ENERGY ONE LIMITED (EOL)
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22/05/2026

1

Buy

$17.10

44.92%

Energy One has flagged FY26 annual recurring revenue growth of around 13%, which Bell Potter notes is below prior projections of 15-20%.

The downgrade stems from the timing of commencements, largely with two large multinational industrial customers, that will fall into FY27. The company also confirmed the acceleration of a share-based payments expense of -$800,000.

The new CEO also reflected on increased volatility and complexity within global energy markets, particularly in Europe, and the broker notes the observations highlight the growing importance of the company's software, operating services, automation and 24/7 access.

Bell Potter believes AI displacement concerns are unwarranted as the company serves a highly regulated and "sticky" industry with mission-critical solutions. Buy rating. Target is reduced to $17.10 from $18.00.

FORECAST
Bell Potter forecasts a full year FY26 dividend of 12.00 cents and EPS of 30.40 cents.
Bell Potter forecasts a full year FY27 dividend of 18.50 cents and EPS of 46.10 cents.

25/05/2026

1

Buy

$17.85

51.27%

Canaccord Genuity maintains a Buy rating for Energy One, with its target price decreased to $17.85 from $20.79 following a trading and guidance update.

Full-year consensus guidance is maintained for revenue near $72m and cash earnings around $15m, while annual recurring revenue growth is guided lower to 13% due to billing delays and currency appreciation.

Commentary suggests the sales pipeline is expanding with larger tier-1 opportunities following recent security accreditations alongside energy market volatility accelerating broader digital transformation trends.

Revenue and earnings estimates are downgraded by -6% to -8% to conservatively capture potential billing cycle elongations and further currency fluctuations.

Accretive mergers and acquisitions remain the primary catalyst to increase operational scale and unlock shareholder value through improved liquidity, the broker notes.