VYSARN LIMITED (VYS)
Share Price Analysis and Chart

14/08/2026

1

Buy

$1.40

21.74%

Morgans retains a Buy rating for Vysarn with its target price increased to $1.40 from $1.10 following the strategic $60m acquisition of water management business Welltech.

Funded via a $65m placement, the transaction expands annuity-style earnings, diversifies operations away from legacy hydrogeological drilling, and delivers 37% earnings per share accretion on a pro forma FY26 basis.

The analyst notes positive water pricing indications across the Pilbara region justify increasing the assumed price of water for VAM to $5.50 per kilolitre from $4.00 per kilolitre.

The broker's estimates incorporate 13% and 16% upgrades to FY27 and FY28 earnings per share forecasts respectively to reflect the newly integrated earnings base.

Continued execution of a vertically integrated water strategy alongside strengthening prospects for owning and selling water underpin the expanded valuation.

FORECAST
Morgans forecasts a full year FY26 dividend of 0.00 cents and EPS of 2.80 cents.
Morgans forecasts a full year FY27 dividend of 0.00 cents and EPS of 4.00 cents.

22/07/2026

1

Buy

$1.08

-6.09%

Canaccord Genuity maintains a Buy rating for Vysarn with its target price increased to $1.08 from $1.07 following a "comprehensive" FY26 trading update.

Unaudited full-year pre-tax profit reached $20.9m, up 39% on the prior corresponding period and slightly ahead of estimates, while net cash closed at $7.1m.

The analyst highlights positive momentum across all operating divisions, underpinned by fleet expansion in Industrial, increased tender activity in Advisory, and strong project pipeline visibility in Technology.

Minor revisions to FY27 and FY28 forecasts reflect higher revenue and EBITDA driven by Technology, though increased depreciation and interest expenses modestly weigh on pre-tax profit estimates.

The updated valuation combines $0.98 per share for the operating business based on a 15.0x FY27 EV/EBITDA multiple alongside a $0.10 per share risked contribution for Asset Management.

FORECAST
Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 2.80 cents.
Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of 3.50 cents.