OBJECTIVE CORPORATION LIMITED (OCL)
Share Price Analysis and Chart

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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

$12.71

03 Mar
2026

-0.070

OPEN

$12.53

-0.55%

HIGH

$13.04

126,804

LOW

$12.45

TARGET
$18.60 46.3% upside
OTHER COMPANIES IN THE SAME SECTOR
APX . DTL . FLN . HSN . IRI . STG . STH . TNE .
FNARENA'S MARKET CONSENSUS FORECASTS
OCL: 1
Title FY24
Actual		 FY25
Actual		 FY26
Forecast		 FY27
Forecast
EPS (cps) xxx 37.2 39.2 xxx
DPS (cps) xxx 22.0 24.2 xxx
EPS Growth xxx 12.9% 5.4% xxx
DPS Growth xxx 29.4% 10.2% xxx
PE Ratio xxx N/A 32.6 xxx
Dividend Yield xxx N/A 1.9% xxx
Div Pay Ratio(%) xxx 59.2% 61.9% xxx

Dividend yield today if purchased 3 years ago: 1.76%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 1.73

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 xxxxxxxxxxxxxxx37.2
DPS All xxxxxxxxxxxxxxx22.0
Sales/Revenue xxxxxxxxxxxxxxx120.1 M
Book Value Per Share xxxxxxxxxxxxxxx111.1
Net Operating Cash Flow xxxxxxxxxxxxxxx46.3 M
Net Profit Margin xxxxxxxxxxxxxxx29.51 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202020212022202320242025
Return on Capital Employed xxxxxxxxxxxxxxx35.71 %
Return on Invested Capital xxxxxxxxxxxxxxx32.58 %
Return on Assets xxxxxxxxxxxxxxx19.00 %
Return on Equity xxxxxxxxxxxxxxx35.71 %
Return on Total Capital xxxxxxxxxxxxxxx33.05 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx20.9 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 xxxxxxxxxxxxxxx3 M
Long Term Debt xxxxxxxxxxxxxxx8 M
Total Debt xxxxxxxxxxxxxxx11 M
Goodwill - Gross xxxxxxxxxxxxxxx40 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx99 M
Price To Book Value xxxxxxxxxxxxxxx17.25

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202020212022202320242025
Capex xxxxxxxxxxxxxxx16.3 M
Capex % of Sales xxxxxxxxxxxxxxx13.54 %
Cost of Goods Sold xxxxxxxxxxxxxxx14 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx69 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

0.7

No. Of Recommendations

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

UBS

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Morgans

02/03/2026

1

Upgrade to Buy from Accumulate

$16.70

31.39%

Morgans notes first half results from Objective Corp were slightly ahead of forecasts at the net profit and EBITDA lines. Annual recurring revenue grew 12% although this was -3.2% below expectations largely because of timing.

Forecasts for EBITDA are reduced by -4% across FY26-28 amid adjustments for ARR guidance and expectations around the timing of investment as well as currency movements.

The broker envisages significant opportunity for the business to scale its divisions, having a defensive government customer base and long history of growth. Rating is upgraded to Buy from Accumulate and the target lowered to $16.70 from $20.00.

FORECAST
Morgans forecasts a full year FY26 dividend of 24.00 cents and EPS of 37.00 cents.
Morgans forecasts a full year FY27 dividend of 25.00 cents and EPS of 41.00 cents.

Morgan Stanley

xx/xx/xxxx

1

xxxxxxxxxx xx xxxxxxxx xxxx xxxxxxxxxx

$xx.xx

xx.xx%

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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

Moelis

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Shaw and Partners

27/02/2026

1

Buy

$22.10

73.88%

Objective Corporation’s 1H26 result showed ARR up 12% y/y with adj EBITDA of $25.8m implying a 40% margin, while gross FCF of $11.5m was a standout and net cash closed at $95m, Shaw and Partners notes.

FY26 ARR growth guidance has been revised to 10% to 14% from 15%, which management attributes to timing around Build Australia deployments and delayed cloud migrations rather than demand weakness.

The deferrals are viewed as setting up a stronger FY27, with broader Build adoption and potential migration catch up. The analysts expect ARR growth to re accelerate to 15% next year.

Management rejected the SaaS disruption narrative, positioning AI as a productivity accelerant.

Earnings forecasts have been trimmed by some -4 4%. Buy, High risk rating reiterated. Target price slips to $22.10 from $23.90.

FORECAST
Shaw and Partners forecasts a full year FY26 dividend of 22.00 cents and EPS of 36.10 cents.
Shaw and Partners forecasts a full year FY27 dividend of 26.00 cents and EPS of 42.60 cents.
Access Extra Coverage Research History >

OCL STOCK CHART

FNArena News on OCL

1
Australian Broker Call *Extra* Edition – Mar 04, 2026

1:58 PM - Daily Market Reports
2
FNArena Corporate Results Monitor – 27-02-2026

Feb 27 2026 - Australia
3
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4
In Case You Missed It – BC Extra Upgrades & Downgrades – 05-12-25

Dec 05 2025 - Weekly Reports
5
Rudi’s View: This Too Shall Pass

Dec 03 2025 - Rudi's View

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