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WAM Capital Ltd.
(Sydney:WAM)
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Rating:54Neutral
Price Target:
AU$1.00
â–¼(-33.77% Downside)
Action:Downgraded
Date:09/06/26
The score is primarily supported by financial resilience (debt-free balance sheet and consistently positive operating/free cash flow), but is held back by highly volatile, market-driven profitability including a large loss in 2026. Technicals are a significant drag, with a clear downtrend and bearish momentum despite oversold readings. Valuation is mixed: the very high dividend yield helps, but the negative P/E reflects recent losses.
Positive Factors
Debt-free balance sheet
A debt-free structure reduces interest burden and refinancing exposure, giving WAM greater resilience when markets weaken. Its substantial equity base also provides capital support for maintaining the portfolio and managing shareholder distributions through changing investment conditions.
Negative Factors
Large latest-period loss
The latest annual result shows that profitability can deteriorate sharply when portfolio values and investment outcomes weaken. A large loss reduces confidence in near-term earnings stability and can constrain the consistency of shareholder returns, even with a strong balance sheet.
Read all positive and negative factors
Positive Factors
Negative Factors
Debt-free balance sheet
A debt-free structure reduces interest burden and refinancing exposure, giving WAM greater resilience when markets weaken. Its substantial equity base also provides capital support for maintaining the portfolio and managing shareholder distributions through changing investment conditions.
Read all positive factors
WAM Capital Ltd. (WAM) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$1.14B
Dividend Yield15.38%
Average Volume (3M)2.47M
Price to Earnings (P/E)―
Beta (1Y)0.37
Revenue Growth-145.54%
EPS Growth-156.29%
CountryAU
EmployeesN/A
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)N/A
Shares Outstanding1,138,200,800
10 Day Avg. Volume2,424,316
30 Day Avg. Volume2,467,106
Financial Highlights & Ratios
PEG Ratio0.09
Price to Book (P/B)1.06
Price to Sales (P/S)-10.40
P/FCF Ratio13.32
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)N/A
Revenue Forecast (FY)N/A
WAM Capital Ltd. Business Overview & Revenue Model
Company Description
WAM Capital Limited operates as a closed-end equity investment fund, established in Australia on March 8, 1999, and managed by Wilson Asset Management (International) Pty Limited. This fund primarily invests in publicly traded Australian equities,...
How the Company Makes Money
WAM Capital Ltd. makes money primarily through investment returns generated by its portfolio and, indirectly, through shareholder capital management typical of a listed investment company structure. Key sources include: (1) Portfolio income: divid...
WAM Capital Ltd. Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
78
Positive
Cash Flow
66
Positive
| Breakdown | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | -161.99M | 323.93M | 343.38M | 250.76M | -406.90M |
| Gross Profit | -184.70M | 323.93M | 337.50M | 250.76M | -406.90M |
| EBITDA | -186.72M | 304.03M | 319.37M | 233.18M | -425.94M |
| Net Income | -125.90M | 219.63M | 229.23M | 173.30M | -293.70M |
Balance Sheet | |||||
| Total Assets | 1.67B | 2.03B | 1.93B | 1.78B | 1.77B |
| Cash, Cash Equivalents and Short-Term Investments | 1.38B | 209.62M | 1.72B | 160.81M | 250.09M |
| Total Debt | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Liabilities | 72.27M | 153.43M | 122.47M | 48.07M | 59.50M |
| Stockholders Equity | 1.59B | 1.88B | 1.81B | 1.73B | 1.71B |
Cash Flow | |||||
| Free Cash Flow | 126.53M | 109.34M | 229.74M | 51.54M | 214.66M |
| Operating Cash Flow | 126.53M | 109.34M | 229.74M | 51.54M | 214.66M |
| Investing Cash Flow | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Financing Cash Flow | -154.94M | -153.38M | -151.63M | -148.03M | -134.10M |
WAM Capital Ltd. Technical Analysis
Negative
1.51
Price Trends
1.23
Negative
1.33
Negative
1.45
Negative
Market Momentum
-0.05
Negative
30.93
Neutral
-49.23
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:WAM, the sentiment is Negative. The current price of 1.51 is above the 20-day moving average (MA) of 1.08, above the 50-day MA of 1.23, and above the 200-day MA of 1.45, indicating a bearish trend. The MACD of -0.05 indicates Negative momentum. The RSI at 30.93 is Neutral, neither overbought nor oversold. The STOCH value of -49.23 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:WAM.
WAM Capital Ltd. Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | AU$6.88B | 26.88 | 3.80% | 4.21% | 2.17% | 0.68% | |
72 Outperform | AU$2.05B | 10.76 | 8.92% | 7.51% | 125.29% | 151.28% | |
69 Neutral | AU$3.01B | 18.96 | 49.77% | 2.53% | 586.06% | 463.96% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
67 Neutral | AU$3.08B | 18.87 | 6.21% | 4.13% | 44.63% | -63.30% | |
60 Neutral | AU$433.42M | 35.60 | 2.56% | 7.08% | 86.21% | -44.46% | |
54 Neutral | AU$1.14B | -9.20 | -7.37% | 15.38% | -145.54% | -156.29% |
* Financial Sector Average
AU:WAM
WAM Capital Ltd.
1.00
-0.62
-38.16%
AU:L1G
Platinum Asset Management Ltd
1.19
0.13
12.43%
AU:PIC
Perpetual Equity Investment Co. Ltd.
1.13
-0.02
-1.83%
AU:ARG
Argo Investments Limited
9.14
0.24
2.70%
AU:WLE
WAM Leaders Limited
1.27
-0.02
-1.71%
AU:MFF
MFF Capital Investments Ltd.
5.20
0.71
15.84%
WAM Capital Ltd. Corporate Events
WAM Capital Schedules FY2026 Results Q&A Webinar
Sep 23, 2026
WAM Capital Ltd. has announced it will host a FY2026 full year results QA webinar, led by lead portfolio manager Oscar Oberg and portfolio manager Tobias Yao. The session, recorded on 22 September 2026, is intended to provide investors with insigh...
Wilson Asset Management exits substantial holding in Artrya
Sep 18, 2026
Wilson Asset Management Group has notified Artrya Limited that it has ceased to be a substantial holder in the company, lodging a formal notice under section 671B of the Corporations Act. The change reflects a reduction in the group’s releva...
WAM Capital Ceases Substantial Holding in Integral Diagnostics
Sep 17, 2026
WAM Capital Ltd has filed a notice indicating that it has ceased to be a substantial holder in Integral Diagnostics Limited, an ASX-listed medical imaging provider. The disclosure is made under section 671B of the Corporations Act 2001 and reflect...
WAM Capital Schedules National 2026 Shareholder Roadshow
Sep 16, 2026
Wilson Asset Management and Future Generation are launching a series of shareholder presentations across multiple Australian cities in October and November 2026, including Wollongong, Newcastle, Noosa, Toowoomba, the Gold Coast and Geelong. The ev...
WAM Capital to Host FY2026 Results Webinar with Investor Q&A
Sep 15, 2026
WAM Capital Ltd. and its affiliated funds WAM Microcap and WAM Research will host a FY2026 full-year results webinar on Tuesday 22 September 2026 at 2:00pm Sydney time. The session will feature portfolio managers Oscar Oberg and Tobias Yao, who wi...
WAM Capital Sets Higher FY2027 Dividend Target After Portfolio Outperformance
Sep 6, 2026
WAM Capital has declared a final FY2026 dividend of 7.75 cents per share, partially franked at 60%, and set a FY2027 full-year dividend target of 8.0 cents per share, split evenly between interim and final payments, to balance income and capital g...
WAM Capital Director Philippa Ryan Boosts Shareholding via On-Market Purchase
Sep 4, 2026
WAM Capital Limited, an Australian listed investment company, offers investors exposure to actively managed portfolios of domestic equities and related securities. The firm targets Australian markets with a focus on delivering investment returns t...
WAM Capital releases FY2026 results and dividend webinar for investors
Sep 3, 2026
WAM Capital Ltd., overseen by Chairman and CIO Geoff Wilson and lead portfolio manager Oscar Oberg, functions as a listed investment company providing investors with access to professionally managed equity portfolios. Through Wilson Asset Manageme...
WAM Capital Director Kate Thorley Increases Indirect Shareholding
Sep 2, 2026
WAM Capital Ltd. reported a change in director Kate Thorley’s indirect interest in the company’s ordinary shares, disclosed under ASX listing rules. Her holdings are held through superannuation and investment entities, reflecting stand...
WAM Capital Chair Geoff Wilson Lifts Indirect Shareholding
Aug 31, 2026
WAM Capital has disclosed a change in director Geoff Wilson’s indirect shareholding, reflecting an increase in his stake via a superannuation fund structure. The shares are held through Dynasty Peak Pty Limited, which acts as the vehicle for...
WAM Capital Cuts FY2027 Dividend Target to Rebuild Reserves After Loss
Aug 27, 2026
WAM Capital has maintained its FY2026 full-year dividend at 15.5 cents per share, partially franked at 60%, despite reporting a significant operating loss and a 10.5% decline in its investment portfolio. The board has used accumulated profits rese...
WAM Capital Posts Heavy Loss but Maintains Dividend and DRP
Aug 27, 2026
WAM Capital Ltd., an Australian listed investment company, reported a sharp deterioration in financial performance for the year ended 30 June 2026, with revenue from ordinary activities falling 145.5% and a net loss after tax of $125.9 million com...
WAM Capital Declares Interim Dividend for Six-Month Period to June 2026
Aug 27, 2026
WAM Capital Ltd., a listed investment company on the ASX, operates in the financial services and investment management industry, offering ordinary fully paid shares that provide investors with exposure to a diversified portfolio. The company focus...
WAM Capital Updates Governance Framework for 2026 Financial Year
Aug 27, 2026
WAM Capital Limited’s Board has reaffirmed its commitment to effective governance and shareholder interests by adopting the ASX Corporate Governance Council’s Principles and Recommendations (4th Edition, 2019 amendments) for the 2026 f...
WAM Capital Details NTA, Dividend Strength and Mixed Portfolio Drivers in July
Aug 11, 2026
WAM Capital reported a July 2026 pre-tax net tangible asset backing of 119.50 cents per share and an after-tax-refund NTA of 121.17 cents, supported by a current tax asset of $19 million and total net tax assets of 17.08 cents per share. The compa...
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.