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Undervalued
Morningstar Quantitative Rating as of 5 NOV 2026.
Quantitative Equity Rating Methodology – view here
Five-star price 2.37 Fair value 3.27 One-star price 4.53
Morningstar Quantitative Rating as of 5 NOV 2026.
Morningstar Quantitative Rating as of 5 NOV 2026. The slider runs from the five-star price (2.37) to the one-star price (4.53).
| Ratios |
|---|
| Currency (Price/reporting): AUD/AUD |
| Exchange Rate: 1.0000 |
| Price - closing or last bid | 2.02 |
| Price - 12 month high | 3.87 |
| Price - 12 month low | 1.03 |
| Pricing date | 5 NOV 2026 |
| Volume - avg. trading volume for the last ten days | 39.13 |
| Market capitalization | 2,516.76 |
| 12 Month High price date | 6 NOV 2025 |
| 12 Month Low price date | 23 OCT 2026 |
| Volume - avg. trading volume for the last 3 months | 21.29 |
| Price - 1 Day % Change | -5.61% |
| Price - 13 week price percent change | -30.34% |
| Price - 26 week price percent change | -16.53% |
| Price - 5 Day % Change | 8.60% |
| Price - 52 week price percent change | -46.42% |
| Price - YTD price percent change | -38.60% |
| Price % Change Month To Date | -1.46% |
| EPS excluding extraordinary items - most recent fiscal year | 0.091 |
| EPS excluding extraordinary items - trailing 12 month | 0.091 |
| EPS Normalized - most recent fiscal year | 0.104 |
| Revenue/share - most recent fiscal year | 1.040 |
| Revenue/share - trailing 12 month | 1.040 |
| Book value per share - most recent fiscal year | 0.540 |
| Book value per share - most recent half-year | 0.540 |
| Book value (tangible) per share - most recent fiscal year | 0.336 |
| Book value (tangible) per share - most recent half-year | 0.336 |
| Cash per share - most recent fiscal year | 0.343 |
| Cash per share - most recent half-year | 0.343 |
| Cash Flow per share - most recent fiscal year | -0.067 |
| Cash Flow per share - trailing 12 month | -0.067 |
| Dividend per share - most recent fiscal year | — |
| Dividends per share - trailing 12 month | 0.000 |
| EBITD per share - trailing 12 month | 0.324 |
| EPS Basic excluding extraordinary items - most recent fiscal year | 0.092 |
| EPS Basic excluding extraordinary items - trailing 12 month | 0.092 |
| EPS including extraordinary items - most recent fiscal year | 0.092 |
| EPS including extraordinary items - trailing 12 month | 0.092 |
| Free Cash Flow per share - trailing 12 month | -0.100 |
| P/E excluding extraordinary items, most recent fiscal year | 22.30 |
| P/E Normalized, most recent fiscal year | 19.44 |
| Price to sales - most recent fiscal year | 1.94 |
| Price to Tangible Book - most fiscal year | 6.02 |
| Price to Free Cash Flow per Share - most recent fiscal year | — |
| Price to Cash Flow per share - trailing 12 month | — |
| Price to Book - most recent fiscal year | 3.74 |
| P/E excluding extraordinary items high, trailing 12 months | 58.36 |
| P/E excluding extraordinary items low, trailing 12 months | 16.11 |
| Net Debt, LFI | 2,365.26 |
| Net Debt, LFY | 2,323.29 |
| Dividend Yield - 5 Year Average | — |
| Dividend Yield - indicated annual dividend divided by closing price | — |
| Current Dividend Yield - Common Stock Primary Issue, LTM | 0.00% |
| Free Cash Flow - most recent fiscal year | -128.82 |
| LT debt/equity - most recent fiscal year | 408.45% |
| Payout ratio - most recent fiscal year | — |
| Total debt/total equity - most recent fiscal year | 409.17% |
| LT debt/equity - most recent half-year | 382.39% |
| Total debt/total equity - most recent half-year | 382.39% |
| Free Cash Flow - trailing 12 month | -128.82 |
| Payout ratio - trailing 12 month | — |
| Revenue - most recent fiscal year | 1,336.00 |
| Revenue - trailing 12 month | 1,336.00 |
| EBITD - most recent fiscal year | 415.99 |
| EBITD - trailing 12 month | 415.99 |
| Earnings before taxes - most recent fiscal year | 145.27 |
| Earnings before taxes - trailing 12 month | 145.27 |
| Net Income available to common - most recent fiscal year | 116.38 |
| Net Income available to common - trailing 12 months | 116.38 |
| Earnings before taxes Normalized - most recent fiscal year | 166.32 |
| Net Income Available to Common, Normalized - most recent fiscal year | — |
| Earnings per Share, Normalized, Excluding Extraordinary Items, Avg. Diluted Shares Outstanding, TTM | 0.10 |
| Net Profit Margin % - 1st historical fiscal year | 8.71% |
| Net Profit Margin % - trailing 12 month | 8.71% |
| Operating margin - 1st historical fiscal year | 26.86% |
| Operating margin - trailing 12 month | 26.86% |
| Pretax margin - trailing 12 month | 10.87% |
| Pretax margin - 1st historical fiscal year | 10.87% |
| Operating Margin - 5 year average | 6.68% |
| Pretax Margin - 5 year average | -43.17% |
| Free Operating Cash Flow/Revenue, 5 Year Average | -29.77% |
| Free Operating Cash Flow/Revenue, TTM | -9.64% |
| Net Profit Margin - 5 year average | -41.97% |
| Return on average assets - most recent fiscal year | 3.08% |
| Return on average assets - trailing 12 month | 3.08% |
| Return on average equity - most recent fiscal year | 17.06% |
| Return on average equity - trailing 12 month | 17.06% |
| Return on average assets - 5 year average | -6.95% |
| Return on average equity - 5 year average | -38.44% |
| Net Income/employee - most recent fiscal year | — |
| Revenue/employee - most recent fiscal year | — |
| Revenue growth rate, 5 year | 27.46% |
| EPS growth rate, 5 year | — |
| Growth rate% - dividend, 3 year | — |
| Revenue/share (5 yr growth) | 6.13% |
| Growth rate% - Revenue, 3 year | 24.45% |
| Growth rate% - EPS, 3 year | — |
| Book value per share growth rate, 5 year | -23.61% |
| Capital Spending growth rate, 5 year | 26.24% |
| Earnings Before Interest, Taxes, Depreciation & Amortization, 5 Year CAGR | — |
Financial forecast (AUD, millions except per share)
| Actuals | Estimates | |||||||
| 2026 | 2027 | 2028 | 2029 | |||||
| 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 |
ZIP has made headlines over the past week, plunging around 50% on Friday before rebounding more than 60% by Monday’s close. After such a dramatic reversal, the obvious question is whether the stock still offers value at current levels if we look through the short-term news.
Zip –29.47%: Got hit today, down ~50% in early trade after flagging A$10.1m in expenses linked to an external fraud incident in the US, adding to concerns and credit risk.
ZIP +18.22%: delivered a strong FY26 result with an in line revenue number and FY27 guidance pointing to another material step-up in profitability. Revenue was in line with expectations, but the more interesting part of the story is the operating leverage now coming through as the US business scales.
Zip remains one of the stronger performers in the Market Matters Emerging Companies Portfolio, with the share price rallying materially since our entry in mid 2025 at $1.87. We continue to like the company’s improving earnings profile and exposure to structural growth in buy now, pay later, although we trimmed the position last week following the strong run.
ZIP +13.66%: Surged today, after a strong 3Q update and upgraded earnings outlook, reversing some of the heavy selling the stock has endured in recent months alongside the broader tech and payments sector.
We are making several changes to the Emerging Companies Portfolio
ZIP –34.4%: 1H numbers were solid, but the outlook missed the mark, guiding 2H cash earnings to be broadly flat while bad debts ticked higher. A growth business with no forecasted growth in earnings is a problem.
ZIP +4.3%: Shares surged +12% to their highest level since late 2021 in early trade before losing steam, after another strong quarterly update that reinforced the momentum of the turnaround story that we've watched unfold over the last 12-18 months.
ZIP +20.19%: Jumped on a strong FY25 result beating consensus earnings and FY26 guidance, primarily driven by stronger-than-expected US transaction volumes.
We bought ZIP in May and we’re already up over 60% illustrating the recent strength in the BNPL company - ZIP reports on the 22nd. We continue to like the growth in their US business, with Total Transaction Value (TTV) and revenue increasing over 40% a piece, year-on-year.
MM is long and bullish towards ZIP around $1.60
MM remains long but cautious toward ZIP
MM remains long and bullish ZIP
MM remains long & bullish ZIP ~$3.00
MM is amending the Emerging Companies Portfolio target weight in ZIP to 5%
MM is long and bullish ZIP
MM is adding to ZIP in the Emerging Companies Portfolio, reinforcing our 4% portfolio weight around $1.50
MM has turned cautious on ZIP, but not a seller after a ~36% fall
MM remains long and bullish ZIP
MM remains long and bullish ZIP
Zip is a credit provider operating two segments: Australia and the US. Founded in Australia in 2013, it has 6.5 million active customers and partners with over 95,000 merchants. In Australia, Zip positions itself as a credit card alternative, with several revolving credit products. Customers can carry the balance over time with a monthly fee and set their own repayment schedule. The US offering is a far more vanilla BNPL offering: Pay-in-Z allows customers to pay back in fixed installments. The US segment is built on the 2020 acquisition of QuadPay and has recently become Zip's largest and fastest-growing segment.
MM views on Bravura (BVS), Monadelphous (MND), HUB24 (HUB) & Zip Co (Z1P)
Recorded Wednesday 25th August
Weekly Video Update: We cover our views on ALU, CWN, Z1P & WZR.
Published 16th June
Weekly Video: Jono Higgins & James Gerrish on BNPL
Released Wednesday 17th March
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