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KMD Brands Limited (KMD) Fair Value & Analysis

Consumer Cyclical · AU · Market cap A$66.4M

KB KMD Brands Limited KMD · AU
PriceA$1.49
Fair ValueA$1.81
Upside+21.3%
Quality54/100
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Mixed Growth
Loss-making · -8.5% net margin
Low debt · generates free cash flow
Mixed vs. peers (6/12)
Narrow moat 19/100
Evidence: High Range A$1.21 – A$2.41 Share as image

Fair value as of: Jul 11, 2026

From 16 valuation models · updated 29 days ago

Fair value updated Jul 11, 2026, revised from A$0.0546 to A$1.81 (+3,208.8%) since Jun 26, 2026. Share price +6.4% over the past month.

A solid business, screening 21% undervalued on our models.

What matters now

  • Solid quality (54/100) at a price below fair value, the discount is the argument here, not the business quality.
  • A fairly wide model range (A$1.21 to A$2.41) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

A$21.30 A$1.23 Fair Value A$1.81 May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 11, 2026.

How to read this chart

60‑month range A$1.23 – A$21.30 · fair‑value band A$1.21 – A$2.41 · the A$1.49 price screens below the A$1.81 fair value. Dashed = 300-day average. As of Jul 11, 2026.

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Analysis

KMD Brands Limited (KMD) currently trades at A$1.49, while our model-based Fair Value estimate is A$1.81, implying the stock looks roughly 21.3% undervalued today. The Quality Score stands at 54/100 (solid quality), in the Consumer Cyclical sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, KMD Brands Limited generated revenue of A$1.0B at a net margin of -8.5%. Revenue grew 7.3% year over year. It earns a return on equity of -11.7%. Net debt stands at A$341M. Fundamentals as of Jul 11, 2026

Our scenario range runs from A$1.21 (bear case) to A$2.41 (bull case); at A$1.49, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. For context, the median of 10 Consumer Cyclical peers we cover trades at 1% fair-value upside, at 21%, KMD screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Growth DCF A$19.13 A$26.58 A$35.53 80
Rev-Margin DCF A$17.08 A$26.96 A$38.70 74
ROIC Compounder A$11.18 A$12.65 A$13.85 72
All 16 models by family
DCF Models
FCF DCF A$19.19 A$27.99 A$39.36 38
Owner Earnings A$3.00 A$4.78 A$7.08 31
5Y Revenue Exit A$17.08 A$26.84 A$39.24 39
5Y EBITDA Exit A$29.05 A$49.71 A$74.20 41
10Y Revenue Exit A$17.34 A$25.71 A$36.90 36
10Y EBITDA Exit A$24.33 A$39.43 A$60.15 37
Earnings-Based
EPV A$11.18 A$12.65 A$13.85 59
Dividend Discount
Gordon GGM A$0.1900 A$0.3100 A$0.4100 70
DDM Multi-Stage A$0.1900 A$0.3000 A$0.3400 61
Multiples
EV/EBIT A$25.27 A$34.06 A$42.86 53
EV/EBITDA A$41.33 A$55.48 A$69.63 54
EV/Revenue A$16.39 A$23.89 A$31.40 43
Asset-Based
NCAV (Graham) A$7.21 A$9.66 A$14.41 50
Growth DCF
Growth DCF A$19.13 A$26.58 A$35.53 80
Rev-Margin DCF A$17.08 A$26.96 A$38.70 74
Economic Profit
ROIC Compounder A$11.18 A$12.65 A$13.85 72

Widest divergence: Multiples (A$34.06) versus Dividend Discount (A$0.3000). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) A$1.0B
Revenue growth (YoY) +7.3%
Net margin -8.5%
Return on equity -11.7%
Free cash flow A$113M FY2025
Operating margin -0.5%
More key figures
EPS (TTM) A$-0.0600
EPS growth (YoY) -46.6%
Net debt A$341M FY2025

Figures from reported company fundamentals · as of Jul 11, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 54/100

Of which business quality 53 · Market factors (momentum, volatility) 26

Profitability 25
Margins and returns on capital today
Quality Growth 28
Are margins and returns improving?
Cashflow 66
Earnings quality: real cash, not paper profit
Fin. Strength 41
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 50
Calm price path (market factor)
Momentum 23
Price trend over the last 3–12 months (market factor)
52W Momentum 4
Distance to the 52-week high (market factor)
Net Issuance 83
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

KMD Brands Limited, together with its subsidiaries, designs, markets, wholesales, and retails apparel, footwear, and equipment for surfing and the outdoors under the Kathmandu, Rip Curl, and Oboz brand names. It operates in New Zealand, Australia, North America, Europe, Southeast Asia, Japan, and Brazil, and internationally.

Full company description

KMD Brands Limited, together with its subsidiaries, designs, markets, wholesales, and retails apparel, footwear, and equipment for surfing and the outdoors under the Kathmandu, Rip Curl, and Oboz brand names. It operates in New Zealand, Australia, North America, Europe, Southeast Asia, Japan, and Brazil, and internationally. The company was formerly known as Kathmandu Holdings Limited and changed its name to KMD Brands Limited in March 2022. KMD Brands Limited was founded in 1987 and is based in Christchurch, New Zealand.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

KMD Brands Limited reported revenue of A$989M in FY2025 versus A$923M in FY2021, a compound +1.7%/yr. Reported net income was −A$95.1M in FY2025.

Growth Quality 44/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
A$989M
Latest YoY
+1.0%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+0.3%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+4.4%
Avg. growth/yr (15Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+9.7%
Revenue +1.7%/yr
FY21 A$923M
FY22 A$980M
FY23 A$1.1B
FY24 A$979M
FY25 A$989M
Net income
FY21 A$63.1M
FY22 A$36.0M
FY23 A$35.1M
FY24 −A$49.8M
FY25 −A$95.1M

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Cite: Fair Value Calculator (2026). "KMD Brands Limited Fair Value". https://www.fairvalue-calculator.com/stock/KMD

Peer Group

Apparel Manufacturing · 212 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 54 · Below median
Fair Value upside +22% · Above median
Return on assets -1% · Bottom 25%
Net margin (TTM) -9% · Bottom 25%
Operating margin (TTM) -1% · Below median
Revenue growth 7% · Above median
Debt / equity 0.13× · Higher than median

Valuation Multiples vs Apparel Manufacturing median · lower = cheaper

P/B 0.07× · Cheaper than 75% of peers
P/S (TTM) 0.05× · Cheaper than 75% of peers
P/FCF 0.4× · Cheaper than median
PEG 0.45× · Cheaper than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 62 · sector 32
FUTURE 37 · sector 4
PAST 0 · sector 21
HEALTH 94 · sector 98
DIVIDEND 0 · sector 49

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Apparel Manufacturing stocks, each showing price versus our Fair Value estimate (as of Jul 11, 2026).

Stock Price Fair Value vs Fair Value
H & M Hennes & Mauritz AB HMB kr 163.45 kr 165.47 +1%
Ralph Lauren Corporation RL $374.08 $224.21 -40%
Moncler S.p.A MONC €52.08 €50.69 -3%
LPP SA LPP 19,380 PLN 17,754 PLN -8%
Bosideng International Holdings 3998 HK$4.88 HK$5.92 +21%
Youngor Fashion Co 600177 ¥7.57 ¥5.59 -26%
Page Industries Limited PAGEIND ₹39,900 ₹12,395 -69%
Hla Group 600398 ¥6.05 ¥9.92 +64%
Eclat Textile Co 1476 333.50 TWD 357.81 TWD +7%
Youngone Corporation 111770 87,600 KRW 196,629 KRW +124%

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Frequently asked questions

Is KMD Brands Limited (KMD) overvalued or undervalued?
As of Jul 11, 2026, our model estimates a fair value of A$1.81 versus a price of A$1.49, about +21% (undervalued).
What is the fair value of KMD?
Our model-based fair value for KMD Brands Limited is A$1.81 (as of Jul 11, 2026), built from audited fundamentals. The current price is A$1.49.
What is the quality score of KMD?
KMD Brands Limited has a Quality Score of 54/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of KMD Brands Limited (KMD)?
KMD Brands Limited reported trailing-twelve-month revenue of about A$1.0B (latest available figure, as of Jul 11, 2026).
What is the net profit margin of KMD?
The net profit margin of KMD Brands Limited is about -8.5%, meaning it is currently running at a net loss. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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