COGSTATE LIMITED (CGS)
Share Price Analysis and Chart

19/08/2026

1

Buy

$3.70

20.13%

Bell Potter maintains a Buy rating for Cogstate with a $3.70 target price following a robust FY26 result featuring a strong second-half margin rebound.

Total revenue reached US$60.9m while EBITDA came in at US$18.3m, both beating the broker's estimates due to higher gross margins and clinical trials activity.

The analyst highlights that FY27 starts from a record contracted revenue base of US$118.5m, providing strong visibility for ongoing growth.

The broker's estimates factor in increased revenue expectations offset by higher operating expenses to support scaling initiatives.

Management expects to maintain annual EBITDA margins while investing in automated technology solutions across the forecast period.

FORECAST
Bell Potter forecasts a full year FY27 dividend of 7.29 cents and EPS of 13.41 cents.
Bell Potter forecasts a full year FY28 dividend of 8.02 cents and EPS of 15.89 cents.

15/06/2026

1

Buy

$3.15

2.27%

Canaccord Genuity maintains a Buy rating for Cogstate with a $3.15 target price ahead of its fourth-quarter trading update scheduled for July 8.

The broker finds Cogstate is well positioned to meet FY26 earnings forecasts, supported by expanding clinical indications across sleep and mood disorders.

Market exposure to narcolepsy and major depressive disorder programs continues to advance into late-stage development, driving higher transaction volumes and contract values.

The analyst notes the long-term total addressable market remains highly underpenetrated, leaving ample white space for proprietary computerized cognitive assessment platforms to capture substantial global market share.

Long-standing relationships with prominent pharmaceutical entities provide a durable competitive moat to underpin projected FY27 revenue targets, the report concludes.