MA FINANCIAL GROUP LIMITED (MAF)
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MAF - MA FINANCIAL GROUP LIMITED

FNArena Sector : Wealth Management & Investments

Year End: December

GICS Industry Group : Diversified Financials

Debt/EBITDA: 14.33

Index: ASX300 | ALL-ORDS

LAST PRICE	CHANGE +/-	CHANGE %	VOLUME
$9.22 22 Aug 2025	-0.200 OPEN $9.62	-2.12% HIGH $9.62	598,119 LOW $9.14

LAST PRICE

CHANGE +/-

CHANGE %

VOLUME

$9.22

22 Aug
2025

-0.200

OPEN

$9.62

-2.12%

HIGH

$9.62

598,119

LOW

$9.14

TARGET

$10.39

12.7% upside

Franking for last dividend paid out: 100%

OTHER COMPANIES IN THE SAME SECTOR
AEF . AMP . ASX . BVS . CGF . CVW . DJW . ENN . GDG . GQG . HMC . HUB . IFL . IFT . IRE . KAM . KSL . MFG . MQG . NGI . NWL . PAC . PNI . PPS . PPT . PTM . QAL . RPL . RZI . WHF .

FNARENA'S MARKET CONSENSUS FORECASTS

Title	FY23 Actual	FY24 Actual	FY25 Forecast	FY26 Forecast
EPS (cps)	xxx	26.0	32.0	xxx
DPS (cps)	xxx	20.0	23.0	xxx
EPS Growth	xxx	45.8%	23.3%	xxx
DPS Growth	xxx	0.0%	15.0%	xxx
PE Ratio	xxx	N/A	28.8	xxx
Dividend Yield	xxx	N/A	2.5%	xxx
Div Pay Ratio(%)	xxx	77.1%	71.9%	xxx

Dividend yield today if purchased 3 years ago: 3.28%

DIVIDEND YIELD CALCULATOR

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: 27/02 - ex-div 14c (franking 100%)

HISTORICAL DATA ARE ALL IN AUD

Copyright © 2025 FactSet UK Limited. All rights reserved

Title	2019	2020	2021	2022	2023	2024
EPS Basic	xxx	xxx	xxx	xxx	xxx	26.0
DPS All	xxx	xxx	xxx	xxx	xxx	20.0
Sales/Revenue	xxx	xxx	xxx	xxx	xxx	1,209.3 M
Book Value Per Share	xxx	xxx	xxx	xxx	xxx	259.6
Net Operating Cash Flow	xxx	xxx	xxx	xxx	xxx	-2,338.2 M
Net Profit Margin	xxx	xxx	xxx	xxx	xxx	3.46 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title	2019	2020	2021	2022	2023	2024
Return on Capital Employed	xxx	xxx	xxx	xxx	xxx	10.26 %
Return on Invested Capital	xxx	xxx	xxx	xxx	xxx	1.43 %
Return on Assets	xxx	xxx	xxx	xxx	xxx	0.87 %
Return on Equity	xxx	xxx	xxx	xxx	xxx	10.26 %
Return on Total Capital	xxx	xxx	xxx	xxx	xxx	7.81 %
Free Cash Flow ex dividends	xxx	xxx	xxx	xxx	xxx	-2,380.6 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	2019	2020	2021	2022	2023	2024
Short-Term Debt	xxx	xxx	xxx	xxx	xxx	1,341 M
Long Term Debt	xxx	xxx	xxx	xxx	xxx	3,218 M
Total Debt	xxx	xxx	xxx	xxx	xxx	4,558 M
Goodwill - Gross	xxx	xxx	xxx	xxx	xxx	143 M
Cash & Equivalents - Generic	xxx	xxx	xxx	xxx	xxx	231 M
Price To Book Value	xxx	xxx	xxx	xxx	xxx	2.36

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title	2019	2020	2021	2022	2023	2024
Capex	xxx	xxx	xxx	xxx	xxx	6.9 M
Capex % of Sales	xxx	xxx	xxx	xxx	xxx	0.57 %
Cost of Goods Sold	xxx	xxx	xxx	xxx	xxx	660 M
Selling, General & Admin. Exp & Other	xxx	xxx	xxx	xxx	xxx	250 M
Research & Development	xxx	xxx	xxx	xxx	xxx	-
Investments - Total	xxx	xxx	xxx	xxx	xxx	26 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
EXTRA COVERAGE

EXPERT VIEWS

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Sentiment Indicator

0.8

No. Of Recommendations

BROKER	DATE	RATING	RECOMMENDATION	TARGET PRICE	% TO REACH TARGET	COMMENTARY
Morgans	xx/xx/xxxx	2	xxxxxxxxxx	$xx.xx	xx.xx%	Broker commentary and detailed analysis is available for Full Members Only. Login above or Get a Free Trial
UBS	22/08/2025	1	Buy	$10.55	14.43%	Upon further consideration, UBS expresses its confidence in MA Financial's trajectory towards FY26 guidance. Price target increases to $10.55 from $9.20. Buy retained on largely minimal amendments to forecasts. Yesterday's response: An early assessment by UBS of today's 1H result by MA Financial shows revenue of $163m, up by 21% year-on-year, versus the broker’s $157m forecast. Earnings (EBITDA) of $48m and profit of $23m were also ahead of the analysts' forecasts, while normalised EPS of 14.0cps beat by 12%. Asset management is the main driver, according to UBS, with funds under management (FUM) of $12.7bn, 20% ahead of the broker's estimate, supported by $1.5bn of gross inflows. Lending momentum was also strong, with MA Money’s loan book up 134% to $3.3bn and Finsure managed loans up 28% to $155bn, highlight the analysts. Corporate Advisory & Equities earnings of $7.3m also exceeded expectations. Management's targets include group earnings margins of 40%, FUM growth to $15bn in FY26, and MA Money delivering $15-20m profit in FY26. A 6.0c interim dividend was declared. Target $9.20. Buy. FORECAST UBS forecasts a full year FY25 EPS of 32.00 cents. UBS forecasts a full year FY26 EPS of 45.00 cents.

BROKER

DATE

RATING

RECOMMENDATION

TARGET PRICE

% TO REACH TARGET

COMMENTARY

Morgans

xx/xx/xxxx

xxxxxxxxxx

$xx.xx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
Login above or Get a Free Trial

UBS

22/08/2025

Buy

$10.55

14.43%

Upon further consideration, UBS expresses its confidence in MA Financial's trajectory towards FY26 guidance. Price target increases to $10.55 from $9.20.

Buy retained on largely minimal amendments to forecasts.

Yesterday's response:

An early assessment by UBS of today's 1H result by MA Financial shows revenue of $163m, up by 21% year-on-year, versus the broker’s $157m forecast.

Earnings (EBITDA) of $48m and profit of $23m were also ahead of the analysts' forecasts, while normalised EPS of 14.0cps beat by 12%.

Asset management is the main driver, according to UBS, with funds under management (FUM) of $12.7bn, 20% ahead of the broker's estimate, supported by $1.5bn of gross inflows.

Lending momentum was also strong, with MA Money’s loan book up 134% to $3.3bn and Finsure managed loans up 28% to $155bn, highlight the analysts. Corporate Advisory & Equities earnings of $7.3m also exceeded expectations.

Management's targets include group earnings margins of 40%, FUM growth to $15bn in FY26, and MA Money delivering $15-20m profit in FY26.

A 6.0c interim dividend was declared.

Target $9.20. Buy.

FORECAST
UBS forecasts a full year FY25 EPS of 32.00 cents.
UBS forecasts a full year FY26 EPS of 45.00 cents.

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EXTRA COVERAGE

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No. Of Recommendations

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

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MAF STOCK CHART

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Dividend Yield Today On Last Actual Payout :	2.17
Estimated Dividend Growth (Average Of Past Three Years)	%
Amount Invested	$
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MA FINANCIAL GROUP LIMITED (MAF)
Share Price Analysis and Chart