TASMEA LIMITED (TEA)
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28/08/2026

2

Accumulate

$10.65

9.91%

Tasmea delivered earnings in FY26 that were slightly ahead of forecasts and Morgans notes a "fast" start to FY27 amid strong visibility, which has led to the company upgrading FY27 EBITDA guidance to $205m-$210m and net profit of $130m-$133m.

Management has noted July was exceptionally strong with around 75% of subsidiaries beating budget. The broker hails the "ambitious" growth plans with the first EBIT hurdle at $200m in FY27 and increasing by $100m in each year to $600m by FY31, as laid out in the proposed options package for executive director and chief operating officer, Trend Northover.

Accumulate maintained. Target rises to $10.65 from $9.80.

FORECAST
Morgans forecasts a full year FY27 dividend of 17.00 cents and EPS of 48.00 cents.
Morgans forecasts a full year FY28 dividend of 21.00 cents and EPS of 52.00 cents.

30/08/2026

1

Buy

$11.39

17.54%

Canaccord Genuity maintains a Buy rating for Tasmea with its target price increased to $11.39 from $10.85 following an FY26 result exceeding consensus and guidance expectations.

The analyst notes momentum continuing into the new year, with July activity matching record levels achieved in the fourth quarter and the revenue pipeline reaching an all-time high.

Broad-based strength is evident across the business, highlighted by robust conditions in Western Australia, material improvements in previously underperforming units, and Maxim securing early works on two major projects.

The company won a portfolio of over $80m in maintenance work across BHP's expanding copper operations, while further opportunities are emerging across Olympic Dam, South Australian data centres, and the US resources market.

FY27 and FY28 EBITDA forecasts are upgraded by 2.4% and 3.6% respectively to reflect the strong demand outlook and robust organic earnings potential.