NETWEALTH GROUP LIMITED (NWL)
Share Price Analysis and Chart

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NWL

NWL - NETWEALTH GROUP LIMITED

FNArena Sector : Wealth Management & Investments
Year End: June
GICS Industry Group : Diversified Financials
Debt/EBITDA: 0.09
Index: ASX100 | ASX200 | ASX300 | ALL-ORDS

Netwealth is an Australian financial platform operator offering superannuation, retirement, investment and managed account facilities. Founded in 1999 it became a listed company in 2017.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$28.81

26 Sep
2025

-0.850

OPEN

$29.44

-2.87%

HIGH

$30.10

962,928

LOW

$28.79

TARGET
$33.376 15.8% 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 . MAF . MFG . MQG . NGI . PAC . PNI . PPS . PPT . PTM . QAL . RPL . RZI . WHF .
FNARENA'S MARKET CONSENSUS FORECASTS
NWL: 1
Title FY24
Actual		 FY25
Actual		 FY26
Forecast		 FY27
Forecast
EPS (cps) xxx 47.6 54.8 xxx
DPS (cps) xxx 38.5 44.9 xxx
EPS Growth xxx 39.4% 14.9% xxx
DPS Growth xxx 37.5% 16.5% xxx
PE Ratio xxx N/A 52.6 xxx
Dividend Yield xxx N/A 1.6% xxx
Div Pay Ratio(%) xxx 80.8% 81.9% xxx

Dividend yield today if purchased 3 years ago: 3.08%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 1.34

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 - ex-div 14c (franking 100%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2025 FactSet UK Limited. All rights reserved
Title 202020212022202320242025
EPS Basic xxxxxxxxxxxxxxx47.6
DPS All xxxxxxxxxxxxxxx38.5
Sales/Revenue xxxxxxxxxxxxxxx316.4 M
Book Value Per Share xxxxxxxxxxxxxxx81.3
Net Operating Cash Flow xxxxxxxxxxxxxxx126.8 M
Net Profit Margin xxxxxxxxxxxxxxx36.83 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202020212022202320242025
Return on Capital Employed xxxxxxxxxxxxxxx67.81 %
Return on Invested Capital xxxxxxxxxxxxxxx63.27 %
Return on Assets xxxxxxxxxxxxxxx52.16 %
Return on Equity xxxxxxxxxxxxxxx67.81 %
Return on Total Capital xxxxxxxxxxxxxxx80.46 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx48.2 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 xxxxxxxxxxxxxxx2 M
Long Term Debt xxxxxxxxxxxxxxx12 M
Total Debt xxxxxxxxxxxxxxx14 M
Goodwill - Gross xxxxxxxxxxxxxxx-
Cash & Equivalents - Generic xxxxxxxxxxxxxxx173 M
Price To Book Value xxxxxxxxxxxxxxx41.33

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202020212022202320242025
Capex xxxxxxxxxxxxxxx7.9 M
Capex % of Sales xxxxxxxxxxxxxxx2.50 %
Cost of Goods Sold xxxxxxxxxxxxxxx124 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx42 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

0.0

No. Of Recommendations

7
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Citi

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Bell Potter

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

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Morgans

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

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Macquarie

22/08/2025

3

Neutral

$33.85

17.49%

Netwealth Group reported FY25 earnings per share roughly in line. FY26 net flow and cost guidance has led Macquarie to lower FY26-28 EPS forecasts by -1-2%.

Platform funds under management as at 18-Aug of were already ahead of September consensus, with net inflows over the first seven weeks 20% ahead of FY26 net flow guidance, suggesting to the broker potential upside risk should momentum continue.

FY26 cost growth is guided at in line with FY25. Despite a robust outlook, Macquarie retains a Neutral rating given a demanding PE multiple. Target rises to $33.85 from $33.35.

FORECAST
Macquarie forecasts a full year FY26 dividend of 44.00 cents and EPS of 54.80 cents.
Macquarie forecasts a full year FY27 dividend of 50.50 cents and EPS of 62.50 cents.

UBS

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Morgan Stanley

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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Ord Minnett

xx/xx/xxxx

5

xxxx

$xx.xx

xx.xx%

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EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

3

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

xx/xx/xxxx

2

xxxxxxx xx xxxxxxxxxx xxxx xxxxxxx

$xx.xx

xx.xx%

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Wilsons

27/08/2025

3

Market Weight

$32.50

12.81%

Wilsons notes Netwealth Group's FY25 revenue and EBITDA were in line with its forecasts and the consensus. Free cash flow of $117.1m was described as stellar and ahead of its forecast due to lower cash tax payments in the 2H.

The broker highlights strong top-line momentum continuing into FY26, with $2.6bn net flows in 1.5 months. Guidance for FY26 net flows was $15-16bn, similar to FY25.

The broker upgraded FY26 revenue forecast by 2% and FY27 by 1%, but trimmed EBITDA estimates as the company continues to reinvest aggressively.

Market Weight. Target cut to $32.50 from $34.08.

FORECAST
Wilsons forecasts a full year FY26 dividend of 44.00 cents and EPS of 55.90 cents.
Wilsons forecasts a full year FY27 dividend of 50.00 cents and EPS of 64.40 cents.

Canaccord Genuity

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

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Access Extra Coverage Research History >

NWL STOCK CHART

FNArena News on NWL

1
Next Week At A Glance – 29 Sep – 3 Oct 2025

Sep 26 2025 - Weekly Reports
2
In Case You Missed It – BC Extra Upgrades & Downgrades – 26-09-25

Sep 26 2025 - Weekly Reports
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Australian Broker Call *Extra* Edition – Sep 23, 2025

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4
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