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Undervalued
Morningstar Quantitative Rating as of 6 NOV 2026.
Quantitative Equity Rating Methodology – view here
Five-star price 2.68 Fair value 3.40 One-star price 4.32
Morningstar Quantitative Rating as of 6 NOV 2026.
Morningstar Quantitative Rating as of 6 NOV 2026. The slider runs from the five-star price (2.68) to the one-star price (4.32).
| Ratios |
|---|
| Currency (Price/reporting): AUD/AUD |
| Exchange Rate: 1.0000 |
| Price - closing or last bid | 3.21 |
| Price - 12 month high | 7.08 |
| Price - 12 month low | 2.57 |
| Pricing date | 5 NOV 2026 |
| Volume - avg. trading volume for the last ten days | 2.14 |
| Market capitalization | 1,295.30 |
| 12 Month High price date | 6 NOV 2025 |
| 12 Month Low price date | 8 OCT 2026 |
| Volume - avg. trading volume for the last 3 months | 2.40 |
| Price - 1 Day % Change | -2.43% |
| Price - 13 week price percent change | -23.75% |
| Price - 26 week price percent change | -11.57% |
| Price - 5 Day % Change | 1.90% |
| Price - 52 week price percent change | -53.95% |
| Price - YTD price percent change | -45.50% |
| Price % Change Month To Date | 21.13% |
| EPS excluding extraordinary items - most recent fiscal year | 0.079 |
| EPS excluding extraordinary items - trailing 12 month | 0.079 |
| EPS Normalized - most recent fiscal year | 0.101 |
| Revenue/share - most recent fiscal year | 1.424 |
| Revenue/share - trailing 12 month | 1.424 |
| Book value per share - most recent fiscal year | 1.829 |
| Book value per share - most recent half-year | 1.829 |
| Book value (tangible) per share - most recent fiscal year | -0.022 |
| Book value (tangible) per share - most recent half-year | -0.022 |
| Cash per share - most recent fiscal year | 0.482 |
| Cash per share - most recent half-year | 0.482 |
| Cash Flow per share - most recent fiscal year | 0.086 |
| Cash Flow per share - trailing 12 month | 0.086 |
| Dividend per share - most recent fiscal year | — |
| Dividends per share - trailing 12 month | 0.020 |
| EBITD per share - trailing 12 month | 1.023 |
| EPS Basic excluding extraordinary items - most recent fiscal year | 0.080 |
| EPS Basic excluding extraordinary items - trailing 12 month | 0.080 |
| EPS including extraordinary items - most recent fiscal year | 0.080 |
| EPS including extraordinary items - trailing 12 month | 0.080 |
| Free Cash Flow per share - trailing 12 month | 0.068 |
| P/E excluding extraordinary items, most recent fiscal year | 40.63 |
| P/E Normalized, most recent fiscal year | 31.87 |
| Price to sales - most recent fiscal year | 2.25 |
| Price to Tangible Book - most fiscal year | — |
| Price to Free Cash Flow per Share - most recent fiscal year | 46.94 |
| Price to Cash Flow per share - trailing 12 month | 37.43 |
| Price to Book - most recent fiscal year | 1.75 |
| P/E excluding extraordinary items high, trailing 12 months | 57.01 |
| P/E excluding extraordinary items low, trailing 12 months | 32.91 |
| Net Debt, LFI | -102.37 |
| Net Debt, LFY | -145.38 |
| Dividend Yield - 5 Year Average | 0.69% |
| Dividend Yield - indicated annual dividend divided by closing price | 0.64% |
| Current Dividend Yield - Common Stock Primary Issue, LTM | 0.62% |
| Free Cash Flow - most recent fiscal year | 27.64 |
| LT debt/equity - most recent fiscal year | — |
| Payout ratio - most recent fiscal year | — |
| Total debt/total equity - most recent fiscal year | 6.48% |
| LT debt/equity - most recent half-year | — |
| Total debt/total equity - most recent half-year | 6.49% |
| Free Cash Flow - trailing 12 month | 27.64 |
| Payout ratio - trailing 12 month | — |
| Revenue - most recent fiscal year | 575.73 |
| Revenue - trailing 12 month | 575.73 |
| EBITD - most recent fiscal year | 413.35 |
| EBITD - trailing 12 month | 413.35 |
| Earnings before taxes - most recent fiscal year | 398.10 |
| Earnings before taxes - trailing 12 month | 398.10 |
| Net Income available to common - most recent fiscal year | 31.93 |
| Net Income available to common - trailing 12 months | 31.93 |
| Earnings before taxes Normalized - most recent fiscal year | 418.46 |
| Net Income Available to Common, Normalized - most recent fiscal year | 40.71 |
| Earnings per Share, Normalized, Excluding Extraordinary Items, Avg. Diluted Shares Outstanding, TTM | 0.10 |
| Net Profit Margin % - 1st historical fiscal year | 52.26% |
| Net Profit Margin % - trailing 12 month | 52.26% |
| Operating margin - 1st historical fiscal year | 70.36% |
| Operating margin - trailing 12 month | 70.36% |
| Pretax margin - trailing 12 month | 69.15% |
| Pretax margin - 1st historical fiscal year | 69.15% |
| Operating Margin - 5 year average | 79.71% |
| Pretax Margin - 5 year average | 78.58% |
| Free Operating Cash Flow/Revenue, 5 Year Average | 5.03% |
| Free Operating Cash Flow/Revenue, TTM | 4.80% |
| Net Profit Margin - 5 year average | 58.74% |
| Return on average assets - most recent fiscal year | 4.77% |
| Return on average assets - trailing 12 month | 4.77% |
| Return on average equity - most recent fiscal year | 42.15% |
| Return on average equity - trailing 12 month | 42.15% |
| Return on average assets - 5 year average | 3.94% |
| Return on average equity - 5 year average | 85.53% |
| Net Income/employee - most recent fiscal year | — |
| Revenue/employee - most recent fiscal year | — |
| Revenue growth rate, 5 year | 16.75% |
| EPS growth rate, 5 year | 39.63% |
| Growth rate% - dividend, 3 year | 1.36% |
| Revenue/share (5 yr growth) | -1.80% |
| Growth rate% - Revenue, 3 year | 35.42% |
| Growth rate% - EPS, 3 year | 50.98% |
| Book value per share growth rate, 5 year | 45.48% |
| Capital Spending growth rate, 5 year | 50.81% |
| Earnings Before Interest, Taxes, Depreciation & Amortization, 5 Year CAGR | 11.28% |
Financial forecast (AUD, millions except per share)
| Actuals | Estimates | |||||||
| 2026 | 2027 | 2028 | ||||||
| Estimate breakdown | ||||||||
Financials (AUD, millions)
| Period end: | JUN 22 | JUN 23 | JUN 24 | JUN 25 | JUN 26 |
| Fiscal year: | 2022 | 2023 | 2024 | 2025 | 2026 |
| Period length: | 12 months | 12 months | 12 months | 12 months | 12 months |
Announcements
| DATE | TIME | HEADING | PAGES |
| Price sensitive |
GDG -15.36%: Was punished despite FY26 landing reasonably well against expectations, with revenue and profit actually ahead of consensus. The problem wasn't the year just gone; it’s about the cost of delivering the next leg of growth. Record net inflows continue to validate the appeal of Generation Life and the broader platform, but a step-up in investment and ongoing expense growth have put the handbrake on operating leverage for the time being.
Group FUM reached A$46.4 billion, up 36% year-on-year, with Evidentia increasing 37% to A$40.5 billion and Generation Life rising 35% to A$5.95 billion.
GDG has moved dramatically from a small cap hero to one plumbing level’s last seen in 2024 as their rate of growth in managed accounts trailed bullish market expectations while costs have also been elevated. Shares have more than halved from a ~$7.70 high this year to close yesterday below $4.
GDG –22.6%: Posted a softer-than-expected 3Q update, with funds under management growth coming in below expectations and triggering a sharp reset in sentiment. The stock is now roughly 50% below its October 2025 highs.
GDG, formerly known as Austock, became an ASX 200 company in April as the Melbourne-based investment company's market capitalisation soared above $2 billion. The stock's appreciation has been so rapid that broker coverage is very thin on the ground, and this is the first time MM have considered the business, and it's never figured in our Q&A report.
MM is neutral toward GDG
MM is bullish GDG
MM is cautiously bullish GDG ~$4
MM remains neutral, though GDG is starting to look interesting
MM is neutral toward GDG ~$6
Founded in 1991, Generation originally operated as a pooled development fund, focusing on providing capital to businesses in financial services. Today, the firm is structured across three key business lines within wealth management. The first is through Generation Life, the market leader in investment bonds by inflows, which offers tax-effective products, including investment bonds and annuities. The second business line is Lonsec, a prominent research and ratings provider to the Australian financial-services sector, competing against Morningstar and Zenith. The third division provides managed account solutions, a result of the merger between Evidentia and Lonsec Investment Solutions, offering individually owned accounts professionally managed by experienced portfolio managers.
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