Want to see AU:CCA full AI Analyst Report?
Top Page
Change Financial Ltd
(Sydney:CCA)
Select Model
Select Model
Rating:65Neutral
Price Target:
AU$0.05
▲(2.00% Upside)
Action:Reiterated
Date:08/29/26
The score is driven primarily by improving financial performance (recent profitability and stronger cash generation with low leverage) and a constructive earnings-call outlook (higher recurring revenue, EBITDA improvement, and FY27 cash-flow positivity target). These positives are tempered by weak technicals (price below key moving averages with negative MACD) and a relatively high P/E with no dividend yield provided.
Positive Factors
Growing Recurring Revenue Base
The rising recurring-revenue mix improves visibility and reduces reliance on transactional or project-based income. Continued growth in contracted, repeatable revenue could make future results more predictable and support operating leverage.
Negative Factors
Thin and Potentially Sensitive Margins
Low profitability leaves limited protection against pricing, product-mix or cost pressure. The gross-margin decline also raises questions about how durable the earnings improvement will be until higher-margin recurring and platform revenue becomes a larger share.
Read all positive and negative factors
Positive Factors
Negative Factors
Growing Recurring Revenue Base
The rising recurring-revenue mix improves visibility and reduces reliance on transactional or project-based income. Continued growth in contracted, repeatable revenue could make future results more predictable and support operating leverage.
Read all positive factors
Change Financial Ltd (CCA) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$31.76M
Dividend YieldN/A
Average Volume (3M)1.20M
Price to Earnings (P/E)40.3
Beta (1Y)0.74
Revenue Growth15.94%
EPS GrowthN/A
CountryAU
Employees85
SectorTechnology
Sector Strength88
IndustryInformation Technology Services
Share Statistics
EPS (TTM)<0.01
Shares Outstanding690,453,000
10 Day Avg. Volume819,203
30 Day Avg. Volume1,201,555
Financial Highlights & Ratios
PEG Ratio-0.49
Price to Book (P/B)4.55
Price to Sales (P/S)1.96
P/FCF Ratio23.93
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)<0.01
Revenue Forecast (FY)AU$20.40M
Change Financial Ltd Business Overview & Revenue Model
Company Description
Change Financial Limited is a financial technology firm that provides payment-as-a-service (PaaS) solutions across a global footprint, including regions like Southeast Asia, Oceania, Latin America, and the United States. The company's key offering...
Change Financial Ltd Earnings Call Summary
Earnings Call Date:Aug 26, 2026
(Q4-2026)
| % Change Since: |
Next Earnings Date:Mar 03, 2027
Earnings Call Sentiment Positive
The call conveyed a strongly positive operational and financial trajectory: material revenue growth (21% YoY), a significant improvement in underlying EBITDA (17x increase) and the company’s first full-year profit, driven largely by PaaS momentum (active cards more than doubled, +17% transactions, +16% GTV) and product/partner progress. Management highlighted margin expansion (600 bps YoY) and set a 40%–45% PaaS gross margin target, with expectations to be net cash flow positive in FY27. Key risks discussed were execution and timing (onboarding of new and large Southeast Asian migrations), reliance on elevated one-off revenue in FY26, cash receipt timing volatility and modest near-term cash balances. Overall, the positives — clear revenue and margin momentum, product and commercial wins, and pathway to cash generation — outweigh the operational and timing risks.Positive Updates
Revenue Growth and Guidance Met
FY26 revenue of USD 18.2 million, up 21% year-over-year and in line with upgraded guidance provided in January.
Negative Updates
PaaS Not Yet at Scale
Management acknowledged the PaaS business is still scaling and not yet at full scale; achieving target margins (40%–45%) depends on continued volume growth and spreading fixed 'pay-to-play' costs across a larger base.
Read all updates
Q4-2026 Updates
Positive
Negative
Revenue Growth and Guidance Met
FY26 revenue of USD 18.2 million, up 21% year-over-year and in line with upgraded guidance provided in January.
Read all positive updates
Company Guidance
Management reaffirmed FY'26 outcomes and gave FY'27 guidance and drivers with many concrete metrics: FY'26 revenue USD 18.2m (+21% v FY'25; 3‑yr revenue CAGR 28%), underlying EBITDA USD 3.3m (17x FY'25) and the company’s first full‑year profit; 73% of revenue from recurring sources (up from 58% two years ago) and one‑off revenue USD 4.9m; PaaS growth with >150,000 active cards at year‑end (from 73,000 at start), >21m transactions (+17%), gross transaction volume USD 630m (+16%), PaaS revenue up ~19% and PaaS gross margins +600 bps (H2 around mid‑30s) with a medium‑term target of 40–45%; June was a record month for active cards, transactions, GTV and revenue; balance sheet/cash: USD 3.1m cash, USD 1.4m cash‑backed deposits, client settlement funds USD 1.7m (offset by ~USD 1.5m scheme payables); capitalized development capex ~USD 1.5–1.6m expected (≈10% higher YoY), invoicing mix 61% USD / 27% NZD / 12% AUD, plan to report in AUD from Q1 FY'27, and an FY'27 outlook of onboarding 4 contracted clients (expected live in H1), 4 in final contracting, further margin expansion and an expectation to be net cash‑flow positive.Change Financial Ltd Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
78
Positive
Cash Flow
74
Positive
| Breakdown | TTM | Jun 2026 | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 9.29M | 18.52M | 15.02M | 10.51M | 8.71M | 8.32M |
| Gross Profit | 3.39M | 2.99M | 4.09M | 3.89M | 2.42M | 695.31K |
| EBITDA | 760.15K | 2.95M | -785.36K | -621.17K | -1.26M | -2.53M |
| Net Income | 596.65K | 502.20K | -1.94M | -2.57M | -2.92M | -3.77M |
Balance Sheet | ||||||
| Total Assets | 16.97M | 16.13M | 18.03M | 12.94M | 15.30M | 10.35M |
| Cash, Cash Equivalents and Short-Term Investments | 2.56M | 4.81M | 3.91M | 2.59M | 5.35M | 1.50M |
| Total Debt | 358.36K | 432.37K | 424.06K | 156.93K | 136.25K | 1.29M |
| Total Liabilities | 9.24M | 8.15M | 11.04M | 7.07M | 6.86M | 7.00M |
| Stockholders Equity | 7.73M | 7.98M | 6.99M | 5.88M | 8.44M | 3.34M |
Cash Flow | ||||||
| Free Cash Flow | 20.32K | 1.52M | 747.41K | -2.39M | -3.12M | -4.08M |
| Operating Cash Flow | 35.04K | 1.56M | 795.05K | -464.97K | -1.59M | -2.64M |
| Investing Cash Flow | -1.32M | -2.20M | -2.05M | -2.09M | -1.80M | -1.26M |
| Financing Cash Flow | -57.38K | -160.04K | 2.76M | -102.15K | 6.89M | 710.79K |
Change Financial Ltd Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | AU$82.02M | 18.60 | 5.40% | ― | 28.01% | 2.38% | |
65 Neutral | AU$31.76M | 40.31 | 6.26% | ― | 15.94% | ― | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
46 Neutral | AU$2.29M | -0.02 | -53.64% | ― | -60.21% | 42.32% | |
44 Neutral | AU$44.49M | -2.23 | -28.68% | ― | -37.44% | -1340.48% | |
43 Neutral | AU$95.42M | -4.77 | -14.16% | ― | -6.74% | 64.64% | |
38 Underperform | AU$3.12M | -0.32 | 677.52% | ― | -1.65% | 17.26% |
* Technology Sector Average
AU:CCA
Change Financial Ltd
0.05
-0.04
-45.12%
AU:EML
EML Payments
0.24
-0.79
-76.70%
AU:OVT
IOUpay Limited
0.01
0.00
0.00%
AU:CCR
Credit Clear Limited
0.16
-0.08
-33.33%
AU:IFG
Frugl Group Limited
0.01
-0.02
-66.67%
AU:ITS
Spirit Technology Solutions Ltd.
0.24
-0.31
-56.36%
Change Financial Ltd Corporate Events
Change Financial leverages proprietary platforms to expand global payments footprint
Aug 27, 2026
Change Financial has highlighted its role as a scalable payments innovator, offering transaction processing across major schemes, physical and digital cards including Apple Pay and Google Pay, and integrated treasury, fraud and compliance services...
Change Financial lodges Appendix 4G affirming adherence to ASX governance standards
Aug 27, 2026
Change Financial Limited has lodged its Appendix 4G with the ASX for the year ended 30 June 2026, confirming that its corporate governance statement is included in its annual report and current as of 27 August 2026. The filing outlines that the co...
Change Financial Highlights Global Reach of Its Payments Technology Platforms
Jul 26, 2026
Change Financial has outlined its role as a provider of innovative and scalable payment solutions spanning transaction processing, card issuing and payment testing. Its platforms support prepaid, debit and credit products, with processing services...
Change Financial hits upgraded FY26 targets and leans into PaaS-led growth
Jul 21, 2026
Change Financial has delivered unaudited FY26 revenue of US$18.2 million, a 21 per cent rise on the previous year, and Underlying EBITDA of US$3.3 million, a seventeen-fold increase, meeting its upgraded guidance and extending a three-year revenue...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.