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Lycopodium Ltd ASX:LYL

Engineering Services Gold Exploration Mining Services

0 opened or increased3 held0 reduced or exitedlatest position by manager, past 12 months90 days: 0 increased, 0 reduced. 3 managers in total.

Position history by manager 3 managersSelect a point to see the comment

Opened or increasedHeldReduced or exited Start or end of the position not reported

20 Apr 2026 to today

Commentary Showing 2 of 5

DateManagerActionSummary

31 Aug 2026SG Hiscock & CompanyHeldSG Hiscock & Company continues to hold Lycopodium because the resources engineer issued FY27 guidance ahead of market expectations, sending the shares up 28.7% in August 2026. SG Hiscock notes that the FY26 result was softer on margins due to contract mix, but FY27 guidance of $540–580m revenue and $54–58m profit sits 10–13% above prior consensus. The outlook is underpinned by a $661m order book and client advances already received. Engagement with management increased SG Hiscock's confidence in pipeline conversion and a more even earnings profile across the halves. SG Hiscock observes that Lycopodium's growth appears constrained more by execution capacity than by availability of work, which it regards as a favourable problem.

Monthly Report, price recorded $22.92

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30 Jun 2026SG Hiscock & CompanyHeldSG Hiscock & Company continues to hold Lycopodium because shares rose 21.5% after the resources contractor was awarded a roughly A$196 million EPCM contract for Resolute Mining's Doropo gold project in Côte d'Ivoire, a materially larger mandate than the A$118 million Tulu Kapi contract from the prior month and one that again includes equipment supply. SG Hiscock views this as reinforcing a strategic shift toward increasing revenue per engineer and reducing reliance on scarce technical headcount, noting more than A$300 million of West African gold contract awards secured within four months has materially improved revenue visibility into FY27-28.

Monthly Report, price recorded $18.01

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Price at first mentionThe share price recorded when each of 3 managers first commented on LYL.

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Articles

31 Aug 2026Lycopodium Won $300m+ in Contracts With a Smarter Scope Strategy

About Lycopodium Ltd

Industrials, Construction and Engineering

Lycopodium (ASX:LYL), a resources engineering consultancy, has rallied on major contract wins. In June 2026, Spheria and SG Hiscock reported Lycopodium rose around 22% on two contract wins, the larger being a roughly $196 million EPCM contract for Resolute Mining's Doropo gold project in Côte d'Ivoire. Bell Asset Management described Lycopodium as a capital-light, well-managed, cash-generative engineering consultant focused on resources, energy and renewables, and SG Hiscock noted management intends to pursue more contracts with favourable risk profiles. Lycopodium operates in the Industrials sector within the Construction and Engineering industry, and Thesis Tracker has captured 4 comments from 3 fund managers, Spheria, SG Hiscock and Bell. Founded in 1992 and headquartered in East Perth, Lycopodium provides engineering, project management and EPCM services to the mining, metallurgical, rail and industrial sectors, with a strong record in West African gold projects.

Market cap: $823m
Price to earnings: 22.8x
Return on equity: 25.3%
Dividend yield: 2.6%
Price to book: 5.30x
Net margin: 10.7%
52-week range: $12.08 to $24.78

Company figures as of 15 Oct 2026. For information only.

Questions

Who is investing in Lycopodium Ltd (ASX:LYL)?

Fund managers including Bell Asset Management, SG Hiscock & Company and Spheria Asset Management have invested in Lycopodium Ltd (ASX:LYL).

What opportunities or catalysts do fund managers highlight for Lycopodium Ltd?

Managers highlight major contract wins including the Doropo EPCM contract, a capital-light, cash-generative model and strong gold sector demand, according to Spheria, SG Hiscock and Bell.

What are the key risks to the Lycopodium Ltd investment thesis, according to fund managers?

The available commentary is positive, though Lycopodium's revenue depends on mining investment cycles and project timing.

What does Lycopodium Ltd (ASX:LYL) do?

Lycopodium Ltd. provides engineering consulting services to the mining, metallurgical, and manufacturing industries. Its segments are Resources, Rail Infrastructure, Industrial Processes, and Other. The Resources segment offers engineering and related services to the extractive mining industry. Industrial Processes provides engineering and related services to manufacturing and renewable energy facilities in Australia and Southeast Asia. Rail Infrastructure delivers asset management, engineering, architectural, and project delivery services to public and private clients across Australia. Founded in 1992, Lycopodium is headquartered in East Perth, Australia.

General information only. Thesis Tracker reports what named fund managers have published about ASX companies. It does not take into account your objectives, financial situation or needs, and is not financial product advice or a recommendation to buy, sell or hold any security.

11,356 comments from 164 managers on 761 companies, snapshot 15 Oct 2026.

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