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Undervalued
Morningstar Quantitative Rating as of 2 NOV 2026.
Quantitative Equity Rating Methodology – view here
Five-star price 5.36 Fair value 7.02 One-star price 9.19
Morningstar Quantitative Rating as of 2 NOV 2026.
Morningstar Quantitative Rating as of 2 NOV 2026. The slider runs from the five-star price (5.36) to the one-star price (9.19).
| Ratios |
|---|
| Currency (Price/reporting): AUD/AUD |
| Exchange Rate: 1.0000 |
| Price - closing or last bid | 4.95 |
| Price - 12 month high | 11.64 |
| Price - 12 month low | 4.22 |
| Pricing date | 2 NOV 2026 |
| Volume - avg. trading volume for the last ten days | 0.54 |
| Market capitalization | 986.93 |
| 12 Month High price date | 5 JAN 2026 |
| 12 Month Low price date | 23 OCT 2026 |
| Volume - avg. trading volume for the last 3 months | 0.44 |
| Price - 1 Day % Change | 4.65% |
| Price - 13 week price percent change | -13.31% |
| Price - 26 week price percent change | -29.79% |
| Price - 5 Day % Change | 9.27% |
| Price - 52 week price percent change | -48.49% |
| Price - YTD price percent change | -54.59% |
| Price % Change Month To Date | 5.54% |
| EPS excluding extraordinary items - most recent fiscal year | 0.059 |
| EPS excluding extraordinary items - trailing 12 month | 0.105 |
| EPS Normalized - most recent fiscal year | 0.325 |
| Revenue/share - most recent fiscal year | 10.211 |
| Revenue/share - trailing 12 month | 11.363 |
| Book value per share - most recent fiscal year | 2.637 |
| Book value per share - most recent half-year | 2.481 |
| Book value (tangible) per share - most recent fiscal year | 1.443 |
| Book value (tangible) per share - most recent half-year | 1.421 |
| Cash per share - most recent fiscal year | 2.400 |
| Cash per share - most recent half-year | 3.041 |
| Cash Flow per share - most recent fiscal year | 2.224 |
| Cash Flow per share - trailing 12 month | 1.309 |
| Dividend per share - most recent fiscal year | — |
| Dividends per share - trailing 12 month | 0.220 |
| EBITD per share - trailing 12 month | — |
| EPS Basic excluding extraordinary items - most recent fiscal year | 0.062 |
| EPS Basic excluding extraordinary items - trailing 12 month | 0.108 |
| EPS including extraordinary items - most recent fiscal year | 0.062 |
| EPS including extraordinary items - trailing 12 month | 0.108 |
| Free Cash Flow per share - trailing 12 month | 1.233 |
| P/E excluding extraordinary items, most recent fiscal year | 47.03 |
| P/E Normalized, most recent fiscal year | 12.89 |
| Price to sales - most recent fiscal year | 0.44 |
| Price to Tangible Book - most fiscal year | 3.75 |
| Price to Free Cash Flow per Share - most recent fiscal year | 4.01 |
| Price to Cash Flow per share - trailing 12 month | 3.78 |
| Price to Book - most recent fiscal year | 2.00 |
| P/E excluding extraordinary items high, trailing 12 months | 172.03 |
| P/E excluding extraordinary items low, trailing 12 months | 41.51 |
| Net Debt, LFI | 7,694.43 |
| Net Debt, LFY | 8,382.05 |
| Dividend Yield - 5 Year Average | 3.04% |
| Dividend Yield - indicated annual dividend divided by closing price | 4.64% |
| Current Dividend Yield - Common Stock Primary Issue, LTM | 4.44% |
| Free Cash Flow - most recent fiscal year | 380.38 |
| LT debt/equity - most recent fiscal year | — |
| Payout ratio - most recent fiscal year | — |
| Total debt/total equity - most recent fiscal year | 1,826.17% |
| LT debt/equity - most recent half-year | — |
| Total debt/total equity - most recent half-year | 1,629.80% |
| Free Cash Flow - trailing 12 month | 225.61 |
| Payout ratio - trailing 12 month | — |
| Revenue - most recent fiscal year | 1,797.88 |
| Revenue - trailing 12 month | 2,079.33 |
| EBITD - most recent fiscal year | — |
| EBITD - trailing 12 month | — |
| Earnings before taxes - most recent fiscal year | 30.03 |
| Earnings before taxes - trailing 12 month | 58.93 |
| Net Income available to common - most recent fiscal year | 10.39 |
| Net Income available to common - trailing 12 months | 20.09 |
| Earnings before taxes Normalized - most recent fiscal year | 30.03 |
| Net Income Available to Common, Normalized - most recent fiscal year | 56.98 |
| Earnings per Share, Normalized, Excluding Extraordinary Items, Avg. Diluted Shares Outstanding, TTM | 0.38 |
| Net Profit Margin % - 1st historical fiscal year | 0.61% |
| Net Profit Margin % - trailing 12 month | 1.05% |
| Operating margin - 1st historical fiscal year | — |
| Operating margin - trailing 12 month | — |
| Pretax margin - trailing 12 month | 2.83% |
| Pretax margin - 1st historical fiscal year | 1.67% |
| Operating Margin - 5 year average | — |
| Pretax Margin - 5 year average | 8.11% |
| Free Operating Cash Flow/Revenue, 5 Year Average | 2.21% |
| Free Operating Cash Flow/Revenue, TTM | 10.85% |
| Net Profit Margin - 5 year average | 5.49% |
| Return on average assets - most recent fiscal year | 0.13% |
| Return on average assets - trailing 12 month | 0.19% |
| Return on average equity - most recent fiscal year | 2.57% |
| Return on average equity - trailing 12 month | 4.84% |
| Return on average assets - 5 year average | 1.61% |
| Return on average equity - 5 year average | 8.57% |
| Net Income/employee - most recent fiscal year | — |
| Revenue/employee - most recent fiscal year | — |
| Revenue growth rate, 5 year | 61.05% |
| EPS growth rate, 5 year | -20.00% |
| Growth rate% - dividend, 3 year | 3.57% |
| Revenue/share (5 yr growth) | 55.36% |
| Growth rate% - Revenue, 3 year | 32.38% |
| Growth rate% - EPS, 3 year | -39.69% |
| Book value per share growth rate, 5 year | 9.67% |
| Capital Spending growth rate, 5 year | 94.31% |
| Earnings Before Interest, Taxes, Depreciation & Amortization, 5 Year CAGR | — |
Financial forecast (AUD, millions except per share)
| Actuals | Estimates | |||||||
| 2025 | 2026 | 2027 | 2028 | |||||
| Estimate breakdown | ||||||||
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 |
Announcements
| DATE | TIME | HEADING | PAGES |
| Price sensitive |
MAF +3%: Rallied around 9% early, with the market initially responding positively to a broader trading update showing continued growth in the business. That said, the update also reinforced why the stock has been under so much pressure, with MA suspending redemptions across its property-related lending funds and winding up its MA Secured Real Estate Income Fund as conditions in property and private credit remain difficult.
MAF +18.14%: delivered a solid half year result this morning (they are a December year-end), with underlying EBITDA of A$68 million, up 43% and broadly in line with consensus. Revenue rose 31% to A$215 million, while underlying earnings(NPAT) increased 58% to A$36 million.
We’ve been doing more work on MA Financial (MAF) and, while we’re not ready to pull the trigger just yet, we’re adding it to the Hitlist for the Emerging Companies Portfolio. For readers less familiar with the name, MA Financial is a diversified financials group with exposure across asset management, private credit, lending, corporate advisory and broader financial services.
Formerly Moelis Australia, MA Financial is an Australian Asset manager and corporate advisory business initially set up as the local arm of US Investment Bank Moelis & Company (MC US) with offices across Australia, Singapore & China. The group runs several strategies, including Private Credit, Real Estate and alternative finance within their Asset Management and Lending Arms, which runs alongside a Corporate Advisory & Equities division.
MAF -21.76%: the asset management company traded down to nearly 2-year lows today on news the Australian Government was looking at changes to the Special Investment Visa (SIV) process. Under the current system, migrants can effectively skip the queue b investing $5m in approved investment schemes, of which MA Financial run a number of products for.
MM remains positive on MAF
MM remains long & bullish MAF
MM is buying MAF in the Emerging Companies Portfolio, allocating 4% around $6.50
MM is bullish MAF ~$7
MM is bullish MAF <$5.00
MM is neutral MAF here
MA Financial Group Ltd is a financial services company. The Group is organised into the following business segments: Asset Management, Lending & Technology and Corporate Advisory & Equities (CA&E). It generates maximum revenue from the Asset Management segment. The Asset Management segment incorporates the provision of asset management services and principal co-investment and strategic investments. The Lending & Technology segment includes the provision of Lending Platforms for loan funding, residential mortgages and Financial Technology. The Corporate Advisory and Equities segment provides corporate advice, underwriting and institutional stockbroking services. The Group mainly operates in Australia.
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