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.
The strongest area was Lending, where EBITDA of A$31 million came in around 14% ahead of consensus, while Asset Management was broadly in line. Corporate Advisory & Equities was softer, although this appears largely timing-related, with around A$25 million of fees from transactions announced after period-end expected to fall into 2H.
The more interesting part of the result was the new FY29 targets. MA is aiming for A$24 billion of AUM, a A$15 billion MA Money loan book and group EBITDA margins of 38–40%, all ahead of current consensus assumptions.
MM’s view: The 1H result itself was broadly in line, but the medium-term outlook was the positive. Lending momentum remains strong, Asset Management is growing and the FY29 targets suggest meaningful upside if management can execute. After the recent share-price weakness, we think the risk/reward is looking increasingly attractive.
MM remains long & bullish MAF
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