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: 0.26
Index: ASX300 | ALL-ORDS | ALL-TECH

LAST PRICE CHANGE +/- CHANGE % VOLUME

$14.47

10 Feb
2026

-0.010

OPEN

$15.39

-0.07%

HIGH

$15.97

33,344

LOW

$14.27

TARGET
$22.35 54.5% upside
OTHER COMPANIES IN THE SAME SECTOR
APX . DTL . FLN . HSN . IRI . STG . TNE .
FNARENA'S MARKET CONSENSUS FORECASTS
OCL: 1
Title FY24
Actual		 FY25
Actual		 FY26
Forecast		 FY27
Forecast
EPS (cps) xxx 37.2 39.7 xxx
DPS (cps) xxx 22.0 23.9 xxx
EPS Growth xxx 12.9% 6.7% xxx
DPS Growth xxx 29.4% 8.8% xxx
PE Ratio xxx N/A 35.9 xxx
Dividend Yield xxx N/A 1.7% xxx
Div Pay Ratio(%) xxx 59.2% 60.3% xxx

Dividend yield today if purchased 3 years ago: 1.63%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 1.54

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: 05/09 - (franking ex-di

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2026 FactSet UK Limited. All rights reserved
Title 202020212022202320242025
EPS Basic 11.817.220.722.232.937.2
DPS All 7.09.011.013.517.022.0
Sales/Revenue 69.6 M94.9 M106.4 M108.9 M114.8 M120.1 M
Book Value Per Share 37.949.965.377.397.1111.1
Net Operating Cash Flow 29.2 M24.7 M30.5 M23.4 M55.8 M46.3 M
Net Profit Margin 15.83 %16.95 %18.39 %19.36 %27.29 %29.51 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202020212022202320242025
Return on Capital Employed 33.67 %39.09 %35.93 %31.12 %37.78 %35.71 %
Return on Invested Capital 25.64 %31.84 %31.74 %27.25 %32.99 %32.58 %
Return on Assets 12.52 %14.92 %15.21 %14.04 %18.67 %19.00 %
Return on Equity 33.67 %39.09 %35.93 %31.12 %37.78 %35.71 %
Return on Total Capital 30.44 %38.86 %38.76 %26.32 %37.23 %33.05 %
Free Cash Flow ex dividends 22.4 M17.0 M20.9 M12.5 M42.0 M20.9 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 202020212022202320242025
Short-Term Debt 2 M3 M3 M3 M3 M3 M
Long Term Debt 10 M8 M6 M13 M11 M8 M
Total Debt 13 M11 M9 M16 M13 M11 M
Goodwill - Gross 16 M33 M38 M39 M39 M40 M
Cash & Equivalents - Generic 51 M48 M64 M73 M96 M99 M
Price To Book Value 19.4934.9821.0217.8112.3917.25

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202020212022202320242025
Capex 1.2 M1.1 M1.2 M0.6 M15.1 M16.3 M
Capex % of Sales 1.77 %1.18 %1.14 %0.53 %13.15 %13.54 %
Cost of Goods Sold 7 M10 M11 M12 M14 M14 M
Selling, General & Admin. Exp & Other 49 M64 M70 M76 M65 M69 M
Research & Development 16 M23 M25 M27 M17 M16 M
Investments - Total 0 M0 M0 M0 M0 M0 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

0.6

No. Of Recommendations

4
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Morgans

xx/xx/xxxx

2

xxxxxxx xx xxxxxxxxxx xxxx xxxx

$xx.xx

xx.xx%

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Morgan Stanley

xx/xx/xxxx

1

xxxxxxxxxx xx xxxxxxxx xxxx xxxxxxxxxx

$xx.xx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
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UBS

29/08/2025

3

Neutral

$20.50

41.67%

FY25 was mixed, in UBS' opinion, but Objective Corp delivered in its key metric: annual recurring revenues (ARR) rose by 15% to $120m, helped by the late-June Isovist acquisition.

UBS sees operating leverage returning in FY26 with Cash EBIT forecast to rise 22% to $38m.

UBS maintains its Neutral rating and lifts its 12-month price target to $20.50 from $16.00, noting the stock already trades around 14x EV/sales in line with the ASX “Rule of 40” cohort after a sector re-rate.

Forecasts are raised, underpinned by 17% SaaS revenue growth and circa 40% incremental Cash EBIT margin.

Commentary highlights Objective Build is now handling circa 50% of NZ applications and entering trials with 10 Australian councils, with first Australian revenue expected in 2H26 and Planning & Building ARR is modelled to step to $60m by FY29 if adoption scales.

FORECAST
UBS forecasts a full year FY26 dividend of 27.00 cents and EPS of 44.00 cents.
UBS forecasts a full year FY27 dividend of 31.00 cents and EPS of 51.00 cents.

Shaw and Partners

xx/xx/xxxx

1

xxx, xxxx xxxx

$xx.xx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
Login above or Get a Free Trial
Access Stockbroker Research History >
EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

1

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

Moelis

01/12/2025

1

Upgrade to Buy from Hold

$24.29

67.86%

Moelis states Objective Corp's electronic content management platform is well positioned to enable AI, and it has now branded its AI enabled services as “Objective Intelligence.”

The analyst believes Objective Intelligence is a significant incremental opportunity, allowing customers to share information with AI securely and efficiently.

Moelis has not updated earnings forecasts, so AI upside is not yet explicitly captured in estimates, while core growth remains underpinned by migration to Nexus SaaS, Build planning rollout, and Regulatory Solutions wins.

Rating is upgraded to Buy from Hold, with the broker arguing the stock trades at a material discount to its valuation and Objective Intelligence offers additional upside on top of existing strategies. Target remains at $24.29.

FORECAST
Moelis forecasts a full year FY26 dividend of 24.00 cents and EPS of 39.70 cents.
Moelis forecasts a full year FY27 dividend of 27.00 cents and EPS of 44.50 cents.
Access Extra Coverage Research History >

OCL STOCK CHART

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