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

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

LAST PRICE CHANGE +/- CHANGE % VOLUME

$7.11

16 Jul
2026

0.420

OPEN

$6.65

6.28%

HIGH

$7.11

258,789

LOW

$6.56

TARGET
$13.867 95.0% 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 38.8 xxx
DPS (cps) xxx 22.0 24.5 xxx
EPS Growth xxx 12.9% 4.3% xxx
DPS Growth xxx 29.4% 11.4% xxx
PE Ratio xxx N/A 18.4 xxx
Dividend Yield xxx N/A 3.4% xxx
Div Pay Ratio(%) xxx 59.2% 63.2% xxx

Dividend yield today if purchased 3 years ago: 1.59%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 3.09

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: 06/03 - (franking ex-div 13.00c)

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

Morgan Stanley

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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Morgans

02/07/2026

1

Buy

$11.50

61.74%

The Australian Defence department has elected not to renew its agreement for upgraded support with Objective Corp. This, in effect, will mean Defence should continue to use the ECM without direct software engineering and upgrade support capabilities.

The company expects no impact on earnings in FY26 with annual recurring revenue ending the year in line with FY25 on a constant currency basis.

Morgans retains FY26 forecasts and, despite the near-term earnings headwinds from the loss of a key customer, continues to envisage significant opportunity to scale each of the business divisions and deliver earnings growth.

Buy rating retained. Target is reduced to $11.50 from $14.60.

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 20.00 cents and EPS of 32.00 cents.

UBS

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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

06/07/2026

1

Buy

$10.80

51.90%

Shaw and Partners maintains a Buy rating for Objective Corp with its target price decreased to $10.80 following the non-renewal of a major defence support contract.

The Defence Digital Group declined to renew a 25-year support and maintenance agreement for the legacy on-premise enterprise content management platform, cutting off engineering support and security upgrades.

The analyst views this as an isolated, customer-specific setback and conservatively removes the contract from FY27 forecasts, leading to an -11% reduction in revenue and a -35% reduction in cash earnings projections.

The long-term investment case remains intact, supported by a healthy balance sheet holding approximately $100m in net cash and ongoing momentum across products like Build and RegWorks, the broker assures.

Commentary highlights the valuation multiple screens attractively below historical averages, offering an appealing entry point for long-term investors despite the near-term earnings headwind.

FORECAST
Shaw and Partners forecasts a full year FY26 dividend of 21.00 cents and EPS of 34.60 cents.
Shaw and Partners forecasts a full year FY27 dividend of 19.00 cents and EPS of 31.70 cents.
Access Extra Coverage Research History >

OCL STOCK CHART

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