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MA Financial Group Limited
(Sydney:MAF)
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Rating:52Neutral
Price Target:
AU$4.50
▼(-27.77% Downside)
Action:Reiterated
Date:09/26/26
The score is held back primarily by elevated financial risk from sharply higher leverage and weak 2025 bottom-line profitability, alongside a clearly bearish price trend below key moving averages. These negatives are partially offset by a constructive earnings call with upgraded guidance, strong AUM and recurring-revenue growth, and shareholder support via a higher dividend, though valuation remains demanding on a high P/E.
Positive Factors
Recurring Revenue Expansion
The growing recurring-revenue base makes earnings less dependent on episodic transactions and performance fees. At 72% of revenue, it improves visibility, supports steadier cash generation, and gives management a stronger platform for funding product expansion over the next several quarters.
Negative Factors
Extreme Leverage
The sharp increase in leverage materially reduces financial flexibility and raises sensitivity to asset values, funding conditions, and interest costs. Debt-to-equity near 19.2x leaves a comparatively thin equity buffer, potentially constraining investment, distributions, and resilience through weaker operating periods.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring Revenue Expansion
The growing recurring-revenue base makes earnings less dependent on episodic transactions and performance fees. At 72% of revenue, it improves visibility, supports steadier cash generation, and gives management a stronger platform for funding product expansion over the next several quarters.
Read all positive factors
MA Financial Group Limited (MAF) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$915.71M
Dividend Yield4.58%
Average Volume (3M)408.56K
Price to Earnings (P/E)38.7
Beta (1Y)1.54
Revenue Growth42.16%
EPS Growth-48.90%
CountryAU
Employees900
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)0.11
Shares Outstanding199,379,800
10 Day Avg. Volume260,128
30 Day Avg. Volume408,556
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$8.61Price Target Upside38.14% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)0.43
Revenue Forecast (FY)AU$467.27M
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 Technical Analysis
Negative
6.23
Price Trends
5.23
Negative
5.65
Negative
6.85
Negative
Market Momentum
-0.15
Negative
37.16
Neutral
41.10
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 6.23 is above the 20-day moving average (MA) of 4.67, above the 50-day MA of 5.23, and below the 200-day MA of 6.85, indicating a bearish trend. The MACD of -0.15 indicates Negative momentum. The RSI at 37.16 is Neutral, neither overbought nor oversold. The STOCH value of 41.10 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 |
|---|---|---|---|---|---|---|---|
77 Outperform | AU$6.91B | 26.97 | 3.80% | 4.19% | 2.17% | 0.68% | |
71 Outperform | AU$2.44B | 15.42 | 8.75% | 7.64% | -17.31% | -45.44% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
64 Neutral | AU$3.32B | 18.25 | 16.92% | 4.11% | 22.38% | 22.74% | |
63 Neutral | AU$1.97B | 21.01 | 5.64% | 7.16% | -16.00% | ― | |
53 Neutral | AU$5.78B | 31.73 | 5.08% | 2.08% | -4.68% | 4.33% | |
52 Neutral | AU$915.71M | 38.66 | 4.22% | 4.58% | 42.16% | -48.90% |
* Financial Sector Average
AU:MAF
MA Financial Group Limited
4.80
-4.45
-48.11%
AU:AMP
AMP
2.40
0.64
36.36%
AU:MFG
Magellan Financial Group Ltd
8.51
-1.21
-12.48%
AU:PPT
Perpetual Limited
17.03
-0.99
-5.48%
AU:ARG
Argo Investments Limited
9.18
0.38
4.38%
AU:PNI
Pinnacle Investment Management Group Limited
14.60
-5.17
-26.17%
MA Financial Group Limited Corporate Events
MA Financial director Simon Kelly lifts indirect shareholding
Sep 18, 2026
MA Financial Group director Simon Kelly has increased his indirect shareholding in the company through entities associated with his family trust and self-managed super fund. The purchases were executed on market via Skelly Pty Ltd as trustee of th...
MA Financial ramps up retail real estate with The Glen stake and new LFR fund
Sep 16, 2026
MA Financial Group has agreed to acquire a 50% stake in Melbourne’s The Glen Shopping Centre for $327.5 million via a managed fund, further expanding its retail property holdings. The Glen, a recently redeveloped, institutional-grade centre ...
MA Financial Seeks ASX Quotation for Over 2.1 Million New Shares
Sep 10, 2026
MA Financial Group Limited has applied for quotation of 2,107,780 ordinary fully paid shares on the ASX, under its existing ticker MAF. The new securities were issued on 4 September 2026 and are now being brought onto the exchange for official quo...
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...
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.