TECHNOLOGY ONE LIMITED (TNE)
Share Price Analysis and Chart

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TNE - TECHNOLOGY ONE LIMITED

FNArena Sector : IT & Support

Year End: September

GICS Industry Group : Software & Services

Debt/EBITDA: 0.28

Index: ASX100 | ASX200 | ASX300 | ALL-ORDS | ALL-TECH

TechnologyOne is involved in the development, sale and support of financial management and enterprise software solutions. Typical customers are universities, local councils, TAFE staff and students, as well as health and financial institutions. Founded in 1987 in Brisbane, it became a listed company in 1999. Has expanded into the UK.

LAST PRICE	CHANGE +/-	CHANGE %	VOLUME
$28.70 25 Mar 2025	0.320 OPEN $28.59	1.13% HIGH $28.89	791,057 LOW $28.50

TARGET

$29.263

2.0% upside

Franking for last dividend paid out: 65%

OTHER COMPANIES IN THE SAME SECTOR
APX . DTL . FLN . HSN . IRI . OCL . STG .

FNARENA'S MARKET CONSENSUS FORECASTS

Title	FY23 Actual	FY24 Actual	FY25 Forecast	FY26 Forecast
EPS (cps)	xxx	36.2	42.4	xxx
DPS (cps)	xxx	22.5	26.0	xxx
EPS Growth	xxx	14.3%	17.0%	xxx
DPS Growth	xxx	15.0%	15.8%	xxx
PE Ratio	xxx	N/A	68.8	xxx
Dividend Yield	xxx	N/A	0.9%	xxx
Div Pay Ratio(%)	xxx	61.9%	61.3%	xxx

Dividend yield today if purchased 3 years ago: 1.98%

DIVIDEND YIELD CALCULATOR

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: 28/11 - ex-div 17.37c (franking 65%)

HISTORICAL DATA ARE ALL IN AUD

Copyright © 2025 FactSet UK Limited. All rights reserved

Title	2019	2020	2021	2022	2023	2024
EPS Basic	xxx	xxx	xxx	xxx	xxx	36.2
DPS All	xxx	xxx	xxx	xxx	xxx	22.5
Sales/Revenue	xxx	xxx	xxx	xxx	xxx	506.5 M
Book Value Per Share	xxx	xxx	xxx	xxx	xxx	116.4
Net Operating Cash Flow	xxx	xxx	xxx	xxx	xxx	212.7 M
Net Profit Margin	xxx	xxx	xxx	xxx	xxx	23.30 %

EPS Basic

Negative
Growth
Slowing

DPS All

Negative
Growth
Slowing

Sales/Revenue

Negative
Growth
Slowing

Book Value Per Share

Negative
Growth
Slowing

Net Operating Cash Flow

Negative
Growth
Slowing

Net Profit Margin

Negative
Growth
Slowing

Title	2019	2020	2021	2022	2023	2024
Return on Capital Employed	xxx	xxx	xxx	xxx	xxx	34.44 %
Return on Invested Capital	xxx	xxx	xxx	xxx	xxx	30.97 %
Return on Assets	xxx	xxx	xxx	xxx	xxx	15.57 %
Return on Equity	xxx	xxx	xxx	xxx	xxx	34.44 %
Return on Total Capital	xxx	xxx	xxx	xxx	xxx	37.90 %
Free Cash Flow ex dividends	xxx	xxx	xxx	xxx	xxx	141.6 M

Return on Capital Employed

Negative
Growth
Slowing

Return on Invested Capital

Negative
Growth
Slowing

Return on Assets

Negative
Growth
Slowing

Return on Equity

Negative
Growth
Slowing

Return on Total Capital

Negative
Growth
Slowing

Free Cash Flow ex dividends

Negative
Growth
Slowing

Title	2019	2020	2021	2022	2023	2024
Short-Term Debt	xxx	xxx	xxx	xxx	xxx	7 M
Long Term Debt	xxx	xxx	xxx	xxx	xxx	53 M
Total Debt	xxx	xxx	xxx	xxx	xxx	60 M
Goodwill - Gross	xxx	xxx	xxx	xxx	xxx	55 M
Cash & Equivalents - Generic	xxx	xxx	xxx	xxx	xxx	279 M
Price To Book Value	xxx	xxx	xxx	xxx	xxx	20.50

Short-Term Debt

Negative
Growth
Slowing

Long Term Debt

Negative
Growth
Slowing

Total Debt

Negative
Growth
Slowing

Goodwill - Gross

Negative
Growth
Slowing

Cash & Equivalents - Generic

Negative
Growth
Slowing

Price To Book Value

Negative
Growth
Slowing

Title	2019	2020	2021	2022	2023	2024
Capex	xxx	xxx	xxx	xxx	xxx	92.6 M
Capex % of Sales	xxx	xxx	xxx	xxx	xxx	18.29 %
Cost of Goods Sold	xxx	xxx	xxx	xxx	xxx	294 M
Selling, General & Admin. Exp & Other	xxx	xxx	xxx	xxx	xxx	65 M
Research & Development	xxx	xxx	xxx	xxx	xxx	-
Investments - Total	xxx	xxx	xxx	xxx	xxx	0 M

Capex

Negative
Growth
Slowing

Capex % of Sales

Negative
Growth
Slowing

Cost of Goods Sold

Negative
Growth
Slowing

Selling, General & Admin. Exp & Other

Negative
Growth
Slowing

Research & Development

Investments - Total

Negative
Growth
Slowing

Negative

Growth

Slowing

EXPERT VIEWS
EXTRA COVERAGE

EXPERT VIEWS

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Sentiment Indicator

0.1

No. Of Recommendations

BROKER	DATE	RATING	RECOMMENDATION	TARGET PRICE	% TO REACH TARGET	COMMENTARY
Bell Potter	xx/xx/xxxx	3	xxxx	$xx.xx	xx.xx%	Broker commentary and detailed analysis is available for Full Members Only. Login above or Get a Free Trial
Ord Minnett	xx/xx/xxxx	3	xxxxxxxxxx xx xxxxxxxx xxxx xxxx	$xx.xx	xx.xx%	Broker commentary and detailed analysis is available for Full Members Only. Login above or Get a Free Trial
Shaw and Partners	xx/xx/xxxx	3	xxxx	$xx.xx	xx.xx%	Broker commentary and detailed analysis is available for Full Members Only. Login above or Get a Free Trial
Morgans	20/11/2024	3	Downgrade to Hold from Add	$29.90	4.18%	Morgans raises its target price for TechnologyOne to $29.90 from $20.50 and downgrades the rating to Hold from Add following FY24 results. While outcomes were only modestly ahead of the broker's expectations, Morgans increases its medium-term forecasts to better align with management’s long-term growth targets. Management reiterated its long-term growth roadmap outlined at its investor day, including plans to double ARR to more than $1bn by FY30. The broker’s target also benefits from a valuation roll-forward and a higher assumed multiple. The analysts highlight further acceleration in the UK business, which is directly linked to the company’s globally unique SaaS go-to-market offering, explains Morgans. A final dividend of 17.37c (65% franked) was declared, bringing the total FY24 dividend to 22.45c. FORECAST Morgans forecasts a full year FY25 dividend of 25.21 cents and EPS of 42.18 cents. Morgans forecasts a full year FY26 dividend of 29.33 cents and EPS of 49.13 cents.
Macquarie	xx/xx/xxxx	3	xxxxxxxxx xx xxxxxxx xxxx xxxxxxxxxx	$xx.xx	xx.xx%	Broker commentary and detailed analysis is available for Full Members Only. Login above or Get a Free Trial
UBS	xx/xx/xxxx	1	xxx	$xx.xx	xx.xx%	Broker commentary and detailed analysis is available for Full Members Only. Login above or Get a Free Trial
Morgan Stanley	xx/xx/xxxx	3	xxxxx-xxxxxx	$xx.xx	xx.xx%	Broker commentary and detailed analysis is available for Full Members Only. Login above or Get a Free Trial

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EXTRA COVERAGE

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No. Of Recommendations

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
Wilsons	xx/xx/xxxx	1	xxxxxxxxxx	$xx.xx	xx.xx%	Broker commentary and detailed analysis is available for Full Members Only. Login above or Get a Free Trial
Goldman Sachs	07/11/2024	3	Neutral	$24.05	-16.20%	Goldman Sachs expects TechnologyOne to report a strong FY24 result on November 19. The broker forecasts annual recurring revenue (ARR) of $466m, up by 19% year-on-year, and total revenue of $499m, closely aligning with consensus. Goldman Sachs highlights key areas of focus, including the drivers of ARR growth and the sustainability of management’s target for net revenue retention (NRR) above 115%, as the transition to the cloud is completed. The broker sees potential in UK ARR growth, projected at 20%, as well as in the company's trajectory toward profit before tax margins exceeding 35% over the long term. Goldman Sachs also notes over $250m in available cash, indicating flexibility in capital management and M&A strategy. Neutral rating retained, with the broker noting the current valuation appears fair relative to high-quality ASX TMT peers. Target price $24.05. FORECAST Goldman Sachs forecasts a full year FY25 dividend of 26.00 cents and EPS of 43.00 cents.

BROKER

DATE

RATING

RECOMMENDATION

TARGET PRICE

% TO REACH TARGET

COMMENTARY

Wilsons

xx/xx/xxxx

xxxxxxxxxx

$xx.xx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
Login above or Get a Free Trial

Goldman Sachs

07/11/2024

Neutral

$24.05

-16.20%

Goldman Sachs expects TechnologyOne to report a strong FY24 result on November 19.

The broker forecasts annual recurring revenue (ARR) of $466m, up by 19% year-on-year, and total revenue of $499m, closely aligning with consensus.

Goldman Sachs highlights key areas of focus, including the drivers of ARR growth and the sustainability of management’s target for net revenue retention (NRR) above 115%, as the transition to the cloud is completed.

The broker sees potential in UK ARR growth, projected at 20%, as well as in the company's trajectory toward profit before tax margins exceeding 35% over the long term.

Goldman Sachs also notes over $250m in available cash, indicating flexibility in capital management and M&A strategy.

Neutral rating retained, with the broker noting the current valuation appears fair relative to high-quality ASX TMT peers. Target price $24.05.

FORECAST
Goldman Sachs forecasts a full year FY25 dividend of 26.00 cents and EPS of 43.00 cents.

Access Extra Coverage Research History >

TNE STOCK CHART

FNArena News on TNE

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4	Rudi’s View: Best Ideas & Conviction Calls Feb 20 2025 - Rudi's View

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Latest IT & Support News

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3	Treasure Chest: TechnologyOne’s Transition Mar 18 2024 - Treasure Chest

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8	Data#3 Has Growth Locked In For FY23 Aug 23 2022 - Small Caps

9	Treasure Chest: Appen Downgraded Aug 03 2022 - Treasure Chest

10	Nitro Software Disappoints, Better Times Ahead? Jul 28 2022 - Small Caps

Dividend Yield Today On Last Actual Payout :	0.77
Estimated Dividend Growth (Average Of Past Three Years)	%
Amount Invested	$
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TECHNOLOGY ONE LIMITED (TNE)
Share Price Analysis and Chart