ENERGY ONE LIMITED (EOL)
Share Price Analysis and Chart

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31/07/2026

1

Buy

$17.10

4.59%

Energy One has received a non-binding indicative proposal from Volue AS, its key competitor in Europe. Under a scheme of arrangement the bid offered is $17 a share, a 57% premium to the last closing price.

Bell Potter believes Volue may have an interest in the power & gas scheduling and nomination products, as well as its more advanced 24/7 outsourced operations service.

The announcement also revealed that earlier in July Volue had bid $16.50 a share which was rejected by the board of Energy One.

The latest offer implies a FY27 EV/EBITDA multiple of 19x and a PE of 37x, which suggests to Bell Potter it is a "fair" offer, albeit opportunistic. The stock has previously traded at 2-year historical highs of 29x EV/EBITDA and 61x PE.

Buy rating. Target is steady at $17.10.

FORECAST
Bell Potter forecasts a full year FY27 dividend of 18.50 cents and EPS of 46.10 cents.

25/05/2026

1

Buy

$17.85

9.17%

Canaccord Genuity maintains a Buy rating for Energy One, with its target price decreased to $17.85 from $20.79 following a trading and guidance update.

Full-year consensus guidance is maintained for revenue near $72m and cash earnings around $15m, while annual recurring revenue growth is guided lower to 13% due to billing delays and currency appreciation.

Commentary suggests the sales pipeline is expanding with larger tier-1 opportunities following recent security accreditations alongside energy market volatility accelerating broader digital transformation trends.

Revenue and earnings estimates are downgraded by -6% to -8% to conservatively capture potential billing cycle elongations and further currency fluctuations.

Accretive mergers and acquisitions remain the primary catalyst to increase operational scale and unlock shareholder value through improved liquidity, the broker notes.