Highlights

  • Consensus rating of Hold from 5 analysts: 3 Buy or equivalent, 1 Hold, 1 Sell or equivalent.
  • Mean price target of A$5.99 against a share price of A$5.51 on 8 October 2026, an implied upside of 8.6%.
  • Analyst targets range from A$5.15 to A$7.00.
  • Reported EPS was NZ 14.4 cents, up 20.0% from NZ 12.0 cents, and reported EBITDA was NZ$129.3 million, up 19% from NZ$109 million.

Vulcan Steel (ASX:VSL) carries a consensus analyst rating of Hold. Of the 5 analyst recommendations recorded, 3 are Buy or equivalent, 1 is Hold and 1 is Sell or equivalent. The mean price target is A$5.99, with targets ranging from A$5.15 to A$7.00, against a current share price of A$5.51 (8 October 2026). Vulcan Steel Limited is an Australasian industrial product distributor and value-added processor of steel, stainless steel and aluminium, listed on the ASX and NZX.

Company name

Vulcan Steel

Ticker

(ASX:VSL)

Exchange

ASX (Australian Securities Exchange)

Current share price

A$5.51

Price date

8 October 2026

Number of analysts

5

Rating consensus

Hold

Consensus price target (mean)

A$5.99

Highest target

A$7.00

Lowest target

A$5.15

Implied upside/downside to mean target

Implied upside of 8.6%

Latest developments

Vulcan Steel (ASX:VSL; NZX:VSL) announced its results for the financial year ended 30 June 2026 (FY26) on 25 August 2026. Reported EPS was NZ 14.4 cents, up 20.0% from NZ 12.0 cents, and reported EBITDA was NZ$129.3 million, up 19% from NZ$109 million. Adjusted EPS was NZ 15.1 cents, up 10.8%, and adjusted EBITDA was NZ$130.3 million, up 16% from NZ$112.1 million. Operating Cash Flow was NZ$73.0 million, down 30% from NZ$105.0 million.

The final Dividend is NZ 4.5 cents per share, fully franked and fully imputed, and the total FY26 dividend is NZ 7.0 cents per share. The company said the integration of its recently acquired rollforming Business was a key highlight, contributing nine months of trading with results ahead of expectations. It described FY26 as the first year-on-year growth in underlying Volume since FY22, with higher sales volumes and continued Market Share growth across Australia and New Zealand.

Sector context

The company describes global trade uncertainty and mixed conditions in its domestic markets. Its outlook statement says the general economic outlook for both New Zealand and Australia continues to be mixed, Fiscal Policy settings remain uncertain, and the outlook for its industry is mixed across sectors.

Risks and what to watch

Operating cash flow fell 30% to NZ$73.0 million even though EBITDA rose. Adjusted measures exclude certain items. The company's outlook notes mixed economic conditions and uncertain fiscal settings in both countries. Distribution and processing Earnings depend on steel prices, construction and Manufacturing activity and trade measures.

Next milestones

Items to watch include payment of the NZ 4.5 cent final dividend, volume trends and market share in Australia and New Zealand, performance of the rollforming business over a full year, Working Capital and cash flow, and the half-year result.