HARMONEY CORP LIMITED (HMY)
Share Price Analysis and Chart

21/08/2026

1

Buy

$1.42

85.62%

Ord Minnett maintains Harmoney on Buy and lowers its target to $1.42 from $1.48 because of a higher assumed cost of capital.

FY26 cash NPAT of $13.5m exceeded guidance, while management targets more than $16m in FY27. Return on equity has risen to 23.1%.

Forecasts reflect continued loan-book growth and operating efficiencies. The report stipulates credit performance and funding conditions remain the main risks, with improved returns and potential sector consolidation providing catalysts.

FORECAST
Ord Minnett forecasts a full year FY27 dividend of 0.00 cents and EPS of 12.50 cents.
Ord Minnett forecasts a full year FY28 dividend of 0.00 cents and EPS of 14.30 cents.

24/08/2026

1

Buy

$1.35

76.47%

Moelis maintains its Buy recommendation for Harmoney with its target price increased to $1.35 from $1.30 following an FY26 cash net profit after tax result of $13.5m, outperforming company guidance of $13m-plus and the broker's estimates of $13.3m.

Core personal loan front and back book momentum is expected to carry into FY27, supported by the launch of an intermediary channel driving secured auto loans and prompting FY27 cash net profit after tax guidance of $16m-plus.

The broker's estimates incorporate the introduction of cash taxes, a conservative ramp profile and upfront broker commissions for the new intermediary channel, adjustments to net interest margins and realised loss rates, and the extension of the share buyback program.

The analyst highlights that Harmoney Corp has already partnered with its first Australian intermediary funding over $1m in secured auto loans within two weeks, with ten additional intermediaries in the pipeline for FY27.

Trading on 5.0x forward cash price-to-earnings, the valuation is considered undemanding as medium-term earnings performance strengthens.

FORECAST
Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 16.10 cents.
Moelis forecasts a full year FY28 dividend of 0.00 cents and EPS of 18.60 cents.