OBJECTIVE CORPORATION LIMITED (OCL)
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OCL

OCL - OBJECTIVE CORPORATION LIMITED

FNArena Sector : IT & Support
Year End: June
GICS Industry Group : Software & Services
Debt/EBITDA: 0.19
Index: ASX300 | ALL-ORDS | ALL-TECH

Objective Corporation develops information-management and process software for governments and regulated industries.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$5.95

14 Sep
2026

0.040

OPEN

$6.03

0.68%

HIGH

$6.03

71,728

LOW

$5.91

TARGET
$9.95 67.2% upside
OTHER COMPANIES IN THE SAME SECTOR
APX . DTL . FLN . HSN . IRI . STG . STH . TNE .
FNARENA'S MARKET CONSENSUS FORECASTS
OCL: 1
Title FY25
Actual		 FY26
Actual		 FY27
Forecast		 FY28
Forecast
EPS (cps) xxx 38.9 32.7 xxx
DPS (cps) xxx 26.0 20.0 xxx
EPS Growth xxx 4.6% - 16.0% xxx
DPS Growth xxx 18.2% - 23.2% xxx
PE Ratio xxx N/A 18.3 xxx
Dividend Yield xxx N/A 3.3% xxx
Div Pay Ratio(%) xxx 66.9% 61.1% xxx

Dividend yield today if purchased 3 years ago: 2.12%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 4.35

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: 02/09 - ex-div 8.00c (franking 100%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2026 FactSet UK Limited. All rights reserved
Title 202120222023202420252026
EPS Basic xxxxxxxxxxxxxxx38.9
DPS All xxxxxxxxxxxxxxx26.0
Sales/Revenue xxxxxxxxxxxxxxx131.6 M
Book Value Per Share xxxxxxxxxxxxxxx114.7
Net Operating Cash Flow xxxxxxxxxxxxxxx49.3 M
Net Profit Margin xxxxxxxxxxxxxxx28.25 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202120222023202420252026
Return on Capital Employed xxxxxxxxxxxxxxx34.49 %
Return on Invested Capital xxxxxxxxxxxxxxx32.23 %
Return on Assets xxxxxxxxxxxxxxx18.80 %
Return on Equity xxxxxxxxxxxxxxx34.49 %
Return on Total Capital xxxxxxxxxxxxxxx35.44 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx23.9 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 202120222023202420252026
Short-Term Debt xxxxxxxxxxxxxxx3 M
Long Term Debt xxxxxxxxxxxxxxx7 M
Total Debt xxxxxxxxxxxxxxx10 M
Goodwill - Gross xxxxxxxxxxxxxxx41 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx93 M
Price To Book Value xxxxxxxxxxxxxxx8.98

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202120222023202420252026
Capex xxxxxxxxxxxxxxx18.0 M
Capex % of Sales xxxxxxxxxxxxxxx13.68 %
Cost of Goods Sold xxxxxxxxxxxxxxx16 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx73 M
Research & Development xxxxxxxxxxxxxxx16 M
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

0.3

No. Of Recommendations

3
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Morgan Stanley

xx/xx/xxxx

3

xxxxxxxxx xx xxxxx-xxxxxx xxxx xxxxxxxxxx

$xx.xx

xx.xx%

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Morgans

28/08/2026

1

Buy

$8.50

42.86%

Objective Corp’s FY26 result was largely in line with expectations. The result came however with more "sticker shock" in the form of another legacy contract loss, Morgans notes, leading to a further -$3.2m annual recurring revenue (ARR) reduction.

Despite this softening and FX headwinds during the year, Objective continued to see strong underlying SaaS growth momentum and progress of a number of strategic milestones which is key to ARR momentum and the FY27 outlook, Morgans suggests.

Despite the near-term earnings headwinds from the loss of a key customer, the broker continues to see significant opportunity to scale each of the company’s business divisions and deliver earnings growth organically and/or via M&A over the long term.

Target falls to $8.50 from $11.50, Buy retained.

FORECAST
Morgans forecasts a full year FY27 dividend of 16.00 cents and EPS of 26.00 cents.
Morgans forecasts a full year FY28 dividend of 17.00 cents and EPS of 29.60 cents.

UBS

xx/xx/xxxx

3

xxxxxxx

$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

Shaw and Partners

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Moelis

30/08/2026

1

Buy

$9.75

63.87%

Moelis retains a Buy rating for Objective Corp with a $9.75 target price following an FY26 result featuring $134.7m in revenue and $50.6m in EBITDA.

Commentary highlights the business experienced uncharacteristic customer churn during the year, losing -$11.5m in annual recurring revenue from accounts including the Department of Defence and the National Heavy Vehicle Regulator.

A new relationship was established with the Department of Climate Change, Energy, Environment and Water, offering scope for increased engagement across multiple agencies.

The analyst rebased FY27 revenue and earnings estimates to account for the recent client losses while aligning the longer-term growth profile with a 10% revenue trend.

A lowered 15x EV/EBITDA multiple underpins the revised valuation, presenting significant capital upside for the software provider, the report concludes.

FORECAST
Moelis forecasts a full year FY27 dividend of 19.60 cents and EPS of 27.20 cents.
Moelis forecasts a full year FY28 dividend of 21.50 cents and EPS of 30.40 cents.
Access Extra Coverage Research History >

OCL STOCK CHART

FNArena News on OCL

1
Objective Corp’s Turnaround Challenge

Sep 11 2026 - Small Caps
2
Weekly Ratings, Targets, Forecast Changes – 04-09-26

Sep 07 2026 - Weekly Reports
3
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Sep 02 2026 - Rudi's View
4
Australian Broker Call *Extra* Edition – Sep 01, 2026

Sep 01 2026 - Daily Market Reports
5
Australian Broker Call *Extra* Edition – Aug 31, 2026

Aug 31 2026 - Daily Market Reports

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