Fund Manager Summary
The fund managers believe there is a promising outlook for Energy One Ltd, particularly following the reported underlying NPAT of $3.9m, indicating a recovery after challenging years. In their opinion, the company is benefiting from strong sector tailwinds in renewable energy, evidenced by an 18% increase in ARR. Management's projection of 15-20% ARR growth going forward, along with the expectation that 50% of new ARR will contribute to EBITDA, positions Energy One for rapid EPS growth and sustainable 30% cash EBITDA margins. The CEO's statement about having "clear air" suggests a favorable environment for continued growth and stability.
Source: Trading View
Commentary From The Managers
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Wilson Asset Management
14 Nov 2025
$17.59
Summary
- Wilson Asset Management initiated a position in Energy One Ltd (EOL) due to its strong market position in energy trading and risk management software.
- EOL is viewed as the backbone of the energy sector, similar to Iress.
- The company operates across 30 countries, indicating a broad market presence.
- Management has guided for 15 to 20% Annual Recurring Revenue (ARR) growth.
- Wilson Asset Management believes the momentum in growth remains strong, with significant components already secured.
- The cost base is structured to allow strong operating leverage, enhancing profitability.
- EOL is currently trading at a reasonable multiple, reflecting its value.
- The company has a solid balance sheet, positioning it well for future growth.
- There is potential for earnings-accretive acquisitions, which could serve as catalysts for further re-rating.
- Overall, EOL is considered a buy by Wilson Asset Management.
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Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
Commentary From The Managers
Wilson Asset Management
14 Nov 2025
$17.59
- Wilson Asset Management initiated a position in Energy One Ltd (EOL) due to its strong market position in energy trading and risk management software.
- EOL is viewed as the backbone of the energy sector, similar to Iress.
- The company operates across 30 countries, indicating a broad market presence.
- Management has guided for 15 to 20% Annual Recurring Revenue (ARR) growth.
- Wilson Asset Management believes the momentum in growth remains strong, with significant components already secured.
- The cost base is structured to allow strong operating leverage, enhancing profitability.
- EOL is currently trading at a reasonable multiple, reflecting its value.
- The company has a solid balance sheet, positioning it well for future growth.
- There is potential for earnings-accretive acquisitions, which could serve as catalysts for further re-rating.
- Overall, EOL is considered a buy by Wilson Asset Management.
Summary
Tyndall Asset Management
14 Nov 2025
$17.59
- Tyndall Asset Management initiated a position in Energy One Ltd due to its profitability as a tech company.
- The company has demonstrated double-digit top-line growth and significant EPS growth.
- Energy One holds a 60% market share in Australia, indicating strong product resonance and pricing power.
- The company achieved a 13% growth in top line despite its dominant market position.
- Energy One also captures 8% of the European market, navigating complex regulations and requirements.
- Tyndall Asset Management appreciates the need for Energy One's software solutions in the diverse European energy landscape.
Summary
DMX Asset Management
31 Oct 2025
$19.11
- DMX Asset Management maintains a long-held position in Energy One (ASX:EOL), a leading provider of wholesale energy trading software in Australia and Europe.
- Energy One is targeting 15-20% ARR growth and 30% EBITDA cash margins.
- In addition to EOL, DMX Asset Management holds shares in three emerging micro-cap software companies.
- These micro-cap companies have recently reported very encouraging first quarter results.
Summary
Seneca Financial Solutions
13 Oct 2025
$19.78
- Seneca Financial Solutions continues to hold a positive view on Energy One Ltd.
- The stock has appreciated by approximately 250% since initial investment.
- Energy One is likened to Iress for electricity traders, indicating its significant role in the market.
- The company has experienced a chequered history including cybersecurity issues and missed earnings.
- Initially purchased at a price of $5 or $6, the stock has since recovered.
- Energy One has inflected into profitability, aligning with typical investment strategies of Seneca Financial Solutions.
- The rollout and recovery are seen as part of the Seneca playbook for investment.
Summary
Cerutty Macro Fund
30 Sept 2025
$17.61
- Cerutty Macro Fund continues to hold due to Energy One's exposure to the growing complexities of a decentralized power grid.
- Energy One Ltd (EOL) operates a high-quality, high-margin software business servicing energy retailers, generators, and traders across Australia, the UK, and Europe.
- EOL provides mission-critical software for automating energy trading, optimizing portfolio management, and managing regulatory compliance.
- In Australia, EOL has a dominant market position with 13% year-on-year growth in Annual Recurring Revenue (ARR) to $25.3m and 42% EBITDA margins.
- European and UK operations are key growth drivers, with ARR of $35.1m, reflecting 29% year-on-year growth.
- The European market is roughly ten times the size of Australia, offering a long runway for sustained expansion.
- EOL's total consolidated ARR is $60.4m, supported by a strong sales pipeline.
- 7% ARR growth and 9% revenue growth are already booked entering FY26, indicating ongoing momentum.
- Ongoing structural demand for grid management and trading automation software is expected to support new contract wins and renewals throughout the year.
Summary
DMX Asset Management
30 Sept 2025
$17.61
- DMX Asset Management continues to hold its position in Energy One due to recent positive developments.
- Energy One shares have risen 25%, attracting broader investor attention.
- The company has passed a key inflection point, delivering a strong FY25 result.
- Results aligned with aspirational forecasts of 15-20% revenue growth and margin expansion.
- DMX has trimmed its position in Energy One amid continued price strength.
- Attraction to Energy One stems from its high quality revenue base and rational capital allocation framework.
- Proven management team and significant global opportunity further bolster the investment thesis.
- Market recognition of Energy One's potential is growing, necessitating caution in sizing and managing exposure.
Summary
Pendal Group
30 Sept 2025
$17.61
- Pendal Group notes a significant positive contribution from Energy One (EOL), with a rise of 25.1%.
- Energy One provides software, outsourced operations, and consulting services to wholesale energy and carbon trading markets.
- The company's growth is supported by a strong pipeline and order book.
- Energy One anticipates 15-20% growth in average recurring revenue from its customer base in FY26.
- Pendal Group continues to hold its position in Energy One due to these positive growth indicators.
Summary
Wilson Asset Management
30 Sept 2025
$17.61
- Energy One (ASX: EOL) provides trading and compliance software for electricity market participants in Australia and Europe.
- The business has achieved growth by enhancing its core technology platform and through strategic acquisitions.
- In Australia, Energy One has demonstrated a 13% top line compound annual growth rate, indicating its ability to capture customer wallet share.
- The company benefits from the increase in renewable projects, which require robust software solutions.
- In Europe, the growth outlook is elevated due to countries opening their electricity markets.
- Energy One's software solutions attract participants in both physical and derivative markets.
- The recent results announcement highlighted a mergers and acquisitions framework that complements its organic growth target of 15%.
- Energy One's capable management team leverages its domain expertise to drive further client wins.
- The company provides mission-critical software and services to energy and utilities companies engaged in energy trading.
- Energy One has a dominant market share in Australia and is expanding in Europe, expecting significant growth from this region.
- The company benefitted from index-flow tailwinds after being added to the S&P/ASX All Technology Index on 22 September 2025.
- Wilson Asset Management continues to hold because it views Energy One as a fast-growing and highly profitable technology company benefiting from the growth in renewable energy.
Summary
Tyndall Asset Management
31 July 2025
$13.20
- Tyndall Asset Management initiated a position in Energy One.
- Energy One is a leading provider of energy management, trading, and services software in Australia and Europe.
- The company has a strong customer base, including a host of blue chip customers.
- Energy One enjoys a 50% market share in the Australian energy market.
- It holds a 10-15% market share in Europe.
- The company has a long runway for double digit growth.
- The shift to electrification and renewables provides a structural tailwind for the business.
- Management and trading of energy generation and distribution is becoming more sophisticated and complex.
Summary
DMX Asset Management
31 July 2025
$13.20
- DMX Asset Management continues to hold its position in Energy One Ltd.
- Energy One experienced a 12% decline, giving back some of its recent strong returns.
- Significant gains were seen through the 2024/2025 financial year, leading some investors to re-balance and realize gains.
- This re-balancing may have put pressure on the shares throughout July.
- The company announced the intended retirement of its long-serving CEO, Shaun Ankers, by the end of 2026.
- DMX Asset Management holds a neutral sentiment regarding this leadership change.
- There is a favorable view of Shaun Ankers and the growth he has driven.
- DMX Asset Management sees an opportunity for new leadership to steer the company into the future.
Summary
Tamim Funds Management
30 Apr 2025
$12.55
- Energy One (ASX: EOL) is revolutionising energy trading and is a key player in the global renewable energy transition.
- It features a unique integrated platform that supports clients across the entire energy trading lifecycle.
- Founded 17 years ago, it has transformed from a niche Australian software provider to a global leader in energy trading and risk management platforms.
- CEO Shaun Ankers has guided the company through global disruptions, notably the Russian invasion of Ukraine, strengthening its market position.
- Energy One’s platform offers a comprehensive capability that differentiates it from competitors focusing on narrower segments.
- The company’s first half 2025 financial results indicate strong operational performance with an 18% year-on-year increase in Annual Recurring Revenue (ARR).
- Energy One completed 53 new software installations and improved operational margins through strategic restructuring.
- It has a robust customer profile, with contracts averaging between $150,000 to $200,000 and enterprise clients generating up to $1 million in initial-year revenues.
- European revenue share has grown from zero to 56%, significantly de-risking its revenue base.
- The company is committed to innovation, integrating AI, developing automated trading platforms, and enhancing cybersecurity.
- Energy One’s strategic growth pillars include optimising pricing structures, improving sales effectiveness, and expanding market presence in Europe.
- Management aims to expand cash EBITDA margins from 16% to 30% by FY27 while maintaining organic revenue growth of 15-20%.
- With a low current European penetration of ~10%, the addressable market opportunity is vast.
- If milestones are met, an intrinsic valuation of over $20.00 per share is considered realistic.
- Energy One is profitable, founder-led, and growing, with a robust balance sheet and scalable business model.
- It exemplifies a high-quality small-cap business suitable for investors targeting exposure to the global energy transition.
- As a strategic enabler of the new energy economy, Energy One is a compelling proposition for technology-enabled leverage to renewable energy trends.
Summary
DMX Asset Management
31 Mar 2025
$11.04
- EOL reported a much-improved underlying NPAT of $3.9m
- Company faced challenges including a cyber attack, wage inflation, and management reorganization
- ARR increased 18% driven by strong sector tailwinds in renewable energy in Europe
- Management expects 15-20% ARR growth going forward
- 50% of new ARR projected to contribute to EBITDA
- Setting the company up for rapid EPS growth and 30% cash EBITDA margins
- Quote from CEO, Shaun Ankers: EOL now has ‘clear air’
Summary
Wilson Asset Management
31 Mar 2025
$11.04
- Energy One provides mission critical software and services to energy companies and utilities engaged in energy trading.
- It holds a market-leading position across Australia and is expanding its revenue in the European segment.
- 45% of the company is owned by the management team, indicating strong alignment with shareholders.
- Energy One has provided an inaugural medium-term outlook, expecting 15% to 20% revenue growth over the next two to three years.
- The company plans to restrict cost increases to half of its revenue growth rate.
- This trajectory suggests significant earnings growth towards 30% cash EBITDA margins by FY2027.
- Wilson Asset Management believes the market underappreciates the sustainability of Energy One’s revenue and earnings growth.
- Wilson Asset Management remains confident that the company is well positioned to exceed expectations.
Summary
DMX Asset Management
28 Feb 2025
$10.29
- DMX Asset Management notes that EOL reported a much-improved underlying NPAT of $3.9m.
- This positive performance follows a challenging period involving building a 24×7 operating centre, managing a cyber attack, facing wage inflation, and reorganizing senior management.
- ARR increased by 18%, propelled by strong sector tailwinds in renewable energy in Europe.
- Management anticipates 15-20% ARR growth moving forward.
- Excitingly, 50% of new ARR is expected to contribute to EBITDA, paving the way for rapid EPS growth.
- Projected 30% cash EBITDA margins position the company favorably.
- As per CEO Shaun Ankers, EOL now enjoys 'clear air', indicating a more stable operational environment.
Summary
Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
ANALYST INSIGHT
Equity Research Analyst
"After weathering storms of cyber setbacks and management reshuffles, it seems Energy One Ltd is poised for a remarkable turnaround. With promising ARR growth and a leaner operation, the horizon looks bright for investors willing to take a chance on this revitalized player."
Last Updated: 14 Nov 2025
Query The Data
Frequently Asked Questions
Who is investing in Energy One Ltd (ASX:EOL)?
Fund managers including DMX Asset Management, Wilson Asset Management, Tyndall Asset Management, Tamim Funds Management, Seneca Financial Solutions, Pendal Group and Cerutty Macro Fund have invested in Energy One Ltd (ASX:EOL).
Why do fund managers invest in Energy One Ltd?
Fund managers are investing in Energy One Ltd due to its recent strong financial performance, highlighted by a significant increase in underlying NPAT to $3.9 million and an 18% rise in annual recurring revenue (ARR), driven by favorable trends in the renewable energy sector. With management projecting 15-20% ARR growth and a substantial portion expected to convert to EBITDA, the company is poised for rapid earnings per share growth and healthy cash margins. This positive outlook, coupled with recent operational improvements, positions Energy One as a compelling investment opportunity.
What happened to Energy One Ltd (ASX:EOL)?
Fund managers are investing in Energy One Ltd due to its dominant market position in energy management software, holding 50% of the Australian market and a growing presence in Europe. The company is well-positioned for double-digit growth, driven by the shift towards renewable energy and increasing market complexities. Recent performance indicators show a strong revenue growth forecast of 15-20% and robust EBITDA margins, reflecting its capacity to meet rising client demands. The upcoming leadership transition is viewed neutrally, with expectations for continued strategic growth under new management. Overall, Energy One is recognized for its high-quality revenue base, strong customer retention, and significant global expansion opportunities.