FRONTIER ENERGY LIMITED (FHE)
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22/10/2026

1

Speculative Buy

$0.34

88.89%

The Australian Energy Market Operator has increased the reserve capacity credit allocated to stage 1 of the Waroona renewable energy precinct to 99MW from 88MW. The additional 11MW of credits lifts Frontier Energy's reserve capacity payment to $35.7m from $31.7m.

The company now forecasts, for the period from first generation to 30 September 2032, average annual revenue of $76m from $72m previously.

Bell Potter notes this is a strategically important site that is crucial to the energy transition in Western Australia. Speculative Buy rating retained. Target rises to 34c from 30c.

FORECAST
Bell Potter forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -0.60 cents.
Bell Potter forecasts a full year FY27 dividend of 0.00 cents and EPS of minus -0.70 cents.

28/10/2026

1

Speculative Buy

$0.32

77.78%

Canaccord Genuity maintains its Speculative Buy rating for Frontier Energy with its target price increased to $0.32 from $0.29 following an increase in reserve capacity allocation for the Waroona Stage One project.

The Australian Energy Market Operator increased project capacity credits from approximately 88MW to 99MW under a revised solar generation assessment methodology, lifting average annual revenue forecasts to approximately $76m and EBITDA to approximately $66m through September 2032.

Average annual free cash flow increases to approximately $38m, representing approximately 9% growth.

The analyst highlights that higher reserve capacity strengthens earnings and cash flow without requiring additional capital expenditure while providing potential upside for subsequent development stages.