapitalisation and potential sale of non-core assets may position AMA close to a net-cash status.
- This potential financial stability would enable a stronger focus on profit margin expansion.
- As the largest smash repair business, AMA provides customers with advantages typical of a sizeable, corporatised entity.
- Management aims for a 9% EBITDA margin within a three-year timeframe, a target deemed achievable given pre-COVID performance.
- The potential for adjacent market expansions and industry fragmentation suggests that AMA's valuation multiple may significantly increase over time.
Summary
Thorney Investment Group
30 Aug 2024
$0.06
- Thorney actively involved in AMA Group Limited (ASX.AMA)
- Significant changes in company leadership implemented
- Thorney acted as an anchor participant in the recapitalisation plan during June/July
- AMA was a drag on TOP's performance during FY2024
- With new leadership and a strong balance sheet, Thorney is cautiously optimistic about FY2025 and beyond
Summary
Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
ANALYST INSIGHT
Equity Research Analyst
"With refreshed leadership and a fortified balance sheet, there's a palpable sense of cautious optimism around AMA Group Ltd. The path ahead seems promising, but investors should keep a watchful eye on execution in FY2025 and beyond."
Last Updated: 17 Nov 2025
Query The Data
Frequently Asked Questions
Who is investing in AMA Group Ltd (ASX:AMA)?
Fund managers including Thorney Investment Group, Naos Asset Management, Forager Funds, Ellerston Capital, Paradice Investment Management and Acorn Capital have invested in AMA Group Ltd (ASX:AMA).
Why do fund managers invest in AMA Group Ltd?
Fund managers have invested in AMA Group Ltd due to its recent leadership changes and successful recapitalisation efforts, which have strengthened its balance sheet. Despite past performance challenges, there is cautious optimism for future growth and profitability under the new management as the company positions itself for improvement in FY2025 and beyond.
What happened to AMA Group Ltd (ASX:AMA)?
Fund managers, including Ellerston Capital, are investing in AMA Group Ltd due to its recent transformation, which includes addressing balance sheet challenges and strengthening insurer partnerships. Despite a 12% decline in share price in July 2025, AMA's guidance for FY25 indicates a projected EBITDA of $58 million to $62 million and aims for long-term margin targets of 10%. These factors suggest potential for improved operational performance and consistent future results.