NETWEALTH GROUP LIMITED (NWL)
Share Price Analysis and Chart

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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
$27.00 18 Dec 2025	0.510 OPEN $25.22	1.93% HIGH $27.39	1,124,547 LOW $25.22

LAST PRICE

CHANGE +/-

CHANGE %

VOLUME

$27.00

18 Dec
2025

0.510

OPEN

$25.22

1.93%

HIGH

$27.39

1,124,547

LOW

$25.22

TARGET

$33.347

-0.90 change from previous day

23.5% 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 . QAL . RPL . RZI . WHF .

FNARENA'S MARKET CONSENSUS FORECASTS

Title	FY24 Actual	FY25 Actual	FY26 Forecast	FY27 Forecast
EPS (cps)	xxx	47.6	54.8	xxx
DPS (cps)	xxx	38.5	43.8	xxx
EPS Growth	xxx	39.4%	15.1%	xxx
DPS Growth	xxx	37.5%	13.7%	xxx
PE Ratio	xxx	N/A	48.0	xxx
Dividend Yield	xxx	N/A	1.7%	xxx
Div Pay Ratio(%)	xxx	80.8%	79.8%	xxx

Dividend yield today if purchased 3 years ago: 2.94%

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	2020	2021	2022	2023	2024	2025
EPS Basic	18.4	22.6	22.8	27.5	34.2	47.6
DPS All	14.7	18.6	20.0	24.0	28.0	38.5
Sales/Revenue	121.3 M	142.0 M	169.5 M	207.0 M	249.5 M	316.4 M
Book Value Per Share	32.0	38.2	42.8	50.5	59.2	81.3
Net Operating Cash Flow	59.4 M	37.8 M	59.6 M	79.2 M	90.0 M	126.8 M
Net Profit Margin	35.98 %	38.11 %	32.77 %	32.44 %	33.41 %	36.83 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title	2020	2021	2022	2023	2024	2025
Return on Capital Employed	62.43 %	63.95 %	56.28 %	59.09 %	62.32 %	67.81 %
Return on Invested Capital	60.79 %	57.55 %	49.15 %	53.08 %	56.94 %	63.27 %
Return on Assets	45.17 %	44.53 %	41.56 %	45.06 %	47.45 %	52.16 %
Return on Equity	62.43 %	63.95 %	56.28 %	59.09 %	62.32 %	67.81 %
Return on Total Capital	83.20 %	78.21 %	68.34 %	70.40 %	78.07 %	80.46 %
Free Cash Flow ex dividends	26.4 M	-3.4 M	10.9 M	27.3 M	23.3 M	48.2 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	2020	2021	2022	2023	2024	2025
Short-Term Debt	1 M	1 M	2 M	1 M	2 M	2 M
Long Term Debt	4 M	15 M	14 M	12 M	13 M	12 M
Total Debt	5 M	16 M	15 M	14 M	15 M	14 M
Goodwill - Gross	-	-	-	-	-	-
Cash & Equivalents - Generic	87 M	82 M	89 M	110 M	127 M	173 M
Price To Book Value	28.04	44.87	28.44	27.43	37.44	41.33

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title	2020	2021	2022	2023	2024	2025
Capex	0.9 M	1.1 M	3.0 M	5.6 M	4.9 M	7.9 M
Capex % of Sales	0.76 %	0.80 %	1.76 %	2.73 %	1.97 %	2.50 %
Cost of Goods Sold	56 M	62 M	83 M	88 M	103 M	124 M
Selling, General & Admin. Exp & Other	6 M	6 M	8 M	29 M	31 M	42 M
Research & Development	-	-	-	-	-	-
Investments - Total	0 M	2 M	2 M	3 M	4 M	0 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
EXTRA COVERAGE

EXPERT VIEWS

Display All Commentary

Sentiment Indicator

0.4

No. Of Recommendations

BROKER	DATE	RATING	RECOMMENDATION	TARGET PRICE	% TO REACH TARGET	COMMENTARY
Macquarie	xx/xx/xxxx	3	xxxxxxx	$xx.xx	xx.xx%	Broker commentary and detailed analysis is available for Full Members Only. Login above or Get a Free Trial
Citi	xx/xx/xxxx	1	xxx	$xx.xx	xx.xx%	Broker commentary and detailed analysis is available for Full Members Only. Login above or Get a Free Trial
Ord Minnett	xx/xx/xxxx	3	xxxx	$xx.xx	xx.xx%	Broker commentary and detailed analysis is available for Full Members Only. Login above or Get a Free Trial
Bell Potter	12/12/2025	1	Upgrade to Buy from Hold	$31.50	16.67%	Bell Potter upgrades Netwealth Group to Buy from Hold with a higher target price of $31.50 from $30. The broker views the discounted valuation multiple ascribed to the stock as unwarranted. Further, management has updated FUA to $123.8bn for Nov 10, and net flows are expected to come in around FY25 levels, which consensus estimates mirror. The broker highlights First Guardian continues to weigh on the stock, but if net flows are retained, the company will be in a position to beat guidance and possibly consensus expectations. FORECAST Bell Potter forecasts a full year FY26 dividend of 46.00 cents and EPS of 53.90 cents. Bell Potter forecasts a full year FY27 dividend of 52.00 cents and EPS of 64.40 cents.
UBS	xx/xx/xxxx	3	xxxxxxx	$xx.xx	xx.xx%	Broker commentary and detailed analysis is available for Full Members Only. Login above or Get a Free Trial
Morgan Stanley	xx/xx/xxxx	1	xxxxxxxxxx	$xx.xx	xx.xx%	Broker commentary and detailed analysis is available for Full Members Only. Login above or Get a Free Trial
Morgans	xx/xx/xxxx	3	xxxx	$xx.xx	xx.xx%	Broker commentary and detailed analysis is available for Full Members Only. Login above or Get a Free Trial

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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
Jarden	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
Canaccord Genuity	21/08/2025	3	Hold	$36.25	34.26%	Netwealth Group's FY25 EBITDA missed consensus by -1.5% but net profit was in line. Canaccord Genuity notes cost growth was higher due to investments into growth initiatives, but 27% of revenue growth still resulted in a 31% EBITDA increase. The broker lifted FY26 revenue forecast by 0.6% and FY27 by 2.9% on higher cash transaction account as a proportion of funds under administration, higher cash margin and other fees. Expense forecast was also lifted in line with the company's guidance, resulting in a -3.1% cut to FY26 EBITDA and -1.4% cut to FY27. Hold. Target rises to $36.25 from $35.50. FORECAST Canaccord Genuity forecasts a full year FY26 dividend of 42.00 cents and EPS of 55.70 cents. Canaccord Genuity forecasts a full year FY27 dividend of 52.50 cents and EPS of 65.50 cents.

BROKER

DATE

RATING

RECOMMENDATION

TARGET PRICE

% TO REACH TARGET

COMMENTARY

Jarden

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

Canaccord Genuity

21/08/2025

Hold

$36.25

34.26%

Netwealth Group's FY25 EBITDA missed consensus by -1.5% but net profit was in line. Canaccord Genuity notes cost growth was higher due to investments into growth initiatives, but 27% of revenue growth still resulted in a 31% EBITDA increase.

The broker lifted FY26 revenue forecast by 0.6% and FY27 by 2.9% on higher cash transaction account as a proportion of funds under administration, higher cash margin and other fees.

Expense forecast was also lifted in line with the company's guidance, resulting in a -3.1% cut to FY26 EBITDA and -1.4% cut to FY27.

Hold. Target rises to $36.25 from $35.50.

FORECAST
Canaccord Genuity forecasts a full year FY26 dividend of 42.00 cents and EPS of 55.70 cents.
Canaccord Genuity forecasts a full year FY27 dividend of 52.50 cents and EPS of 65.50 cents.

Access Extra Coverage Research History >

NWL STOCK CHART

FNArena News on NWL

1	Next Week At A Glance – 22-24 Dec 2025 11:23 AM - Weekly Reports

2	ASIC Watch: 2026 Priorities Target Private Credit & Unlisted Asset Opacity Dec 17 2025 - Australia

3	Weekly Ratings, Targets, Forecast Changes – 12-12-25 Dec 15 2025 - Weekly Reports

4	The Quality Of Qualitas Nov 06 2025 - Small Caps

5	Australian Broker Call Extra Edition – Nov 03, 2025 Nov 03 2025 - Daily Market Reports

Latest Wealth Management & Investments News

1	ASIC Watch: 2026 Priorities Target Private Credit & Unlisted Asset Opacity Dec 17 2025 - Australia

2	Weekly Update On LICs & LITs – 16-Dec-2025 Dec 16 2025 - Weekly Reports

3	Sellers’ Exhaustion Lifts Macquarie Shares Dec 16 2025 - Technicals

4	Weekly Update On LICs & LITs – 09-Dec-2025 Dec 09 2025 - Weekly Reports

5	Weekly Update On LICs & LITs – 02-Dec-2025 Dec 02 2025 - Weekly Reports

6	Weekly Update On LICs & LITs – 25-Nov-2025 Nov 25 2025 - Weekly Reports

7	Navigator Global Investments Breaks The Mould Nov 20 2025 - Small Caps

8	Weekly Update On LICs & LITs – 18-Nov-2025 Nov 18 2025 - Weekly Reports

9	Monthly Listed Investment Trust Report – Nov 2025 Nov 13 2025 - Australia

10	Weekly Update On LICs & LITs – 11-Nov-2025 Nov 11 2025 - Weekly Reports

Dividend Yield Today On Last Actual Payout :	1.46
Estimated Dividend Growth (Average Of Past Three Years)	%
Amount Invested	$
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NETWEALTH GROUP LIMITED (NWL)
Share Price Analysis and Chart