ASPEN GROUP LIMITED (APZ)
Share Price Analysis and Chart

04/06/2025

1

Buy

$3.90

8.64%

Bell Potter highlights the deleveraging of Aspen Group's balance sheet via an institutional placement ($70m), with a further $4m raised via an SPP at $2.90 per share, alongside the sale of a 13% stake in Eureka Group ((EGH)) at 50c per share.

Net debt has fallen to $92m, equating to around a 14% gearing level compared to the target between 30%-40%.

Management reiterated FY25 guidance of 16.7c with a 10c dividend while aiming for 10% EPS growth over the medium term, the broker explains.

Bell Potter lifts FY26 EPS estimate by 2%, with FY25 unchanged. Target raised to $3.90 from $3.05. Buy rating retained.

FORECAST
Bell Potter forecasts a full year FY25 dividend of 10.00 cents and EPS of 16.70 cents.
Bell Potter forecasts a full year FY26 dividend of 10.50 cents and EPS of 19.10 cents.

26/05/2025

1

Buy

$3.83

6.69%

Moelis raises Aspen Group's target price to $3.83 from $3.30 and maintains a Buy rating.

An institutional placement raised $68m at $2.90/sh with potential for a further $4m via SPP, representing a 13% increase in shares on issue and reducing gearing to 13%.

Moelis estimates fair value of Aspen's portfolio at $2.98/sh, identifying latent uplift of 40–71cps from conservative valuations.

The analyst justifies a platform premium of 24% based on Aspen’s 21% average ROE over 4.5 years. Several WA and SA assets are held at deep discounts to market, notably Meadowbrooke and Viveash, which offer material development upside.

 Aspen trades at a 41% premium to NAV, but the broker views this as justified by development and valuation upside.

FORECAST
Moelis forecasts a full year FY25 dividend of 10.00 cents and EPS of 16.70 cents.
Moelis forecasts a full year FY26 dividend of 11.60 cents and EPS of 19.30 cents.