TECHNOLOGY ONE LIMITED (TNE)
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TNE

TNE - TECHNOLOGY ONE LIMITED

FNArena Sector : IT & Support
Year End: September
GICS Industry Group : Software & Services
Debt/EBITDA: 0.28
Index: ASX100 | ASX200 | ASX300 | ALL-ORDS | ALL-TECH

TechnologyOne is involved in the development, sale and support of financial management and enterprise software solutions. Typical customers are universities, local councils, TAFE staff and students, as well as health and financial institutions. Founded in 1987 in Brisbane, it became a listed company in 1999. Has expanded into the UK.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$32.40

14 May
2025

0.110

OPEN

$32.34

0.34%

HIGH

$32.78

558,005

LOW

$32.29

TARGET
$29.849

+0.44 change from previous day

 -7.9% downside
Franking for last dividend paid out: 65%
OTHER COMPANIES IN THE SAME SECTOR
APX . DTL . FLN . HSN . IRI . OCL . STG .
FNARENA'S MARKET CONSENSUS FORECASTS
TNE: 1
Title FY23
Actual		 FY24
Actual		 FY25
Forecast		 FY26
Forecast
EPS (cps) xxx 36.2 42.4 xxx
DPS (cps) xxx 22.5 25.9 xxx
EPS Growth xxx 14.3% 17.1% xxx
DPS Growth xxx 15.0% 15.4% xxx
PE Ratio xxx N/A 77.3 xxx
Dividend Yield xxx N/A 0.8% xxx
Div Pay Ratio(%) xxx 61.9% 61.1% xxx

Dividend yield today if purchased 3 years ago: 2.25%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 0.68

Estimated Dividend Growth
(Average Of Past Three Years)

  %

Amount Invested

 $ 

Tell Me The Dividend After This Many Years
Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages

Last ex-div: 28/11 - ex-div 17.37c (franking 65%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2025 FactSet UK Limited. All rights reserved
Title 201920202021202220232024
EPS Basic xxxxxxxxxxxxxxx36.2
DPS All xxxxxxxxxxxxxxx22.5
Sales/Revenue xxxxxxxxxxxxxxx506.5 M
Book Value Per Share xxxxxxxxxxxxxxx116.4
Net Operating Cash Flow xxxxxxxxxxxxxxx212.7 M
Net Profit Margin xxxxxxxxxxxxxxx23.30 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 201920202021202220232024
Return on Capital Employed xxxxxxxxxxxxxxx34.44 %
Return on Invested Capital xxxxxxxxxxxxxxx30.97 %
Return on Assets xxxxxxxxxxxxxxx15.57 %
Return on Equity xxxxxxxxxxxxxxx34.44 %
Return on Total Capital xxxxxxxxxxxxxxx37.90 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx141.6 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 201920202021202220232024
Short-Term Debt xxxxxxxxxxxxxxx7 M
Long Term Debt xxxxxxxxxxxxxxx53 M
Total Debt xxxxxxxxxxxxxxx60 M
Goodwill - Gross xxxxxxxxxxxxxxx55 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx279 M
Price To Book Value xxxxxxxxxxxxxxx20.50

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 201920202021202220232024
Capex xxxxxxxxxxxxxxx92.6 M
Capex % of Sales xxxxxxxxxxxxxxx18.29 %
Cost of Goods Sold xxxxxxxxxxxxxxx294 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx65 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx0 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

0.1

No. Of Recommendations

7
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Macquarie

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Bell Potter

xx/xx/xxxx

3

xxxxxxxxx xx xxxx xxxx xxx

$xx.xx

xx.xx%

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Ord Minnett

xx/xx/xxxx

3

xxxxxxxxxx xx xxxxxxxx xxxx xxxx

$xx.xx

xx.xx%

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UBS

20/11/2024

1

Buy

$33.80

4.32%

TechnologyOne reported a "strong" FY24 result, with net recurring revenue growth up 117% within the target range, representing the success of product upselling and SaaS-plus, UBS highlights.

Profit before tax grew 18%, well above guidance and the broker's estimate of 17%. The analyst emphasises conversations with customers reaffirm the view TechnologyOne can grow pre-tax profits by nearly 20% p.a. over the next five years, given the product suite and moat.

The company acquired CourseLoop for -$60m, a curriculum management product,  boosting its education offering in the UK and Australia.

The ramp-up in UK operations was also impressive, with annual recurring revenue up 31% and new annual recurring revenue up 70%.

UBS raises the target price by 29% to $33.80 due to higher expected outer-year earnings upgrades, better traction on new products and UK execution, plus a higher valuation multiple.

Buy rated, with the valuation labeled "defendable" in the context of the company's longer-term growth.

FORECAST
UBS forecasts a full year FY25 dividend of 26.00 cents and EPS of 42.00 cents.
UBS forecasts a full year FY26 dividend of 31.00 cents and EPS of 50.00 cents.

Morgan Stanley

xx/xx/xxxx

3

xxxxx-xxxxxx

$xx.xx

xx.xx%

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Morgans

xx/xx/xxxx

3

xxxxxxxxx xx xxxx xxxx xxx

$xx.xx

xx.xx%

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Shaw and Partners

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

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Access Stockbroker Research History >
EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

2

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Goldman Sachs

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Wilsons

21/11/2024

1

Overweight

$22.28

-31.23%

TechnologyOne delivered FY24 results with annual recurring revenue (ARR) of $470m, up 20% year-on-year, in line with Wilsons forecast and exceeding consensus by 3%.

SaaS now represents 92% of total revenue, with the company on track to surpass its $500m ARR target by 1H25, observes the broker.

Profit before tax (PBT) grew by 18% to $153m, at the upper end of guidance, with a 50bps margin expansion to 30.2%.

The recently announced acquisition of CourseLoop is expected to contribute positively, adding $9m in ARR and expanding TechnologyOne’s education sector offering, explain the analysts.

Overweight rating. Target $22.28.

FORECAST
Wilsons forecasts a full year FY25 dividend of 24.00 cents and EPS of 43.30 cents.
Wilsons forecasts a full year FY26 dividend of 26.70 cents and EPS of 50.50 cents.
Access Extra Coverage Research History >

TNE STOCK CHART

FNArena News on TNE

1
Rudi’s View: 30 For ’30 & Best Buy Convictions

4:34 PM - Rudi's View
2
Australian Broker Call *Extra* Edition – May 15, 2025

1:41 PM - Daily Market Reports
3
Rudi’s View: Awaiting The Real World Ramifications (continued)

May 14 2025 - Rudi's View
4
Weekly Ratings, Targets, Forecast Changes – 09-05-25

May 12 2025 - Weekly Reports
5
Rudi’s View: Mag7 Dominance & Profit Warnings

May 01 2025 - Rudi's View

Latest IT & Support News

1
Technology One Shares Aiming For A Breakout

Apr 15 2025 - Technicals
2
Hansen’s Powercloud Ready To Perform

Apr 01 2025 - Small Caps
3
Quality By Any Objective Measure

Oct 04 2024 - Small Caps
4
Rudi’s View: It’s Special vs Cheap, But Who’s Most At Risk?

May 29 2024 - Rudi's View
5
Treasure Chest: TechnologyOne’s Transition

Mar 18 2024 - Treasure Chest
6
Hansen Technologies: Focus On FY26

Feb 26 2024 - Small Caps
7
Data#3 Guilty Of Miscommunication

Feb 19 2024 - Small Caps
8
Dropsuite Trajectory Impresses

Oct 25 2023 - Small Caps
9
Disciplined Hansen Technologies Remains Upbeat

Feb 24 2023 - Small Caps
10
Data#3 Has Growth Locked In For FY23

Aug 23 2022 - Small Caps