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ASX:VEE

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Asia

Veem's Return to 'Meaningful' Growth Unlikely Until Second Half of Fiscal 2027, Euroz Hartleys Says

Veem's (ASX:VEE) return to "meaningful" growth is unlikely to happen until the second half of fiscal 2027, when material contributions from defense opportunities are anticipated, despite the company's guidance suggesting positive exit momentum for fiscal 2026, Euroz Hartleys said in a Wednesday note.The company expects fiscal 2026 revenue of between AU$50 million and AU$52 million, and earnings before interest, taxes, depreciation, and amortization of AU$3.3 million to AU$3.8 million.Trading has improved in the fiscal second half, with stronger defense activity, and a continued recovery in propulsion demand and deliveries to initial Veem Extreme customers, the financial services firm said.The company also completed its factory extension construction, securing 1,000 square meters of additional manufacturing space.Euroz Hartleys reaffirmed its speculative buy recommendation and AU$1 price target on Veem.Veem's shares jumped nearly 3% in morning trade Thursday.

ASX:VEE
Asia

Veem Update Supportive of Expected Fiscal H2 Recovery, Euroz Hartleys Says

Veem's (ASX:VEE) recent update is supportive of the anticipated fiscal second half recovery and provides greater confidence in fiscal 2027 growth, Euroz Hartleys said in a note on Tuesday.The company's around 1,000-square-meter factory extension is complete. It also commissioned its new 3D printer and received the remaining AU$600,000 of its AU$1 million grant under the defense industry development program.The completion of the factory expansion and commissioning of new equipment should increase manufacturing capacity, improve operational efficiency, and support growth across defense, propulsion, and engineering, Euroz Hartleys said.It reinforces the view that Veem's near-term earnings recovery is being driven by defense order execution, with recent investments in manufacturing capacity and new product development positioning it for stronger growth into fiscal 2027.Fiscal 2026 revenue is expected to range from AU$50 million to AU$52 million with earnings before interest, taxes, depreciation, and amortization (EBITDA) of AU$3.3 million to AU$3.8 million. Euroz Hartleys said the updated EBITDA guidance implies a materially stronger second half relative to the first one.The investment firm retained its speculative buy rating on Veem, while its AU$1 price target is under review.Veem's shares were down nearly 1% in recent Wednesday trade.

ASX:VEE