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MA Financial Group Limited
(Sydney:MAF)
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Rating:43Neutral
Price Target:
AU$6.00
â–¼(-15.73% Downside)
Action:Reiterated
Date:06/26/26
The score is primarily held back by elevated financial risk from sharply increased leverage and materially weaker 2025 net profitability, despite strong revenue growth and a rebound in 2025 free cash flow. Technically, the stock remains in a weak trend below major moving averages, and valuation is pressured by a very high P/E even with a moderate dividend yield.
Positive Factors
Strong revenue growth
Sustained, large revenue growth reflects expanding funds under management and higher fee-bearing AUM, strengthening the core recurring management fee business. Over 2–6 months this underpins durable fee income scaling and gives the firm runway to deepen client relationships and product distribution.
Negative Factors
Sharply increased leverage
Extremely high leverage materially increases financial risk and reduces balance-sheet flexibility. Over the medium term this elevates refinancing and interest-rate vulnerability, constrains strategic optionality, and magnifies the impact of any asset value or performance setbacks on equity holders.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong revenue growth
Sustained, large revenue growth reflects expanding funds under management and higher fee-bearing AUM, strengthening the core recurring management fee business. Over 2–6 months this underpins durable fee income scaling and gives the firm runway to deepen client relationships and product distribution.
Read all positive factors
MA Financial Group Limited (MAF) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$1.12B
Dividend Yield1.85%
Average Volume (3M)497.79K
Price to Earnings (P/E)94.4
Beta (1Y)1.50
Revenue Growth47.98%
EPS Growth-75.76%
CountryAU
Employees700
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)0.06
Shares Outstanding197,272,020
10 Day Avg. Volume324,247
30 Day Avg. Volume497,789
Financial Highlights & Ratios
PEG Ratio-2.30
Price to Book (P/B)3.93
Price to Sales (P/S)1.01
P/FCF Ratio4.77
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$10.41Price Target Upside46.17% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)0.47
Revenue Forecast (FY)AU$470.16M
MA Financial Group Limited Business Overview & Revenue Model
Company Description
MA Financial Group Limited, together with its subsidiary entities, offers a broad spectrum of financial services. The company's operations are structured across three primary divisions: Asset Management, Lending, and Corporate Advisory & Equities....
How the Company Makes Money
MA Financial Group primarily makes money by earning fees tied to managing and investing capital across its alternative asset strategies, along with income from its own balance-sheet investments and transaction-driven activities. Key revenue stream...
MA Financial Group Limited Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
28
Negative
Cash Flow
45
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.79B | 1.21B | 875.04M | 778.15M | 241.98M |
| Gross Profit | 823.26M | 316.08M | 872.38M | 317.40M | 212.53M |
| EBITDA | 510.27M | 318.06M | 173.46M | 118.72M | 70.80M |
| Net Income | 10.39M | 41.79M | 28.52M | 44.85M | 32.04M |
Balance Sheet | |||||
| Total Assets | 11.40B | 6.02B | 3.57B | 2.25B | 872.87M |
| Cash, Cash Equivalents and Short-Term Investments | 473.14M | 231.29M | 341.55M | 311.69M | 250.20M |
| Total Debt | 8.89B | 4.56B | 2.23B | 1.01B | 416.61M |
| Total Liabilities | 10.91B | 5.60B | 3.11B | 1.84B | 502.84M |
| Stockholders Equity | 462.51M | 417.53M | 397.54M | 409.59M | 370.03M |
Cash Flow | |||||
| Free Cash Flow | 380.38M | -9.33M | -1.13B | -296.66M | -44.75M |
| Operating Cash Flow | 391.49M | -2.46M | -1.13B | -283.80M | -42.55M |
| Investing Cash Flow | -124.39M | 4.41M | 19.29M | -127.36M | -162.60M |
| Financing Cash Flow | -23.68M | -6.32M | -3.93M | 311.28M | 201.87M |
MA Financial Group Limited Technical Analysis
Negative
7.12
Price Trends
6.50
Negative
7.36
Negative
8.55
Negative
Market Momentum
-0.07
Negative
38.99
Neutral
33.90
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:MAF, the sentiment is Negative. The current price of 7.12 is above the 20-day moving average (MA) of 6.21, above the 50-day MA of 6.50, and below the 200-day MA of 8.55, indicating a bearish trend. The MACD of -0.07 indicates Negative momentum. The RSI at 38.99 is Neutral, neither overbought nor oversold. The STOCH value of 33.90 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:MAF.
MA Financial Group Limited Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | AU$1.79B | 12.11 | 14.31% | 5.99% | -12.42% | -36.36% | |
68 Neutral | AU$436.72M | 10.79 | 9.94% | 4.63% | 6.53% | 130.53% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
59 Neutral | AU$1.74B | 13.60 | 7.96% | 6.26% | 6.65% | 61.37% | |
50 Neutral | AU$1.78B | -103.33 | -1.00% | 6.01% | 2.23% | 96.71% | |
44 Neutral | AU$3.90B | 30.57 | 3.56% | 1.65% | -14.25% | -25.71% | |
43 Neutral | AU$1.12B | 94.44 | 2.39% | 1.85% | 47.98% | -75.76% |
* Financial Sector Average
AU:MAF
MA Financial Group Limited
5.94
-1.56
-20.85%
AU:AMP
AMP
1.61
0.37
29.85%
AU:MFG
Magellan Financial Group Ltd
9.69
1.69
21.17%
AU:PPT
Perpetual Limited
15.50
-1.91
-10.97%
AU:CNI
Centuria Capital Group
1.93
0.32
19.80%
AU:EQT
EQT Holdings Ltd.
16.30
-15.44
-48.64%
MA Financial Group Limited Corporate Events
MA Financial Director Increases On-Market Shareholding
Jun 9, 2026
MA Financial Group has disclosed a change in director Catherine Yuncken’s shareholding, with her direct holding of ordinary shares increasing from 15,583 to 18,105. The additional 2,522 shares were acquired via an on-market trade valued at a...
MA Financial director Simon Kelly lifts indirect shareholding
Jun 9, 2026
MA Financial Group has disclosed a change in director Simon Kelly’s indirect shareholding, following on-market acquisitions made through the Kelly Family Trust. Kelly, who is the sole director and a beneficiary of the trust’s corporate...
MA Financial adjusts director equity holdings under long-term incentive plan
Jun 5, 2026
MA Financial Group has issued 632,011 loan-funded ordinary shares to executive director Julian Biggins as part of its FY2025 long-term incentive program, increasing his relevant interest from 2,620,067 to 3,252,078 ordinary shares. The loan-funded...
MA Financial cites new ASX quotation for 1.26m shares issued under staff scheme
Jun 2, 2026
MA Financial Group has applied for quotation on the ASX of 1,264,022 new ordinary fully paid shares, issued on 29 May 2026 under an employee incentive scheme. The additional quoted securities modestly expand the company’s listed equity base ...
MA Financial wins strong shareholder backing at 2026 AGM
May 28, 2026
MA Financial Group Limited reported the results of its Annual General Meeting held on 28 May 2026, confirming that all resolutions put to shareholders were passed. The meeting supported the re-election of directors Kenneth Moelis and Nikki Rachael...
MA Financial boosts recurring earnings as real estate and credit push drive growth
May 28, 2026
MA Financial Group reported more than 30% earnings growth in FY25, driven by strong contributions from all major divisions and a sharp rise in recurring revenue, which now accounts for 67% of underlying revenue versus 44% in 2022. Management highl...
MA Financial lifts AUM and lending volumes as diversification drives growth
Apr 20, 2026
MA Financial Group reported a 44% year-on-year rise in assets under management to $14.8 billion in the March quarter, supported by strong fund performance in private credit and real estate and robust unlisted fund inflows despite volatile markets....
MA Financial Sets 2026 AGM, Expands Digital Access to Voting Materials
Apr 16, 2026
MA Financial Group Limited has invited shareholders to its 2026 Annual General Meeting, scheduled for 28 May 2026 at its Sydney offices, outlining arrangements for participation and voting. The company is providing online access to the Notice of M...
MA Financial Cancels Over 1.5 Million Equity-Linked Rights
Apr 13, 2026
MA Financial Group Limited has reported the cessation of several classes of equity-linked securities, including more than 1.29 million share appreciation rights and over 236,000 performance share rights. The terminations, largely by mutual agreeme...
MA Financial Issues New Employee Equity Incentives
Apr 13, 2026
MA Financial Group Limited has notified the market of the issue of 1,470,998 share appreciation rights and 112,214 performance share rights under its employee incentive scheme. The unquoted securities, issued on 18 March 2026 and subject to transf...
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.