ENERGY ONE LIMITED (EOL)
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20/08/2026

1

Buy

$18.76

11.67%

Ord Minnett maintains Energy One on Buy and increases its target to $18.76 from $18.51 following an in-line FY26 result and the proposed $100m acquisition of GMSL.

Constant-currency annual recurring revenue grew 13% to $64.6m, while elevated churn and slower customer installations tempered the result, Ord Minnett comments.

The broker expects more than 15% recurring revenue growth and a 30% exit cash EBITDA margin in FY27, with GMSL estimated to be 35% EPS accretive before synergies.

Forecasts were rolled forward assuming 16% annual recurring revenue growth in FY27-FY28.

FORECAST
Ord Minnett forecasts a full year FY27 EPS of 38.60 cents.
Ord Minnett forecasts a full year FY28 EPS of 51.60 cents.

21/08/2026

1

Buy

$21.14

25.83%

Canaccord Genuity maintains a Buy rating for Energy One with its target price increased to $21.14 from $17.85 following the announcement of the acquisition of GMSL for $99.8m, labelled as "transformational".

The transaction is set to be funded via scrip issuance to vendor Fluxys SA and is expected to be over 20% EPS accretive while expanding the company's European gas scheduling presence.

The FY26 result recap highlighted strong momentum with ARR up 7% to $64.6m, cash EBITDA up 42% to $14.9m, and underlying NPAT surging 63% to $10.2m.

Cash EBITDA is upgraded by 36%-55% as the GMSL acquisition and operational synergies are incorporated.