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MA Financial Group Limited
(Sydney:MAF)
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Rating:56Neutral
Price Target:
AU$7.50
â–²(20.39% Upside)
Action:Reiterated
Date:08/21/26
The score is held back primarily by elevated balance-sheet risk (very high leverage) and weakened net profitability despite strong revenue growth and improved cash generation. The latest earnings call adds support via upgraded guidance, strong AUM/recurring revenue trends, and a higher dividend, while technicals are moderately positive but show overbought risk and the stock remains below its 200-day average. Valuation is a notable headwind given the high P/E.
Positive Factors
Recurring revenue expansion
The growing recurring-revenue base improves earnings visibility and reduces dependence on episodic transactions. Its expansion across managed products provides a more durable foundation for cash generation and supports operating leverage as the platform scales.
Negative Factors
Very high balance-sheet leverage
The sharp rise in debt relative to largely flat equity materially increases financial risk and reduces flexibility. It leaves the group more exposed to refinancing, funding-cost and asset-value pressures, while limiting resilience if earnings weaken.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring revenue expansion
The growing recurring-revenue base improves earnings visibility and reduces dependence on episodic transactions. Its expansion across managed products provides a more durable foundation for cash generation and supports operating leverage as the platform scales.
Read all positive factors
MA Financial Group Limited (MAF) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$1.16B
Dividend Yield2.27%
Average Volume (3M)497.79K
Price to Earnings (P/E)54.2
Beta (1Y)1.49
Revenue Growth42.16%
EPS Growth-48.90%
CountryAU
Employees900
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)0.11
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$9.52Price Target Upside52.84% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)0.45
Revenue Forecast (FY)AU$460.77M
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 through (1) asset management income and (2) advisory and transaction-related income, with additional contribution from income earned on certain balance-sheet investments.
1) Asset management (recurring rev...
MA Financial Group Limited Earnings Call Summary
Earnings Call Date:Aug 19, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Feb 25, 2027
Earnings Call Sentiment Positive
The call reported a strong operational and financial performance with several major positive metrics: 45% underlying earnings growth, 44% AUM growth to AUD 15.5bn, a 33% dividend increase, materially expanded recurring revenue (AUD 154m, 72% of revenue), and upgraded MA Money guidance. These positives are tempered by sector-specific headwinds (real estate credit softness, modest net flow outcomes in some channels), timing/execution risks on certain transactions, and near-term margin pressure from strategic investment. On balance the highlights significantly outweigh the lowlights given scaleable recurring revenue, upgraded guidance, robust fundraising post-period and improved ROE.Positive Updates
Strong Underlying Earnings Growth
Underlying earnings increased 45% in H1 FY2026. Including the large notable items (sale of Infinite Care and Hotel Brunswick), EPS growth would have been 96%.
Negative Updates
Subdued Net Flows in Asset Management
While gross flows were strong, net flows were subdued due to a tougher private credit environment and limited issuance in listed markets; net flows in the first half were weaker than gross flows and some redemptions were elevated in liquid funds.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Underlying Earnings Growth
Underlying earnings increased 45% in H1 FY2026. Including the large notable items (sale of Infinite Care and Hotel Brunswick), EPS growth would have been 96%.
Read all positive updates
Company Guidance
MA Financial expects material earnings growth in FY2026 with a second‑half skew, forecasting AUM to rise from the June level of AUD15.5bn (+44% YoY) driven by core real estate, hospitality and asset‑backed private credit, and recurring revenue to remain a dominant, predictable base (H1 recurring revenue AUD154m, ~72% of total revenue); MA Money guidance upgraded to NPAT AUD25–30m with its loan book ~AUD8bn (AUD7.5bn at June, now >AUD8bn), NIM ~1.33%, low arrears, an AUD1bn RMBS placed and ~AUD1bn of settlements since 30 June; corporate advisory has ~AUD50m of fees booked/de‑risked (including ~AUD25m post‑balance), transaction/performance fees expected to be similarly strong in H2, and early trading saw >AUD400m gross flows and AUD166m net flows in the first six weeks; other metrics noted: total fee margin ~159bp, Redcape returned >17% to unitholders ytd with >AUD500m of pubs exchanged to settle in H2, Finsure loan book AUD193bn (July settlements AUD8bn), interim dividend up 33% to AUD0.08 fully franked, strategic spend focused on the U.S. private credit platform, and management believes the group can exceed AUD500m of annualised revenue within 12–18 months.MA Financial Group Limited Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
28
Negative
Cash Flow
45
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.07B | 1.79B | 1.21B | 875.04M | 778.15M | 241.98M |
| Gross Profit | 1.06B | 823.26M | 316.08M | 872.38M | 317.40M | 212.53M |
| EBITDA | 706.85M | 510.27M | 318.06M | 173.46M | 118.72M | 70.80M |
| Net Income | 20.09M | 10.39M | 41.79M | 28.52M | 44.85M | 32.04M |
Balance Sheet | ||||||
| Total Assets | 14.19B | 11.40B | 6.02B | 3.57B | 2.25B | 872.87M |
| Cash, Cash Equivalents and Short-Term Investments | 600.33M | 473.14M | 231.29M | 341.55M | 311.69M | 250.20M |
| Total Debt | 11.50B | 8.89B | 4.56B | 2.23B | 1.01B | 416.61M |
| Total Liabilities | 13.68B | 10.91B | 5.60B | 3.11B | 1.84B | 502.84M |
| Stockholders Equity | 489.36M | 462.51M | 417.53M | 397.54M | 409.59M | 370.03M |
Cash Flow | ||||||
| Free Cash Flow | -4.77B | 380.38M | -9.33M | -1.13B | -296.66M | -44.75M |
| Operating Cash Flow | -4.76B | 391.49M | -2.46M | -1.13B | -283.80M | -42.55M |
| Investing Cash Flow | 1.56M | -124.39M | 4.41M | 19.29M | -127.36M | -162.60M |
| Financing Cash Flow | -34.72M | -23.68M | -6.32M | -3.93M | 311.28M | 201.87M |
MA Financial Group Limited Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | AU$7.01B | 27.38 | 3.80% | 4.21% | 2.17% | 0.68% | |
71 Outperform | AU$2.77B | 18.10 | 8.75% | 5.99% | -17.31% | -45.44% | |
71 Outperform | AU$2.33B | 24.61 | 5.64% | 6.01% | -16.00% | ― | |
70 Outperform | AU$4.01B | 22.11 | 16.92% | 3.60% | 22.38% | 22.74% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
56 Neutral | AU$1.16B | 54.22 | 4.22% | 3.44% | 42.16% | -48.90% | |
53 Neutral | AU$5.71B | 31.59 | 5.08% | 1.87% | -4.68% | 4.33% |
* Financial Sector Average
AU:MAF
MA Financial Group Limited
6.17
-3.18
-34.00%
AU:AMP
AMP
2.36
0.70
42.00%
AU:MFG
Magellan Financial Group Ltd
9.05
-0.74
-7.54%
AU:PPT
Perpetual Limited
19.44
-0.99
-4.83%
AU:ARG
Argo Investments Limited
9.31
0.11
1.23%
AU:PNI
Pinnacle Investment Management Group Limited
17.47
-3.34
-16.04%
MA Financial Group Limited Corporate Events
MA Financial strengthens board independence with appointment of Professor David Lloyd
Aug 20, 2026
MA Financial Group has appointed Professor David Lloyd as an independent non-executive director to its Board, effective 21 August 2026, in a move aimed at further strengthening the Board’s independence and governance capabilities. Lloyd brin...
MA Financial Delivers Strong Half-Year Profit Growth and Lifts Interim Dividend
Aug 20, 2026
MA Financial Group Limited reported a strong half-year to 30 June 2026, with revenue from ordinary activities rising 11.1% to $620.4 million and total income surging 69.4% to $623.2 million. Net profit after tax attributable to ordinary equity hol...
MA Financial sets date and webcast for 1H26 results
Aug 11, 2026
MA Financial Group Limited has scheduled the release of its half-year results for the period ended 30 June 2026 on 20 August 2026. Management will brief investors and analysts via a results presentation at 11:00 am AEST, supported by a dial-in reg...
MA Financial Issues New Performance Share Rights Under Incentive Plan
Jul 14, 2026
MA Financial Group has issued 3,527 performance share rights under its employee incentive scheme, designated as unquoted securities with restrictions on transfer. The rights, recorded under ASX security code MAFAB, were issued on June 30, 2026, an...
MA Financial trims potential dilution as incentive rights lapse and options are cancelled
Jul 14, 2026
MA Financial Group has reported the cessation of several classes of equity-linked securities, including share appreciation rights, performance share rights and options on its ordinary shares. The lapses were primarily due to performance or other c...
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...
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.