QORIA LIMITED (QOR)
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27/04/2026

1

Buy

$0.50

92.31%

Qoria has reiterated FY26 guidance for revenue of over $145m and an adjusted EBITDA margin of more than 20% on a constant currency basis.

The quarterly outcomes were below Bell Potter's forecast, while the positive aspect was record growth for Qustodio in what was meant to be a seasonally weak quarter for the consumer business.

The broker reduces the multiple applied in the EV/revenue valuation and increases the weighted average cost of capital.

The net result is a -18% decrease in the target to $0.50 from $0.60; this being close to double the share price means a Buy rating is maintained.

FORECAST
Bell Potter forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -2.80 cents.
Bell Potter forecasts a full year FY27 dividend of 0.00 cents and EPS of minus -1.40 cents.

06/06/2026

1

Buy

$0.42

61.54%

Canaccord Genuity reiterates a Buy rating for Qoria with its target price revised to $0.42 following the lodgement of the official scheme booklet detailing the intended merger with digital safety consumer platform Aura.

The broker notes full financial disclosures highlight a scaled software-as-a-service business with historical revenue growth of 31% in 2025 offset by elevated scale-up investments.

Combined forward metrics indicate group annual recurring revenue will surpass US$380m in FY26, driven by prioritized distribution channels across global school networks and employee benefits partners.

Planned cost-out initiatives of US$55m and upcoming artificial intelligence efficiencies underpin management expectations of achieving positive free cash flow during the second half of 2026.

The report concludes a pre-transaction equity raise of US$100m further bolsters the pro-forma balance sheet to deliver an attractive entry valuation multiple of 1.9x forward enterprise value to annual recurring revenue.