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VGI Partners Ltd.
(Sydney:RPL)
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Rating:82Outperform
Price Target:
AU$3.00
▲(5.63% Upside)
Action:Reiterated
Date:08/06/26
The score is led by strong financial performance (improving profitability, low leverage, and solid cash conversion) and supportive valuation (low P/E and high dividend yield). Technicals contribute less positively due to mixed momentum despite the price trading above key moving averages.
Positive Factors
Revenue and Margin Expansion
The sharp 2025 revenue increase combined with materially higher margins indicates strong operating improvement and better earnings conversion. If profitability remains elevated, the company should have greater capacity to reinvest, support distributions, and strengthen its competitive position over the next several quarters.
Negative Factors
Cyclical Earnings Profile
The substantial variation in revenue and profitability shows that RPL’s earnings are not consistently stable across the cycle. Such volatility can make budgeting, distributions, and reinvestment harder to plan, while weaker market or performance periods may materially reduce earnings over several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue and Margin Expansion
The sharp 2025 revenue increase combined with materially higher margins indicates strong operating improvement and better earnings conversion. If profitability remains elevated, the company should have greater capacity to reinvest, support distributions, and strengthen its competitive position over the next several quarters.
Read all positive factors
VGI Partners Ltd. (RPL) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$967.23M
Dividend Yield11.02%
Average Volume (3M)1.76M
Price to Earnings (P/E)4.9
Beta (1Y)2.31
Revenue Growth97.07%
EPS Growth327.59%
CountryAU
Employees200
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)0.50
Shares Outstanding394,786,100
10 Day Avg. Volume2,775,809
30 Day Avg. Volume1,760,875
Financial Highlights & Ratios
PEG Ratio0.13
Price to Book (P/B)1.20
Price to Sales (P/S)3.06
P/FCF Ratio15.87
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$4.27Price Target Upside50.23% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)0.35
Revenue Forecast (FY)AU$399.84M
VGI Partners Ltd. Business Overview & Revenue Model
Company Description
Regal Partners Limited is an ASX-listed specialist alternative investment manager. It manages a range of investment strategies covering hedge funds, growth equity, real & natural assets and credit & royalties on behalf of institutions, family offi...
How the Company Makes Money
RPL primarily makes money by charging investment management fees for managing investor capital in its funds and investment vehicles. These fees are typically calculated as a percentage of funds under management (FUM) and accrue as recurring revenu...
VGI Partners Ltd. Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
90
Very Positive
Cash Flow
84
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 470.71M | 369.03M | 253.20M | 104.45M | 84.18M | 150.01M |
| Gross Profit | 426.42M | 325.66M | 223.17M | 40.26M | 74.88M | 98.76M |
| EBITDA | 276.38M | 203.82M | 119.83M | 25.64M | 25.02M | 87.74M |
| Net Income | 198.35M | 130.55M | 66.24M | 1.60M | 11.62M | 42.71M |
Balance Sheet | ||||||
| Total Assets | 1.17B | 1.11B | 949.22M | 689.25M | 486.62M | 168.36M |
| Cash, Cash Equivalents and Short-Term Investments | 239.35M | 180.23M | 95.22M | 211.72M | 213.46M | 51.73M |
| Total Debt | 32.71M | 65.13M | 7.95M | 46.05M | 4.51M | 5.92M |
| Total Liabilities | 177.61M | 164.10M | 95.21M | 110.48M | 50.68M | 89.58M |
| Stockholders Equity | 981.54M | 943.97M | 850.42M | 575.57M | 432.13M | 134.56M |
Cash Flow | ||||||
| Free Cash Flow | 166.88M | 71.11M | 51.44M | 15.39M | 28.64M | 45.78M |
| Operating Cash Flow | 167.47M | 72.34M | 52.27M | 16.12M | 31.49M | 46.01M |
| Investing Cash Flow | -8.06M | 2.85M | 72.14M | -49.55M | -53.86M | 1.62M |
| Financing Cash Flow | -107.46M | -66.20M | -90.77M | 10.63M | 45.55M | -38.99M |
VGI Partners Ltd. Technical Analysis
Negative
2.84
Price Trends
2.75
Negative
2.61
Negative
2.68
Negative
Market Momentum
-0.07
Positive
36.02
Neutral
8.44
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:RPL, the sentiment is Negative. The current price of 2.84 is above the 20-day moving average (MA) of 2.68, above the 50-day MA of 2.75, and above the 200-day MA of 2.68, indicating a bearish trend. The MACD of -0.07 indicates Positive momentum. The RSI at 36.02 is Neutral, neither overbought nor oversold. The STOCH value of 8.44 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:RPL.
VGI Partners Ltd. Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
82 Outperform | AU$967.23M | 4.90 | 20.60% | 11.02% | 97.07% | 327.59% | |
77 Outperform | AU$7.13B | 27.85 | 3.80% | 4.07% | 2.17% | 0.68% | |
71 Outperform | AU$2.55B | 17.48 | 8.75% | 7.44% | -17.31% | -45.44% | |
71 Outperform | AU$2.20B | 24.16 | 5.64% | 5.71% | -16.00% | ― | |
70 Outperform | AU$3.27B | 18.06 | 16.92% | 4.20% | 22.38% | 22.74% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
56 Neutral | AU$1.01B | 47.10 | 4.22% | 4.10% | 42.16% | -48.90% |
* Financial Sector Average
AU:RPL
VGI Partners Ltd.
2.45
-0.14
-5.26%
AU:MFG
Magellan Financial Group Ltd
8.74
-0.82
-8.54%
AU:PPT
Perpetual Limited
19.09
0.44
2.36%
AU:ARG
Argo Investments Limited
9.47
0.43
4.71%
AU:PNI
Pinnacle Investment Management Group Limited
14.27
-4.30
-23.15%
AU:MAF
MA Financial Group Limited
5.36
-3.72
-40.94%
VGI Partners Ltd. Corporate Events
Regal Partners Updates Market on Director Brendan O’Connor’s Equity Interests
Sep 4, 2026
Regal Partners has reported a change in the interests of director Brendan O’Connor, reflecting a detailed mix of direct and indirect holdings in fully paid ordinary shares and performance-based rights. His indirect interests are held via fam...
Regal Partners to List 2.5 Million New Shares on ASX
Sep 3, 2026
Regal Partners Limited has applied for quotation on the ASX of 2,545,836 new ordinary fully paid shares, which are scheduled to be issued on 4 September 2026. The additional securities arise from the exercise or conversion of existing options or o...
Regal Partners CIO Philip King Begins Staged Transition to Retirement
Aug 23, 2026
Regal Partners has announced that Philip King, Chief Investment Officer for Long Short Equities, will begin a staged transition to retirement while remaining in his current roles until at least 30 June 2027. King, who directly manages about 16% of...
Regal Partners’ Profit Surges on Record Inflows as Governance Overhaul Looms
Aug 23, 2026
Regal Partners reported a sharp increase in profitability for the first half of 2026, with normalised net profit after tax more than doubling year-on-year and statutory profit climbing 258%, driven by strong performance fees and steady growth in m...
Regal Partners Declares Interim Dividend and Confirms Equal Participation of PM Capital Converting Shares
Aug 23, 2026
Regal Partners Limited has declared an interim dividend of AUD 0.12 per ordinary fully paid share for the six-month period ended 30 June 2026, with an ex-dividend date of 28 August, a record date of 31 August, and payment due on 30 September. The ...
Regal Partners Files Half-Year Appendix 4D and Interim Report
Aug 23, 2026
Regal Partners Limited has lodged its Appendix 4D for the half year ended 30 June 2026 with the ASX. The filing is accompanied by an Interim Financial Report that includes the Directors’ Report to shareholders and condensed consolidated fina...
Regal Partners Refines Profit Metrics Ahead of 1H26 Results
Aug 14, 2026
Regal Partners Limited has introduced a revised Normalised profit presentation ahead of reporting its first-half 2026 results, separating management and loan fee pre-tax profit from performance fee pre-tax profit to better highlight key drivers of...
Regal Partners schedules 1H26 results briefing for investors
Aug 3, 2026
Regal Partners Limited, an ASX-listed alternative investment manager with over $21 billion in funds under management, offers hedge funds, credit and royalties, growth equity, and real and natural asset strategies to a broad base of institutional a...
Macquarie Group Exits Substantial Holding in Regal Partners
Jul 24, 2026
Macquarie Group Limited and its controlled entities have lodged a notice stating they have ceased to be a substantial holder in Regal Partners Limited. The filing, made under Australian corporations law, indicates a reduction in Macquarie’s ...
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.