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: ALL-ORDS | ALL-TECH

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

LAST PRICE CHANGE +/- CHANGE % VOLUME

$6.01

02 Oct
2026

0.190

OPEN

$6.07

3.26%

HIGH

$6.11

88,410

LOW

$5.94

TARGET
$8.083

-1.50 change from previous day

 34.5% upside
OTHER COMPANIES IN THE SAME SECTOR
APX . DTL . FLN . HSN . IRI . STH . TNE .
FNARENA'S MARKET CONSENSUS FORECASTS
OCL: 1
Title FY25
Actual		 FY26
Actual		 FY27
Forecast		 FY28
Forecast
EPS (cps) xxx 38.9 27.3 xxx
DPS (cps) xxx 26.0 17.0 xxx
EPS Growth xxx 4.6% - 29.7% xxx
DPS Growth xxx 18.2% - 34.7% xxx
PE Ratio xxx N/A 21.2 xxx
Dividend Yield xxx N/A 2.9% xxx
Div Pay Ratio(%) xxx 66.9% 62.1% xxx

Dividend yield today if purchased 3 years ago: 2.36%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 4.48

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

Ord Minnett

xx/xx/xxxx

3

xxxxxxxxx xx xxxx xxxx xxxxxxxxxx

$xx.xx

xx.xx%

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

01/09/2026

3

Downgrade to Equal-weight from Overweight

$7.25

20.63%

Morgan Stanley has decided to downgrade Objective Corp to Equal-weight from Overweight, reducing the target to $7.25 from $16.00, as annual recurring revenue in FY26 meaningfully missed estimates. Sales estimates are reduced by -5%-9% for FY27-FY28 and EPS is reduced by -9%-14%.

The  business has now experienced two material, albeit unrelated, customer churn events and has removed revenue growth guidance, despite the exclusion of the Department of Defence from the base.

The company also flagged the possibility of a smaller customer's recurring revenue being off loaded. All this is occurring as the business reinvests in R&D.

The broker also suggests M&A is back on the radar, with the ideal target being earnings and quality accretive and highly synergistic. The industry view is In-Line.

FORECAST
Morgan Stanley forecasts a full year FY27 dividend of 16.90 cents and EPS of 28.00 cents.
Morgan Stanley forecasts a full year FY28 dividend of 18.40 cents and EPS of 31.00 cents.

Morgans

xx/xx/xxxx

1

xxx

$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

Shaw and Partners

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Moelis

30/08/2026

1

Buy

$9.75

62.23%

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
Weekly Ratings, Targets, Forecast Changes – 18-09-26

Sep 21 2026 - Weekly Reports
2
Rudi’s View: A Market Short On Rewards

Sep 16 2026 - Rudi's View
3
Objective Corp’s Turnaround Challenge

Sep 11 2026 - Small Caps
4
Weekly Ratings, Targets, Forecast Changes – 04-09-26

Sep 07 2026 - Weekly Reports
5
Rudi’s View: Resilient, But August Fails To Excite

Sep 02 2026 - Rudi's View

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