Summary
The fund managers believe that Symal Group Ltd is positioned well for growth due to its strong market presence and diversified service offerings. In their opinion, the company's focus on sustainability and innovation will enhance its competitive edge. They note that recent financial results indicate robust revenue growth and improving profit margins, which are attractive to investors. Additionally, the fund managers highlight the importance of Symal's strategic partnerships, which they believe will drive future expansion. Overall, they view the stock as a promising investment opportunity, particularly given the favorable industry trends and the company's proactive management approach.
Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
Source: Trading View
Commentary From The Managers
Salter Brothers
10 Sept 2025
$1.75
Summary
- Symal Group Ltd is a civil construction and equipment hire business.
- Salter Brothers has increased their conviction in the holding following a strong trading update and outlook in August.
- In FY25, Symal modestly outperformed their prospectus guidance by 3.7%, achieving an EBITDA of $106.1m.
- This result is particularly strong given the broadly soft civil construction industry with widespread project delays.
- Guidance for FY26 is $115-125m EBITDA, with strong contract wins and Work in Hand increasing to $1.76bn, up 35% on PCP.
- Salter Brothers maintains high conviction in SYL, which trades at an attractive valuation relative to peers.
- This view is supported by a strong pipeline and potential for additional acquisitions, backed by Symal’s strong balance sheet.
- Symal is an Australian founder-led business providing construction contracting, equipment hires, material sales, recycling, and remediation services.
- The company has a strong track record of organic growth and effective risk management through a vertically integrated operating model.
- Salter Brothers has built a meaningful position in Symal, making it a top 5 holding as of 31/8/2025.
- Symal’s civil construction segment involves civil and private infrastructure, energy, renewables, and complex engineering.
- This division accounted for $714m revenue and $58m normalised EBITDA in FY25.
- The plant and equipment hire business provides heavy machinery, with 50% of equipment hired externally and 50% internally.
- This division accounted for $184m in revenue and $44m in normalised EBITDA in FY25.
- SYCLE is a new segment focused on processing and recycling construction materials, forecasted to enhance vertical integration.
- Symal is well positioned to outperform with good execution of contracted work and a growing pipeline, all while trading at an attractive valuation.
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Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
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Commentary From The Managers
Salter Brothers
10 Sept 2025
$1.75
- Symal Group Ltd is a civil construction and equipment hire business.
- Salter Brothers has increased their conviction in the holding following a strong trading update and outlook in August.
- In FY25, Symal modestly outperformed their prospectus guidance by 3.7%, achieving an EBITDA of $106.1m.
- This result is particularly strong given the broadly soft civil construction industry with widespread project delays.
- Guidance for FY26 is $115-125m EBITDA, with strong contract wins and Work in Hand increasing to $1.76bn, up 35% on PCP.
- Salter Brothers maintains high conviction in SYL, which trades at an attractive valuation relative to peers.
- This view is supported by a strong pipeline and potential for additional acquisitions, backed by Symal’s strong balance sheet.
- Symal is an Australian founder-led business providing construction contracting, equipment hires, material sales, recycling, and remediation services.
- The company has a strong track record of organic growth and effective risk management through a vertically integrated operating model.
- Salter Brothers has built a meaningful position in Symal, making it a top 5 holding as of 31/8/2025.
- Symal’s civil construction segment involves civil and private infrastructure, energy, renewables, and complex engineering.
- This division accounted for $714m revenue and $58m normalised EBITDA in FY25.
- The plant and equipment hire business provides heavy machinery, with 50% of equipment hired externally and 50% internally.
- This division accounted for $184m in revenue and $44m in normalised EBITDA in FY25.
- SYCLE is a new segment focused on processing and recycling construction materials, forecasted to enhance vertical integration.
- Symal is well positioned to outperform with good execution of contracted work and a growing pipeline, all while trading at an attractive valuation.
Summary
Salter Brothers
30 June 2025
$1.72
- Symal listed on the ASX in November 2024, raising over $130m, with a post-offer market capitalisation of $437m.
- Recently added to the Salter Brothers portfolio.
- Symal is an Australian founder-led business providing construction contracting, equipment hires, material sales, recycling, and remediation services to the civil construction industry.
- The company has a strong track record of organic growth and effective risk management through a vertically integrated operating model.
- In June, Symal updated their market guidance, expecting to deliver $105m EBITDA, exceeding their prospectus guidance of $102m.
- As of the end of May, the company reported significant work in hand of $1.4B.
Summary
Contract Asset Management
30 Nov 2024
$1.80
- Contract Asset Management added Symal (SYL) to the portfolio in November when it listed on the ASX.
- SYL is a civil construction contractor and commercial services provider.
- The majority of SYL’s earnings come from its Construction division, focusing on major projects in Infrastructure, Defence, and Energy.
- SYL also engages in non-construction work such as Asset Management, Logistics, Landfill, and Quarries.
- The company has a work-in-hand of $1.3 billion.
- SYL is well positioned to benefit from ongoing investment in Infrastructure and Defence.
- It has a good reputation in its end markets and a strong culture, attributed to being founder-led.
- Founded in 2001 by Joe Bartolo, who remains the Managing Director.
- The management team owns approximately 60% of the business.
- SYL is net cash and poised for solid earnings growth in the coming years.
- It generates solid returns on invested capital of greater than 20%.
- SYL was listed at attractive valuation metrics of approximately 4x EBITDA multiple and 10x price-earnings multiple.
Summary
Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
Frequently Asked Questions
Who has invested in Symal Group Ltd (ASX:SYL)?
Fund managers including Contract Asset Management and Salter Brothers have invested in Symal Group Ltd (ASX:SYL).
Why have investment managers invested in Symal Group Ltd (ASX:SYL)?
Fund managers are investing in Symal Group Ltd (SYL) due to its solid fundamentals and growth potential. As a civil construction contractor and commercial services provider, SYL is well-positioned to capitalize on ongoing investments in infrastructure and defense, boasting a substantial work-in-hand portfolio valued at $1.3 billion. The company's founder-led structure, with management owning approximately 60%, fosters a strong corporate culture and effective risk management. SYL has demonstrated a strong track record of organic growth, recently updating its market guidance to project an EBITDA of $105 million, exceeding initial expectations. Additionally, SYL's attractive valuation metrics, including a 4x EBITDA multiple and 10x price-earnings multiple, along with its net cash position, indicate robust earnings growth prospects, making it a compelling investment for fund managers.
What happened to Symal Group Ltd (ASX:SYL)?
In September 2025, fund manager Salter Brothers expressed increased conviction in their investment in Symal Group Ltd, which trades around $1.75. Symal, a leader in civil construction and equipment hire, reported an impressive FY25 EBITDA of $106.1m, surpassing guidance by 3.7% despite a challenging industry landscape. With guidance of $115-125m EBITDA for FY26 and a robust Work in Hand of $1.76bn—up 35% year-on-year—Symal's strong pipeline and solid balance sheet position it favorably against peers. Salter Brothers has established a significant stake in Symal, now a top 5 holding, highlighting the company's effective risk management and organic growth potential across its diverse service offerings.