DUG TECHNOLOGY LIMITED (DUG)
Share Price Analysis and Chart

04/05/2026

1

Buy

$3.15

44.50%

Dug Technology has surpassed FY25 growth nine months into the current financial year, Ord Minnett observes. Momentum continued in services, while demand for the higher-margin software and HPCaaS meant these now represent 32% of total revenue.

Operating cash flow was robust and the broker notes the business "collected well" on Petronas invoices. Going forward, elevated oil prices have spurred exploration and production and set up a strong finish to FY26. Buy rating retained. Target rises to $3.15 from $2.93.

FORECAST
Ord Minnett forecasts a full year FY26 dividend of 0.00 cents and EPS of 2.20 cents.
Ord Minnett forecasts a full year FY27 dividend of 0.00 cents and EPS of 7.70 cents.

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05/05/2026

1

Buy

$3.00

37.61%

Canaccord Genuity maintains a Buy rating for Dug Technology with an unchanged target price of $3.00, following what is labeled a robust third-quarter performance.

Consistent services revenue and a step-up in software contribution drove EBITDA margins near 35% on a last-six-months basis, underscoring the benefits of scale and growing recurring revenue.

The closing cash balance of $24.4m stood out as a highlight, bolstered by strong underlying free cash flow and the receipt of annual upfront EPIC payments.

The broker views the recent launch of the Elastic MP-FWI product and regional expansion into Brazil and the Middle East as key catalysts for future contract awards, particularly amid a high oil price environment.

Canaccord Genuity has made minor upward revisions to its near and medium-term earnings forecasts, noting the company is tracking comfortably towards FY26 and FY27 targets.