TASMEA LIMITED (TEA)
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25/06/2026

3

Downgrade to Hold from Accumulate

$9.70

8.50%

Ord Minnett downgrades Tasmea to Hold from Accumulate on valuation grounds with a higher target price of $9.70 from $8.65.

This comes after the company announced it will acquire JPS Group for up to $75m, a specialist engineering and trade services provider.

The acquisition is expected to raise Tasmea's FY26 EPS by 5% and offers sectoral and earnings diversification into LNG, gas, and "critical energy" infrastructure.

The analyst notes customers include Santos ((STO)) and Woodside Energy ((WDS)).

EPS forecasts are trimmed by -3.4% for FY26. FY27-FY28 EPS forecasts are raised by 3.5% and 4.4%, respectively.

29/06/2026

1

Buy

$10.85

21.36%

Canaccord Genuity maintains a Buy rating for Tasmea with its target price increased to $10.85 following the announced acquisition of JPS Group.

The $75m purchase provides immediate exposure to the liquefied natural gas and critical energy infrastructure sectors via long-term master service agreements.

The analyst anticipates the transaction will prove highly accretive given the recurring nature of shutdown activity across ageing domestic energy assets.

Forward estimates now incorporate the new earnings base, assuming the acquired entity delivers $12m in EBIT during FY27.

Canaccord comments further revenue synergies appear likely over the medium term as the company cross-sells existing specialist services into a new blue-chip customer base.