Stealth Group Holdings Ltd

Wilson Asset Management, commenting around November 2025 when the share price was approximately $1.20, highlighted the transformational Hardware & Building Traders (HBT) acquisition, which expanded Stealth's distribution points from 32 to more than 1,200 stores, lifted purchasing volume by roughly $700 million and added around 490 suppliers, and it viewed the company's lifted FY2028 targets (over $500 million in sales, up to $40 million NPAT) as relatively conservative given synergy and further acquisition potential, seeing substantial rerating potential. Phoenix Growth Fund, at the same time, said it had been adding significantly to Stealth as a new top-10 position. By July 2026, with the share price around $1.24-$1.29, Tamim Funds Management laid out the bull case in detail following the June preliminary FY26 update: sales up 13.7% to $165 million, EBITDA up 44.4% to $14.3 million and NPAT up 87.1%, with margin expanding on procurement scale and back-office consolidation rather than just acquisition-driven turnover. Tamim noted the HBT deal cost $22 million, took the network to about 1,200 stores and 1,300 suppliers, opened new categories (timber, building supplies, paint, garden, plumbing, rural, pet), enabled exclusive product lines (CAT, Harden Tools, RIVO, Panzer Glass, Tech21), left the company with about $30 million net cash, and was led by a meaningfully invested managing director, Mike Arnold; on Tamim's internal view, if the FY28 target of $500 million sales and 8-12% EBITDA margin is delivered, the implied re-rating could be around 200% from then-current levels, trading under 3x the company's own FY28 EBITDA target. Wilson Asset Management and Tamim Funds Management both reiterated in June 2026 (share price ~$1.29) that they see scope for further re-rating as FY26 NPAT of $5.8 million exceeded expectations and the market gains confidence in the FY28 targets, with Tamim expecting an operational step-change in FY27.