Forward Industries


$18.9m market cap

$1.97 last close

Forward Industries provides outsourced design, manufacturing, sourcing and distribution services. It creates innovative products based on IoT and wearable technology for a wide range of global partners. It also sources carry cases for some of the world’s leading healthcare companies.

Investment summary

Forward Industries has augmented its outsourced manufacturing service offer to include hardware and software design capabilities and the ability to secure listings in major US retail chains. This enhanced offer provides a route for offsetting the declining revenues in the legacy business, which provides carry cases for diabetes equipment, as well as enhancing profit. Our indicative valuation is $1.73/share, which is 16% higher than the current share price.

Y/E Sep
Revenue (US$m)
PBT (US$m)
EPS (c)
P/E (x)
P/CF (x)
2018A 34.5 1.0 0.7 5.96 33.1 N/A
2019A 37.4 (0.2) (0.7) (7.06) N/A N/A
2020E 34.1 (0.3) (0.7) (6.77) N/A N/A
2021E 39.5 1.3 0.9 7.26 27.1 N/A
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Share price graph
Balance sheet
Forecast net debt (US$m) 1.4
Forecast gearing ratio (%) 21
Price performance
Actual 29.6 24.7 91.7
Relative* 20.8 19.4 66.2
52-week high/low US$2.0/US$0.9
*% relative to local index
Key management
Terence Wise Chairman & CEO
Anthony Camarda CFO

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