Regal Partners (RPL) $2.45
We own Regal Partners (RPL) in the Emerging Companies Portfolio and remain bullish on the business. However, Regal’s recent experience in biotech highlights the risks of investing in the sector.
Regal Partners Ltd (RPL)
RPL $2.13
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Performance
Advanced charting functionality with the ability to amend timeframes, 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)
- 2.13
- Change
- ▲ 0.03 (1.43)
- Bid / Ask
- 2.12 - 2.13
- Volume
- 975,527
- Turnover
- 2,085,235
- Open
- 2.13
- Day Range
- 2.12 - 2.17
- VWAP
- 2.14
- Prev Close
- 2.10
- Last Trade
- 30/10 4:10pm
Key information
Displays key information on the security, sourced from Morningstar.
- Sector
- Financial Services
- Shares Issued
- 416,173,131
- NTA/Share
- 0.93
- Last Dividend
- 0.12
- Dividend Ex Date
- 28 AUG 2026
- Dividend Pay Date
- 30 SEP 2026
Current (AUD) · FY2026
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
- 232.37
- EBITDA
- —
- Profit
- 141.56
- Earnings Per Share (EPS)
- 0.58
- Dividend Per Share (DPS)
- 0.21
- Yield %
- 12.68
- Market Cap
- 886.45
- Price to Earnings Ratio (P/E)
- 4.12
Estimates (AUD) · FY2027
Displays consensus analyst’s estimates for key measures for the next fiscal year, sourced from Morningstar.
- Revenue
- 451.20
- EBITDA
- —
- Profit
- 147.30
- Earnings Per Share (EPS)
- 0.34
- Dividend Per Share (DPS)
- 0.20
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
- None
- Financial Health
- Moderate
- Uncertainty
- High
Morningstar Quantitative Rating as of 30 OCT 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 1.80 Fair value 2.24 One-star price 2.79
Morningstar Quantitative Rating as of 30 OCT 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
- 2.24
- Price / Fair Value
- 0.95
- Valuation
- Undervalued
- Uncertainty
- High
Morningstar Quantitative Rating as of 30 OCT 2026. The slider runs from the five-star price (1.80) to the one-star price (2.79).
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 | 2.13 |
| Price - 12 month high | 3.70 |
| Price - 12 month low | 1.97 |
| Pricing date | 29 OCT 2026 |
| Volume - avg. trading volume for the last ten days | 1.71 |
| Market capitalization | 886.45 |
| 12 Month High price date | 12 JAN 2026 |
| 12 Month Low price date | 23 OCT 2026 |
| Volume - avg. trading volume for the last 3 months | 1.62 |
| Price - 1 Day % Change | 1.43% |
| Price - 13 week price percent change | -22.83% |
| Price - 26 week price percent change | -10.13% |
| Price - 5 Day % Change | 5.45% |
| Price - 52 week price percent change | -30.84% |
| Price - YTD price percent change | -33.64% |
| Price % Change Month To Date | -8.97% |
Earnings, dividends, cash flow and book value per share, sourced from Morningstar.
| EPS excluding extraordinary items - most recent fiscal year | 0.583 |
| EPS excluding extraordinary items - trailing 12 month | 0.583 |
| EPS Normalized - most recent fiscal year | 0.583 |
| Revenue/share - most recent fiscal year | 0.957 |
| Revenue/share - trailing 12 month | — |
| Book value per share - most recent fiscal year | 0.935 |
| Book value per share - most recent half-year | 1.628 |
| Book value (tangible) per share - most recent fiscal year | 0.935 |
| Book value (tangible) per share - most recent half-year | 1.628 |
| Cash per share - most recent fiscal year | 0.001 |
| Cash per share - most recent half-year | 0.008 |
| Cash Flow per share - most recent fiscal year | 0.228 |
| Cash Flow per share - trailing 12 month | 0.231 |
| Dividend per share - most recent fiscal year | — |
| Dividends per share - trailing 12 month | 0.270 |
| EBITD per share - trailing 12 month | — |
| EPS Basic excluding extraordinary items - most recent fiscal year | 0.583 |
| EPS Basic excluding extraordinary items - trailing 12 month | 0.583 |
| EPS including extraordinary items - most recent fiscal year | 0.583 |
| EPS including extraordinary items - trailing 12 month | 0.583 |
| Free Cash Flow per share - trailing 12 month | 0.231 |
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 | 3.65 |
| P/E Normalized, most recent fiscal year | 3.65 |
| Price to sales - most recent fiscal year | 2.23 |
| Price to Tangible Book - most fiscal year | 2.28 |
| Price to Free Cash Flow per Share - most recent fiscal year | 9.34 |
| Price to Cash Flow per share - trailing 12 month | 9.34 |
| Price to Book - most recent fiscal year | 2.28 |
| P/E excluding extraordinary items high, trailing 12 months | 6.26 |
| P/E excluding extraordinary items low, trailing 12 months | 3.42 |
| Net Debt, LFI | 123.32 |
| Net Debt, LFY | 10.86 |
| Dividend Yield - 5 Year Average | 5.65% |
| Dividend Yield - indicated annual dividend divided by closing price | 12.80% |
| Current Dividend Yield - Common Stock Primary Issue, LTM | 12.68% |
Cash flow, liquidity and leverage measures, sourced from Morningstar.
| Free Cash Flow - most recent fiscal year | 55.36 |
| LT debt/equity - most recent fiscal year | — |
| Payout ratio - most recent fiscal year | — |
| Total debt/total equity - most recent fiscal year | 1.84% |
| LT debt/equity - most recent half-year | — |
| Total debt/total equity - most recent half-year | 20.96% |
| Free Cash Flow - trailing 12 month | 55.36 |
| 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 | 232.37 |
| Revenue - trailing 12 month | 232.37 |
| EBITD - most recent fiscal year | — |
| EBITD - trailing 12 month | — |
| Earnings before taxes - most recent fiscal year | 199.49 |
| Earnings before taxes - trailing 12 month | 199.49 |
| Net Income available to common - most recent fiscal year | 141.56 |
| Net Income available to common - trailing 12 months | 141.56 |
| Earnings before taxes Normalized - most recent fiscal year | 199.49 |
| Net Income Available to Common, Normalized - most recent fiscal year | — |
| Earnings per Share, Normalized, Excluding Extraordinary Items, Avg. Diluted Shares Outstanding, TTM | — |
Profitability margins for the most recent fiscal year, sourced from Morningstar.
| Net Profit Margin % - 1st historical fiscal year | 60.92% |
| Net Profit Margin % - trailing 12 month | 60.92% |
| Operating margin - 1st historical fiscal year | — |
| Operating margin - trailing 12 month | — |
| Pretax margin - trailing 12 month | 85.85% |
| Pretax margin - 1st historical fiscal year | 85.85% |
| Operating Margin - 5 year average | — |
| Pretax Margin - 5 year average | -47.80% |
| Free Operating Cash Flow/Revenue, 5 Year Average | 293.14% |
| Free Operating Cash Flow/Revenue, TTM | 23.83% |
| Net Profit Margin - 5 year average | -24.52% |
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 | 20.06% |
| Return on average assets - trailing 12 month | 20.06% |
| Return on average equity - most recent fiscal year | 24.53% |
| Return on average equity - trailing 12 month | 24.53% |
| Return on average assets - 5 year average | 2.92% |
| Return on average equity - 5 year average | 3.50% |
| 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 | -2.77% |
| EPS growth rate, 5 year | 9.12% |
| Growth rate% - dividend, 3 year | 73.80% |
| Revenue/share (5 yr growth) | 7.89% |
| Growth rate% - Revenue, 3 year | 26.12% |
| Growth rate% - EPS, 3 year | 56.76% |
| Book value per share growth rate, 5 year | -41.72% |
| Capital Spending growth rate, 5 year | — |
| Earnings Before Interest, Taxes, Depreciation & Amortization, 5 Year CAGR | — |
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 | |||||||
| 2026 | 2027 | 2028 | ||||||
| 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: | 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 |
Displays all company announcements released by the company to the exchange, sourced from Morningstar.
Announcements
| DATE | TIME | HEADING | PAGES |
| Price sensitive |
Opinion
Regal Partners (RPL) $3.26
RPL +4.8%: delivered a solid update alongside a CFO transition, with the numbers reinforcing the group’s earnings momentum and continued FUM growth.
Regal Partners (RPL) $2.54
As at the end of December, Regal was managing $A18bn spread across long/short equities ($7.6bn), Credit & Royalties ($6.6bn), Real & Natural Assets ($2.2bn), Multi-Strategy ($1.2bn) and Private Markets ($474m).
Regal Partners (RPL) $3.34
RPL -6.7%: A softer than expected FY24 result today with top line revenue below expectations, and growing talk about when they will have another crack at Platinum (PTM), given PTM are languishing around ~60c (they were ~90c when Regal last had a crack).
Regal Partners (RPL) $3.20
Yesterday morning it emerged that Regal was in talks with Platinum Asset Management (PTM) to acquire the well-known, but recently out of favour fund manager for around $660m. If successful, RPL would pick up $12.2bn of Funds Under Management (FUM), adding to RPL’s current $16bn pile. The deal makes sense on several levels, and after failing to ‘win’ Perpetual back in November of 2022, when RPL bid $33/sh (PPT closed yesterday at $18.57), they are back in the hunt for a big deal.
Regal Partners (RPL) $2.90
Alternative asset manager RPL delivered a strong 1H24 result earlier in the year, which saw FUM hit $11bn. This, combined with a strong balance sheet and solid performance, is an exciting backdrop for RPL.
Regal Partners (RPL) $2.75
RPL -0.72%: strong 1H24 result from the alternative asset manager, with FUM hitting $11bn, a strong balance sheet with $240m net cash, and performance holding up which is important for future FUM flows. Not a lot of analyst coverage on RPL, however, revenue up 17% to $112m delivered an underlying profit after tax of $32.7m, up ~32% on pcp – both solid.
Regal Partners Ltd (RPL) $2.46
RPL is a smaller $740mn Sydney-based fund manager that has shown an aggressive tilt towards growth, with FUM now sitting at ~$10bn. While we view the stock as reasonably expensive relative to their FUM, recent growth builds scale and diversification with a distinct skew towards alternative strategies. Phil King heads up the group and he is a deal maker, our view being that Phil is looking to get big, then get out.
Regal Partners (RPL) $1.89
RPL +7.71%: shares in the Fund Manager had their best session in 18 months today following a Funds Under Management (FUM) update alongside an acquisition. Regal is taking a 50% stake in Taurus Funds, a financing company managing $2.3b invested in junior to mid-tier mining companies.
Regal Partners (RPL) $2.50
RPL +5.49%: The fund manager announced strong 1H23 numbers today with Net Profit up 98.5% to $13.1m, covering more than half of the FY23 consensus numbers in the process.
Action
Updated
19/03/2026
17:06
RPL
Updated 19/03/2026 17:06
MM remains long and bullish RPL in the Emerging Companies strategy
Updated
24/02/2026
17:22
RPL
Updated 24/02/2026 17:22
MM remains long & bullish RPL
Updated
26/03/2025
10:31
RPL
Updated 26/03/2025 10:31
MM likes RPL ~$2.50
Updated
27/02/2025
11:02
RPL
Updated 27/02/2025 11:02
MM remains long RPL in the Emerging Companies Portfolio
Updated
18/09/2024
09:43
RPL
Updated 18/09/2024 09:43
MM remains long & bullish RPL
Updated
09/05/2024
09:48
RPL
Updated 09/05/2024 09:48
MM is cautiously positive towards RPL
Updated
27/02/2024
11:11
RPL
Updated 27/02/2024 11:11
MM remain long & bullish RPL in the Emerging Companies Portfolio
Updated
12/12/2023
09:47
RPL
Updated 12/12/2023 09:47
MM remains long and bullish toward RPL
Updated
02/11/2023
08:15
RPL
Updated 02/11/2023 08:15
MM remains patiently long and bullish RPL
Updated
24/08/2023
17:12
RPL
Updated 24/08/2023 17:12
MM is bullish RPL ~$2.50
Business Summary
Regal Partners Ltd is a specialist alternatives investment manager, offering a diverse range of investment strategies covering hedge funds, private markets and real assets. The Group has one operating segment: the provision of investment management services with the objective of offering investment funds to investors.
WATCH
Portfolio Manager Harry Watt on Ausbiz, discussing Magellan (MFG), Regal Partners (RPL) & Perpetual (PPT)
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Portfolio Manager Harry Watt on Ausbiz, discussing Magellan (MFG), Regal Partners (RPL) & Perpetual (PPT)
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Portfolio Manager Harry Watt on Ausbiz, discussing Magellan (MFG), Regal Partners (RPL) & Perpetual (PPT)
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