TASMEA LIMITED (TEA)
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25/06/2026

3

Downgrade to Hold from Accumulate

$9.70

2.11%

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.

05/06/2026

1

Buy

$9.00

-5.26%

Canaccord Genuity maintains a Buy rating for Tasmea with its target price increased to $9.00 following the announced acquisition of specialist electrical contractor Maxim for $254m.

The strategic transaction implies an attractive FY26 enterprise value to earnings before interest and tax multiple of 5.4x while capturing meaningful commercial exposure to structural data center and utility infrastructure construction end markets.

Canaccord explains operational activity will leverage strong structural momentum at Canberra Data Centres, which must accelerate future pipeline delivery across Victorian campuses to meet tightening market capacity constraints.

Forward modeling incorporates first-pass financial targets for the acquired business unit, forecasting standalone earnings contributions of $55m in FY27 and $62.5m in FY28.

The report concludes sum-of-the-parts valuation methodologies apply a minor relative discount to peer market multiples to account for compressed customer concentration boundaries while executing a superior underlying compound organic growth profile.