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WAM Research Ltd.
(Sydney:WAX)
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Rating:52Neutral
Price Target:
AU$0.90
â–¼(-8.27% Downside)
Action:Downgraded
Date:08/26/26
The score is driven primarily by volatile and recently deteriorating profitability (FY2026 loss and unstable revenue), partially offset by a strong, low-risk balance sheet and still-positive recent cash generation. Technicals are weak with the stock trading below major moving averages, while valuation gets modest support from a high dividend yield but is constrained by a negative P/E tied to losses.
Positive Factors
Debt-free balance sheet
The absence of reported debt and the sizable equity base provide financial resilience and reduce interest and refinancing exposure. This conservative capitalization gives WAM Research greater flexibility to withstand investment volatility and continue operating through weaker earnings periods.
Negative Factors
Sharp FY2026 earnings reversal
The sharp move from multi-year profitability to materially negative revenue and net income signals a major deterioration in the current earnings run-rate. For an investment company, this weakens confidence in recurring returns and may pressure future distributions and equity.
Read all positive and negative factors
Positive Factors
Negative Factors
Debt-free balance sheet
The absence of reported debt and the sizable equity base provide financial resilience and reduce interest and refinancing exposure. This conservative capitalization gives WAM Research greater flexibility to withstand investment volatility and continue operating through weaker earnings periods.
Read all positive factors
WAM Research Ltd. (WAX) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$186.94M
Dividend Yield11.19%
Average Volume (3M)282.29K
Price to Earnings (P/E)―
Beta (1Y)0.29
Revenue Growth-181.06%
EPS Growth-195.83%
CountryAU
EmployeesN/A
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)N/A
Shares Outstanding210,041,470
10 Day Avg. Volume555,878
30 Day Avg. Volume282,286
Financial Highlights & Ratios
PEG Ratio0.04
Price to Book (P/B)1.16
Price to Sales (P/S)-5.61
P/FCF Ratio20.35
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 Research Ltd. Business Overview & Revenue Model
Company Description
WAM Research Limited is an Australian-domiciled closed-end equity investment vehicle, founded on May 10, 2002, and managed by MAM Pty Limited. The fund primarily directs its capital towards publicly listed companies within Australia, with a signif...
How the Company Makes Money
WAM Research Ltd. makes money primarily through investment returns generated by its portfolio. The company raises capital from shareholders (via its ASX-listed ordinary shares and, when applicable, capital raisings) and invests those funds in acco...
WAM Research Ltd. Financial Statement Overview
Summary
Income Statement
41
Neutral
Balance Sheet
78
Positive
Cash Flow
55
Neutral
| Breakdown | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | -37.51M | 46.27M | 54.24M | 25.79M | -27.62M |
| Gross Profit | -40.18M | 46.27M | 54.24M | 23.29M | -30.49M |
| EBITDA | -40.88M | 39.39M | 45.20M | 22.65M | -31.07M |
| Net Income | -27.95M | 28.49M | 32.47M | 16.85M | -20.70M |
Balance Sheet | |||||
| Total Assets | 186.05M | 243.28M | 233.64M | 203.56M | 204.50M |
| Cash, Cash Equivalents and Short-Term Investments | 159.88M | 233.81M | 217.68M | 183.82M | 182.56M |
| Total Debt | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Liabilities | 5.39M | 17.07M | 18.97M | 4.43M | 5.68M |
| Stockholders Equity | 180.67M | 226.21M | 214.66M | 199.14M | 198.83M |
Cash Flow | |||||
| Free Cash Flow | 10.34M | 15.70M | 17.27M | -10.13M | 44.68M |
| Operating Cash Flow | 10.34M | 15.70M | 17.27M | -10.13M | 44.68M |
| Investing Cash Flow | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Financing Cash Flow | -17.38M | -17.23M | -16.70M | -16.29M | -15.89M |
WAM Research Ltd. Technical Analysis
Negative
0.98
Price Trends
1.03
Negative
1.05
Negative
1.10
Negative
Market Momentum
-0.05
Positive
28.67
Positive
30.92
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:WAX, the sentiment is Negative. The current price of 0.98 is below the 20-day moving average (MA) of 0.98, below the 50-day MA of 1.03, and below the 200-day MA of 1.10, indicating a bearish trend. The MACD of -0.05 indicates Positive momentum. The RSI at 28.67 is Positive, neither overbought nor oversold. The STOCH value of 30.92 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:WAX.
WAM Research Ltd. Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | AU$47.86M | 8.47 | 22.72% | 8.92% | -11.68% | -19.96% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
67 Neutral | AU$3.22B | 19.71 | 6.21% | 3.89% | 44.63% | -63.30% | |
63 Neutral | AU$309.01M | -368.67 | -0.37% | 4.29% | -88.55% | -104.51% | |
63 Neutral | AU$565.68M | 43.45 | 2.07% | 4.18% | 45.10% | 44.28% | |
58 Neutral | AU$49.19M | -6.33 | -9.58% | 6.72% | -42.55% | -396.54% | |
52 Neutral | AU$186.94M | -6.42 | -14.16% | 11.36% | -181.06% | -195.83% |
* Financial Sector Average
AU:WAX
WAM Research Ltd.
0.89
-0.26
-22.68%
AU:PAC
Pacific Current Group Ltd
11.18
0.89
8.68%
AU:MAM
Microequities Asset Management Group Ltd.
0.37
-0.15
-28.16%
AU:SB2
Salter Brothers Emerging Companies Ltd.
0.59
-0.10
-14.97%
AU:MFF
MFF Capital Investments Ltd.
5.43
0.83
17.97%
AU:MIR
Mirrabooka Investments Ltd
2.50
-0.69
-21.70%
WAM Research Ltd. Corporate Events
WAM Research Holds FY2026 Dividend Amid Portfolio Slump, Warns on Future Franking
Aug 24, 2026
WAM Research has declared a final dividend of 5.0 cents per share, partially franked at 50%, bringing total dividends for FY2026 to 10.0 cents per share franked at 55% in aggregate. The Board highlighted that the level of franking reflects the com...
WAM Research Posts Loss but Maintains Dividends and DRP
Aug 24, 2026
WAM Research Ltd reported a sharp deterioration in its financial performance for the year ended 30 June 2026, moving to a net loss after tax of $27.95 million compared with the prior year, alongside a significant fall in revenue from ordinary acti...
WAM Research Declares AUD 0.05 Interim Dividend for June Half
Aug 23, 2026
WAM Research Ltd. has declared a fully paid ordinary share dividend of AUD 0.05 for the six-month period ended 30 June 2026, reinforcing its pattern of income returns to shareholders. The stock will trade ex-dividend on 15 October 2026, with a rec...
WAM Research Outlines 2026 Governance Framework for Externally Managed Structure
Aug 23, 2026
WAM Research Limited has detailed its 2026 corporate governance framework, confirming adoption of the ASX Corporate Governance Council’s 4th Edition Principles and Recommendations, with some exceptions reflecting its externally managed, no-e...
WAM Research affirms ASX-aligned governance for 2026
Aug 23, 2026
WAM Research Limited has confirmed that its corporate governance statement for the year ended 30 June 2026 is available on its website and has been approved by the board as at 24 August 2026. The lodgement, made in conjunction with its annual repo...
WAM Research posts solid NTA, maintains dividends amid mixed portfolio moves
Aug 13, 2026
WAM Research reported net tangible assets of 74.00 cents per share before tax at 31 July 2026, with a small tax refund lifting after-tax NTA to 74.48 cents and a net tax asset position that includes carried-forward tax losses. The company highligh...
WAM Research Beats Market in June as Key Holdings Drive Dividend-Supported Gains
Jul 9, 2026
WAM Research reported that its investment portfolio rose in June 2026, again beating the SP/ASX All Ordinaries Accumulation Index and supporting an annualised interim dividend of 10 cents per share, 60% franked. The company’s net tangible as...
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.