HMC CAPITAL LIMITED (HMC)
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HMC

HMC - HMC CAPITAL LIMITED

FNArena Sector : Wealth Management & Investments
Year End: June
GICS Industry Group : Real Estate
Debt/EBITDA: 1.5
Index: ASX300 | ALL-ORDS

LAST PRICE CHANGE +/- CHANGE % VOLUME

$3.11

11 May
2026

0.120

OPEN

$2.91

4.01%

HIGH

$3.13

1,366,350

LOW

$2.89

TARGET
$3.385 8.8% upside
Franking for last dividend paid out: 16%
OTHER COMPANIES IN THE SAME SECTOR
AEF . AMP . ASX . BVS . CGF . CVW . DJW . ENN . GDG . GQG . HUB . IFT . IRE . KAM . KSL . MAF . MFG . MQG . NGI . NWL . PAC . PNI . PPS . PPT . QAL . RPL . RZI . WHF .
FNARENA'S MARKET CONSENSUS FORECASTS
HMC: 1
Title FY24
Actual		 FY25
Actual		 FY26
Forecast		 FY27
Forecast
EPS (cps) xxx 36.8 29.0 xxx
DPS (cps) xxx 12.0 12.0 xxx
EPS Growth xxx 94.7% - 21.2% xxx
DPS Growth xxx 0.0% 0.0% xxx
PE Ratio xxx N/A 10.5 xxx
Dividend Yield xxx N/A 4.0% xxx
Div Pay Ratio(%) xxx 32.6% 41.4% xxx

Dividend yield today if purchased 3 years ago: 2.79%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 3.86

Estimated Dividend Growth
(Average Of Past Three Years)

  %

Amount Invested

 $ 

Tell Me The Dividend After This Many Years
Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages

Last ex-div: 26/08 - (franking ex-div 6.00c)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2026 FactSet UK Limited. All rights reserved
Title 202020212022202320242025
EPS Basic xxxxxxxxxxxxxxx36.8
DPS All xxxxxxxxxxxxxxx12.0
Sales/Revenue xxxxxxxxxxxxxxx249.2 M
Book Value Per Share xxxxxxxxxxxxxxx402.1
Net Operating Cash Flow xxxxxxxxxxxxxxx76.4 M
Net Profit Margin xxxxxxxxxxxxxxx59.11 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202020212022202320242025
Return on Capital Employed xxxxxxxxxxxxxxx10.22 %
Return on Invested Capital xxxxxxxxxxxxxxx10.19 %
Return on Assets xxxxxxxxxxxxxxx7.42 %
Return on Equity xxxxxxxxxxxxxxx10.22 %
Return on Total Capital xxxxxxxxxxxxxxx4.59 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx20.4 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 202020212022202320242025
Short-Term Debt xxxxxxxxxxxxxxx132 M
Long Term Debt xxxxxxxxxxxxxxx7 M
Total Debt xxxxxxxxxxxxxxx138 M
Goodwill - Gross xxxxxxxxxxxxxxx114 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx665 M
Price To Book Value xxxxxxxxxxxxxxx1.27

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202020212022202320242025
Capex xxxxxxxxxxxxxxx8.6 M
Capex % of Sales xxxxxxxxxxxxxxx3.45 %
Cost of Goods Sold xxxxxxxxxxxxxxx25 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx139 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx0 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

0.5

No. Of Recommendations

6
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Morgans

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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UBS

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Morgan Stanley

xx/xx/xxxx

3

xxxxx-xxxxxx

$xx.xx

xx.xx%

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Macquarie

07/04/2026

1

Outperform

$3.71

19.29%

Higher interest rate expectations have driven low single-digit reductions to Macquarie’s REIT earnings forecasts from FY27 onwards.

The broker anticipates a structural re-rating for Retail and Industrial sectors, while Office faces de-rating risk amid growing concerns over the impact of AI on long-term space demand.

In residential, higher interest rates are expected to weigh on sales volumes and prices, with elevated construction costs, driven by oil prices and supply chain disruptions, adding further pressure on margins and earnings.

More broadly, higher nominal and real bond yields, alongside elevated geopolitical risk, are likely to dampen equity inflows into real estate, constraining assets under management (AUM) growth and funds management earnings.

The target for HMC Capital falls to $3.71 from $3.96. Outperform rating maintained.

FORECAST
Macquarie forecasts a full year FY26 EPS of 32.20 cents.
Macquarie forecasts a full year FY27 EPS of 24.10 cents.

Bell Potter

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

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Ord Minnett

xx/xx/xxxx

3

xxxxxxxxx xx xxxx xxxx xxx

$xx.xx

(xx/xx/xxxx)

xx.xx%

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Access Stockbroker Research History >
EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

1

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Jarden

11/05/2026

2

Upgrade to Overweight from Neutral

$3.10

-0.32%

Jarden upgrades HMC Capital to an Overweight rating from Neutral and maintains a $3.10 target price following a positive update detailing plans to streamline the platform.

The broker notes key strategic moves include returning capital to HMC Capital Partners investors, generating $15m in cost savings from FY27, and divesting $1bn in US digital assets to refocus on the Australian market.

Management reaffirmed operating earnings per share guidance above 40.0c, supported by organic growth in the private credit platform featuring $1bn in advanced documentation.

Reflecting the capital unwind largely offset by cost savings, the report lowers earnings per share forecasts to 30.1c from 31.2c in FY27, and to 33.1c from 33.8c in FY28, while FY26 estimates remain steady at 34.6c.

Strong valuation support and potential near-term catalysts, such as the resolution of issues at HealthCo Healthcare and Wellness REIT ((HCW)), underpin the ongoing positive view.

FORECAST
Jarden forecasts a full year FY26 dividend of 12.10 cents and EPS of 34.60 cents.
Jarden forecasts a full year FY27 dividend of 12.10 cents and EPS of 30.10 cents.
Access Extra Coverage Research History >

HMC STOCK CHART

FNArena News on HMC

1
Australian Broker Call *Extra* Edition – May 11, 2026

May 11 2026 - Daily Market Reports
2
Australian Broker Call *Extra* Edition – Apr 29, 2026

Apr 29 2026 - Daily Market Reports
3
Weekly Ratings, Targets, Forecast Changes – 20-03-26

Mar 23 2026 - Weekly Reports
4
In Case You Missed It – BC Extra Upgrades & Downgrades – 20-03-26

Mar 20 2026 - Weekly Reports
5
Australian Broker Call *Extra* Edition – Mar 18, 2026

Mar 18 2026 - Daily Market Reports

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