Portfolio Amendments – Active Income Portfolio
We are making two changes to the Income portfolio today.
Eagers Automotive (APE)
APE $15.17
20 minute delayed
14 days free access
Join Market Matters and get full access to all our Opinion + Action
Performance
Advanced charting functionality with the ability to amend timeframes, chart type & indicator selection, powered by TradingView.
Share price activity
Displays share price activity. Volume = number of shares traded, Turnover = value of shares traded, VWAP = volume-weighted average price for the day, sourced from Morningstar.
- Last (Price)
- 15.17
- Change
- ▼ -0.32 (-2.07)
- Bid / Ask
- 15.16 - 15.18
- Volume
- 774,826
- Turnover
- 11,841,849
- Open
- 15.56
- Day Range
- 15.17 - 15.56
- VWAP
- 15.28
- Prev Close
- 15.49
- Last Trade
- 13/11 4:10pm
Key information
Displays key information on the security, sourced from Morningstar.
- Sector
- Consumer Cyclical
- Shares Issued
- 283,162,306
- NTA/Share
- 3.36
- Last Dividend
- 0.25
- Dividend Ex Date
- 4 SEP 2026
- Dividend Pay Date
- 18 SEP 2026
Current (AUD) · FY2025
Displays key financial data for the most recent fiscal year, in millions. Note - Per share data is in local currency terms irrespective of reporting currency, and may be different to the stated currency, sourced from Morningstar.
- Revenue
- 13,045.19
- EBITDA
- 740.99
- Profit
- 226.66
- Earnings Per Share (EPS)
- 0.87
- Dividend Per Share (DPS)
- 0.72
- Yield %
- 4.62
- Market Cap
- 4,295.57
- Price to Earnings Ratio (P/E)
- 17.82
Estimates (AUD) · FY2027
Displays consensus analyst’s estimates for key measures for the next fiscal year, sourced from Morningstar.
- Revenue
- 20,711.55
- EBITDA
- 1,242.75
- Profit
- 433.97
- Earnings Per Share (EPS)
- 1.47
- Dividend Per Share (DPS)
- 0.94
Quantitative rating
Displays Morningstar’s Quantitative Equity Research Rating for the security: a star rating from 1 (overvalued) to 5 (undervalued) from the share price against a fair value estimated by a statistical model of Morningstar’s analyst ratings, with the model’s economic moat, financial health and fair value uncertainty, sourced from Morningstar.
Undervalued
- Economic Moat
- Narrow
- Financial Health
- Moderate
- Uncertainty
- High
Morningstar Quantitative Rating as of 5 NOV 2026.
Quantitative Equity Rating Methodology – view here
Fair value estimate
Displays Morningstar’s quantitative fair value estimate for the security against the current share price, with the band around it: the five-star price below which the model would rate the stock five stars and the one-star price above which it would rate it one star, sourced from Morningstar.
Five-star price 18.89 Fair value 22.34 One-star price 26.43
Morningstar Quantitative Rating as of 5 NOV 2026.
Quantitative valuation
Displays where the share price sits in Morningstar’s quantitative fair value band, from the five-star price (undervalued) to the one-star price (overvalued), with the fair value estimate, the price to fair value ratio, the model’s valuation label and its uncertainty rating, sourced from Morningstar.
Buy
Sell
- Fair Value
- 22.34
- Price / Fair Value
- 0.74
- Valuation
- Undervalued
- Uncertainty
- High
Morningstar Quantitative Rating as of 5 NOV 2026. The slider runs from the five-star price (18.89) to the one-star price (26.43).
Displays useful ratios for the security, NB the pricing date used, sourced from Morningstar.
| Ratios |
|---|
| Currency (Price/reporting): AUD/AUD |
| Exchange Rate: 1.0000 |
Price, volume and trading statistics for the security, sourced from Morningstar.
| Price - closing or last bid | 16.22 |
| Price - 12 month high | 33.32 |
| Price - 12 month low | 15.77 |
| Pricing date | 5 NOV 2026 |
| Volume - avg. trading volume for the last ten days | 1.01 |
| Market capitalization | 4,592.89 |
| 12 Month High price date | 6 NOV 2025 |
| 12 Month Low price date | 5 NOV 2026 |
| Volume - avg. trading volume for the last 3 months | 0.66 |
| Price - 1 Day % Change | -2.35% |
| Price - 13 week price percent change | -32.53% |
| Price - 26 week price percent change | -31.88% |
| Price - 5 Day % Change | -12.94% |
| Price - 52 week price percent change | -50.61% |
| Price - YTD price percent change | -34.17% |
| Price % Change Month To Date | -10.19% |
Earnings, dividends, cash flow and book value per share, sourced from Morningstar.
| EPS excluding extraordinary items - most recent fiscal year | 0.865 |
| EPS excluding extraordinary items - trailing 12 month | 0.863 |
| EPS Normalized - most recent fiscal year | 0.957 |
| Revenue/share - most recent fiscal year | 49.785 |
| Revenue/share - trailing 12 month | 45.176 |
| Book value per share - most recent fiscal year | 6.576 |
| Book value per share - most recent half-year | 8.355 |
| Book value (tangible) per share - most recent fiscal year | 3.360 |
| Book value (tangible) per share - most recent half-year | -0.181 |
| Cash per share - most recent fiscal year | 1.617 |
| Cash per share - most recent half-year | 4.127 |
| Cash Flow per share - most recent fiscal year | 1.752 |
| Cash Flow per share - trailing 12 month | 3.584 |
| Dividend per share - most recent fiscal year | — |
| Dividends per share - trailing 12 month | 0.750 |
| EBITD per share - trailing 12 month | 2.984 |
| EPS Basic excluding extraordinary items - most recent fiscal year | 0.871 |
| EPS Basic excluding extraordinary items - trailing 12 month | 0.869 |
| EPS including extraordinary items - most recent fiscal year | 0.871 |
| EPS including extraordinary items - trailing 12 month | 0.869 |
| Free Cash Flow per share - trailing 12 month | 3.199 |
Valuation multiples such as P/E, price to sales, price to book and enterprise value ratios, sourced from Morningstar.
| P/E excluding extraordinary items, most recent fiscal year | 18.79 |
| P/E Normalized, most recent fiscal year | 17.02 |
| Price to sales - most recent fiscal year | 0.36 |
| Price to Tangible Book - most fiscal year | — |
| Price to Free Cash Flow per Share - most recent fiscal year | 5.07 |
| Price to Cash Flow per share - trailing 12 month | 4.53 |
| Price to Book - most recent fiscal year | 1.94 |
| P/E excluding extraordinary items high, trailing 12 months | 40.10 |
| P/E excluding extraordinary items low, trailing 12 months | 18.79 |
| Net Debt, LFI | 4,154.94 |
| Net Debt, LFY | 2,599.15 |
| Dividend Yield - 5 Year Average | 4.32% |
| Dividend Yield - indicated annual dividend divided by closing price | 3.92% |
| Current Dividend Yield - Common Stock Primary Issue, LTM | 4.62% |
Cash flow, liquidity and leverage measures, sourced from Morningstar.
| Free Cash Flow - most recent fiscal year | 387.74 |
| LT debt/equity - most recent fiscal year | 59.63% |
| Payout ratio - most recent fiscal year | — |
| Total debt/total equity - most recent fiscal year | 154.17% |
| LT debt/equity - most recent half-year | 79.85% |
| Total debt/total equity - most recent half-year | 172.62% |
| Free Cash Flow - trailing 12 month | 867.95 |
| Payout ratio - trailing 12 month | — |
Key income statement lines for the most recent fiscal year, in millions, sourced from Morningstar.
| Revenue - most recent fiscal year | 13,045.19 |
| Revenue - trailing 12 month | 12,256.04 |
| EBITD - most recent fiscal year | 740.99 |
| EBITD - trailing 12 month | 809.41 |
| Earnings before taxes - most recent fiscal year | 393.74 |
| Earnings before taxes - trailing 12 month | 443.44 |
| Net Income available to common - most recent fiscal year | 226.66 |
| Net Income available to common - trailing 12 months | 234.55 |
| Earnings before taxes Normalized - most recent fiscal year | 428.16 |
| Net Income Available to Common, Normalized - most recent fiscal year | — |
| Earnings per Share, Normalized, Excluding Extraordinary Items, Avg. Diluted Shares Outstanding, TTM | 0.95 |
Profitability margins for the most recent fiscal year, sourced from Morningstar.
| Net Profit Margin % - 1st historical fiscal year | 2.00% |
| Net Profit Margin % - trailing 12 month | 2.38% |
| Operating margin - 1st historical fiscal year | 4.53% |
| Operating margin - trailing 12 month | 5.26% |
| Pretax margin - trailing 12 month | 3.62% |
| Pretax margin - 1st historical fiscal year | 3.02% |
| Operating Margin - 5 year average | 5.14% |
| Pretax Margin - 5 year average | 4.16% |
| Free Operating Cash Flow/Revenue, 5 Year Average | 3.36% |
| Free Operating Cash Flow/Revenue, TTM | 7.08% |
| Net Profit Margin - 5 year average | 2.95% |
Returns on average assets and equity for the fiscal year, the trailing 12 months and as 5 year averages, and net income and revenue per employee in whole currency, sourced from Morningstar.
| Return on average assets - most recent fiscal year | 4.53% |
| Return on average assets - trailing 12 month | 3.81% |
| Return on average equity - most recent fiscal year | 17.49% |
| Return on average equity - trailing 12 month | 15.86% |
| Return on average assets - 5 year average | 6.18% |
| Return on average equity - 5 year average | 23.16% |
| Net Income/employee - most recent fiscal year | — |
| Revenue/employee - most recent fiscal year | — |
Growth in revenue, earnings, dividends and book value over recent periods, sourced from Morningstar.
| Revenue growth rate, 5 year | 8.32% |
| EPS growth rate, 5 year | 9.07% |
| Growth rate% - dividend, 3 year | 4.69% |
| Revenue/share (5 yr growth) | 8.38% |
| Growth rate% - Revenue, 3 year | 15.16% |
| Growth rate% - EPS, 3 year | -9.95% |
| Book value per share growth rate, 5 year | 13.66% |
| Capital Spending growth rate, 5 year | 11.03% |
| Earnings Before Interest, Taxes, Depreciation & Amortization, 5 Year CAGR | 6.74% |
Displays analyst’s forecasts for key measures. The estimates can be expanded to see the spread of the calls. Full lines = reported, and dotted lines are forward estimates. Click a measure to add or remove it from the chart, sourced from Morningstar.
Financial forecast (AUD, millions except per share)
| Actuals | Estimates | |||||||
| 2025 | 2026 | 2027 | 2028 | 2029 | ||||
| Estimate breakdown | ||||||||
Financial metrics can be plotted on the graph to see trends. Multiple metrics from multiple statements can be plotted against each other, sourced from Morningstar.
Financials (AUD, millions)
| Period end: | DEC 21 | DEC 22 | DEC 23 | DEC 24 | DEC 25 |
| Fiscal year: | 2021 | 2022 | 2023 | 2024 | 2025 |
| Period length: | 12 months | 12 months | 12 months | 12 months | 12 months |
Displays all company announcements released by the company to the exchange, sourced from Morningstar.
Announcements
| DATE | TIME | HEADING | PAGES |
| Price sensitive |
Opinion
Eagers Automotive (ASX: APE) $15.42
We only recently added Eagers Automotive (APE) to the Income Portfolio and unfortunately walked straight into an earnings downgrade. We initially viewed the subsequent sell-off as excessive given the quality of the business, strength of CanadaOne and continued growth from BYD, but the stock's failure to recover is telling us something. The fundamental momentum has clearly deteriorated with consensus forward EPS cut by around 11%. When earnings revisions are confirmed by price, we need to reduce exposure.
Eagers Automotive (APE) $16.61
APE –13.22%: Was hit hard today after its trading update highlighted weaker Australian conditions and FY26 revenue guidance came in below expectations.
Portfolio Amendment – Active Income Portfolio
We are making several changes to the Income Portfolio today.
Eagers Automotive Ltd (ASX: APE) $20.03
Eagers (APE) surged almost 8% yesterday after announcing it will acquire the remaining 20% stake in its BYD Retail Joint Venture, a deal expected to be immediately earnings accretive and to complete within days. The acquisition removes the minority partner and gives Eagers full ownership of the economics of its growing BYD dealership business. The expected earnings accretion (~5%) is a positive surprise, particularly after Eagers’ share price weakness over the past year, and provides a near-term tailwind for the stock.
Eagers Automotive (ASX: APE) $22.23
APE -5.08%: Put together a decent1H26 result, the stock traded up initially before giving it back in line with the broader market move. Revenue and underlying operating profit were comfortably ahead of expectations as the acquisition of CanadaOne Auto added scale and the existing Australian and New Zealand operations continued to grow.
Eagers Automotive Ltd (APE) $22.76
Yesterday, in similar fashion to Goodman, Eagers delivered a trading update that saw the stock sharply sold-off before reversing higher (+1.8%) as analysts delved into the details - the stock recovered ~17% from its intra-day spike low under $20. The market's “sell first, and ask questions later” recent characteristic may have caught a few short-term traders this week.
Shawn’s Trade Idea: Buy Eagers Automotive Ltd (ASX:APE) at $23.20
APE has looked good through April being a major beneficiary of increasing EV sales which we discussed earlier in the month Here. The consolidation over the last few weeks, even as the ASX retreated, is a very encouraging sign for the bulls.
Eagers Automotive Ltd (ASX:APE) $23.50
The EV tipping point may have just arrived. Second-hand electric vehicle sales more than doubled in March, with 7,557 units sold compared to a monthly average of 3,340 since October — a surge that speaks volumes about how quickly the Middle East conflict is reshaping the way Australians think about getting from A to B.
Eagers Automotive (APE) $26.33
APE +2.9%: delivered another steady full-year result, as domestic trading conditions continue to hold up well, with new vehicle supply normalising and demand proving more resilient despite higher interest rates.
Action
Updated
11/11/2026
09:01
APE
Updated 11/11/2026 09:01
MM plans to reduce our position in APE in the Income Portfolio
Updated
11/11/2026
09:00
APE
Updated 11/11/2026 09:00
MM is trimming APE in the Active Income Portfolio, reducing to a 2% target weighting~$15.40
Updated
05/11/2026
17:28
APE
Updated 05/11/2026 17:28
MM views todays share price move as an overreaction
Updated
28/10/2026
12:03
APE
Updated 28/10/2026 12:03
MM is buying APE in the Active Income Portfolio, allocating 4% around $19
Updated
27/10/2026
08:51
APE
Updated 27/10/2026 08:51
MM is bullish towards APE around $20
Updated
27/08/2026
18:15
APE
Updated 27/08/2026 18:15
MM remains cautiously bullish toward APE
Updated
28/05/2026
09:55
APE
Updated 28/05/2026 09:55
MM is bullish towards APE around the $22.75 area
Updated
28/04/2026
09:32
APE
Updated 28/04/2026 09:32
Trade Idea: Buy Eagers Automotive Ltd (ASX:APE) at $23.20 with stops at $21.80, around 6% risk
Updated
15/04/2026
11:39
APE
Updated 15/04/2026 11:39
MM is bullish towards APE around $23.50
Updated
19/02/2026
17:22
APE
Updated 19/02/2026 17:22
MM is bullish toward APE
Business Summary
Eagers Automotive is the largest automotive retailing group in the Australian market, with an estimated share of over 16% of new-vehicle sales. The company offers a range of products and services, including the sale of new and used vehicles, vehicle repair services, and parts. The company also facilitates vehicle financing through third-party providers. Additionally, Eagers operates a truck retailing business, offering a similar range of products and services.
Relevant suggested news and content from the site
Video
WATCH
Webinar Recording: Are commodities entering a Supercycle?
Recorded Wednesday 24th June @ 12.30pm
Podcast
LISTEN
Thursday 11th September – Dow off -220pts, SPI off -20pts
Daily Podcast Direct from the Desk
Video
WATCH
Buy Hold Sell: The 6 income stocks readers love, plus 2 expert ideas
Recorded 10th June 2026
Podcast
LISTEN
Wednesday 10th September – Dow up +196pts, SPI down -4pts
Daily Podcast Direct from the Desk
