RESIMAC GROUP LIMITED (RMC)
Share Price Analysis and Chart

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RMC - RESIMAC GROUP LIMITED

FNArena Sector : Banks

Year End: June

GICS Industry Group : Banks

Debt/EBITDA: 15.99

Index: ALL-ORDS

LAST PRICE	CHANGE +/-	CHANGE %	VOLUME
$0.84 23 Apr 2025	-0.020 OPEN $0.84	-2.33% HIGH $0.87	360,460 LOW $0.84

TARGET

$1.033

23.0% upside

Franking for last dividend paid out: 100%

OTHER COMPANIES IN THE SAME SECTOR
AFG . ANZ . BEN . BOQ . CBA . HLI . MYS . NAB . SUN . WBC .

FNARENA'S MARKET CONSENSUS FORECASTS

Title	FY23 Actual	FY24 Actual	FY25 Forecast	FY26 Forecast
EPS (cps)	xxx	8.7	8.7	xxx
DPS (cps)	xxx	7.0	7.0	xxx
EPS Growth	xxx	- 47.6%	0.5%	xxx
DPS Growth	xxx	- 12.5%	0.0%	xxx
PE Ratio	xxx	N/A	9.8	xxx
Dividend Yield	xxx	N/A	8.2%	xxx
Div Pay Ratio(%)	xxx	80.8%	80.5%	xxx

Dividend yield today if purchased 3 years ago: 4.12%

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: 04/03 - ex-div 3.5c (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	8.7
DPS All	xxx	xxx	xxx	xxx	xxx	7.0
Sales/Revenue	xxx	xxx	xxx	xxx	xxx	1,006.3 M
Book Value Per Share	xxx	xxx	xxx	xxx	xxx	104.1
Net Operating Cash Flow	xxx	xxx	xxx	xxx	xxx	-107.2 M
Net Profit Margin	xxx	xxx	xxx	xxx	xxx	3.44 %

EPS Basic

Negative
Growth
Slowing

DPS All

Negative
Growth
Slowing

Sales/Revenue

Negative
Growth
Slowing

Book Value Per Share

Negative
Growth
Slowing

Net Operating Cash Flow

Negative
Growth
Slowing

Net Profit Margin

Negative
Growth
Slowing

Title	2019	2020	2021	2022	2023	2024
Return on Capital Employed	xxx	xxx	xxx	xxx	xxx	8.32 %
Return on Invested Capital	xxx	xxx	xxx	xxx	xxx	0.33 %
Return on Assets	xxx	xxx	xxx	xxx	xxx	0.23 %
Return on Equity	xxx	xxx	xxx	xxx	xxx	8.32 %
Return on Total Capital	xxx	xxx	xxx	xxx	xxx	5.97 %
Free Cash Flow ex dividends	xxx	xxx	xxx	xxx	xxx	-137.4 M

Return on Capital Employed

Negative
Growth
Slowing

Return on Invested Capital

Negative
Growth
Slowing

Return on Assets

Negative
Growth
Slowing

Return on Equity

Negative
Growth
Slowing

Return on Total Capital

Negative
Growth
Slowing

Free Cash Flow ex dividends

Negative
Growth
Slowing

Title	2019	2020	2021	2022	2023	2024
Short-Term Debt	xxx	xxx	xxx	xxx	xxx	4,326 M
Long Term Debt	xxx	xxx	xxx	xxx	xxx	10,097 M
Total Debt	xxx	xxx	xxx	xxx	xxx	14,423 M
Goodwill - Gross	xxx	xxx	xxx	xxx	xxx	-
Cash & Equivalents - Generic	xxx	xxx	xxx	xxx	xxx	871 M
Price To Book Value	xxx	xxx	xxx	xxx	xxx	0.83

Short-Term Debt

Negative
Growth
Slowing

Long Term Debt

Negative
Growth
Slowing

Total Debt

Negative
Growth
Slowing

Goodwill - Gross

Cash & Equivalents - Generic

Negative
Growth
Slowing

Price To Book Value

Negative
Growth
Slowing

Title	2019	2020	2021	2022	2023	2024
Capex	xxx	xxx	xxx	xxx	xxx	0.1 M
Capex % of Sales	xxx	xxx	xxx	xxx	xxx	0.01 %
Cost of Goods Sold	xxx	xxx	xxx	xxx	xxx	16 M
Selling, General & Admin. Exp & Other	xxx	xxx	xxx	xxx	xxx	90 M
Research & Development	xxx	xxx	xxx	xxx	xxx	-
Investments - Total	xxx	xxx	xxx	xxx	xxx	14,164 M

Capex

Negative
Growth
Slowing

Capex % of Sales

Negative
Growth
Slowing

Cost of Goods Sold

Negative
Growth
Slowing

Selling, General & Admin. Exp & Other

Negative
Growth
Slowing

Research & Development

Investments - Total

Negative
Growth
Slowing

Negative

Growth

Slowing

EXPERT VIEWS
EXTRA COVERAGE

EXPERT VIEWS

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Sentiment Indicator

0.3

No. Of Recommendations

BROKER	DATE	RATING	RECOMMENDATION	TARGET PRICE	% TO REACH TARGET	COMMENTARY
Bell Potter	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
Macquarie	27/02/2025	3	Neutral	$1.00	19.05%	Resimac Group has grown its book by 2% half on half but the growth has come at a cost, Macquarie notes, with net interest margins falling -5bps. On a positive note, it appears tailwinds from funding are beginning to show and the broker expects this to turn around. Yet, with Resimac's strategy for assets under management growth over margin optimisation, Macquarie anticipates much of the funding tailwinds will be passed onto borrowers in order to compete for new business, limiting any margin recovery. While pre-provision earnings were consistent with consensus, headline cash earnings missed, driven by elevated impairment charges. Conditions have improved for non-bank lenders, the broker notes, but lending remains competitive. Target falls to $1.00 from $1.05, Neutral retained. FORECAST Macquarie forecasts a full year FY25 dividend of 7.00 cents and EPS of 7.80 cents. Macquarie forecasts a full year FY26 dividend of 7.00 cents and EPS of 11.20 cents.
Citi	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

BROKER

DATE

RATING

RECOMMENDATION

TARGET PRICE

% TO REACH TARGET

COMMENTARY

Bell Potter

xx/xx/xxxx

xxx

$xx.xx

xx.xx%

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

Macquarie

27/02/2025

Neutral

$1.00

19.05%

Resimac Group has grown its book by 2% half on half but the growth has come at a cost, Macquarie notes, with net interest margins falling -5bps.

On a positive note, it appears tailwinds from funding are beginning to show and the broker expects this to turn around.

Yet, with Resimac's strategy for assets under management growth over margin optimisation, Macquarie anticipates much of the funding tailwinds will be passed onto borrowers in order to compete for new business, limiting any margin recovery.

While pre-provision earnings were consistent with consensus, headline cash earnings missed, driven by elevated impairment charges.

Conditions have improved for non-bank lenders, the broker notes, but lending remains competitive. Target falls to $1.00 from $1.05, Neutral retained.

FORECAST
Macquarie forecasts a full year FY25 dividend of 7.00 cents and EPS of 7.80 cents.
Macquarie forecasts a full year FY26 dividend of 7.00 cents and EPS of 11.20 cents.

Citi

xx/xx/xxxx

xxxxxxx

$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

Display All Commentary

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	05/03/2025	3	Neutral	$0.95	13.10%	Resimac Group's 1H25 headline profit showed a -10% year-on-year decline, primarily driven by higher-than-expected loan losses, with the BDD charge worsening by -$9m compared to the prior half, observes Jarden. Despite the profit miss, much of the increase in loan losses was attributed to increased coverage levels and methodology changes rather than deteriorating credit quality, highlight the analysts. The broker highlights solid core earnings growth of $6m half-on-half, while net book growth in mortgages was modest, with a 1% increase to $13.0bn. While the net interest margin (NIM) fell by -5bps to 1.48%, management expects funding cost tailwinds in the second half. Jarden lowers its FY25-27 EPS forecasts by -24%, -8%, and -5%, respectively, reflecting the higher loan loss provisions and margin pressures, partially offset by the Westpac ((WBC)) asset finance book consolidation. Neutral maintained. Target decreased to 95c from 98c. FORECAST Jarden forecasts a full year FY25 dividend of 7.00 cents and EPS of 9.00 cents. Jarden forecasts a full year FY26 dividend of 8.00 cents and EPS of 14.00 cents.

BROKER

DATE

RATING

RECOMMENDATION

TARGET PRICE

% TO REACH TARGET

COMMENTARY

Jarden

05/03/2025

Neutral

$0.95

13.10%

Resimac Group's 1H25 headline profit showed a -10% year-on-year decline, primarily driven by higher-than-expected loan losses, with the BDD charge worsening by -$9m compared to the prior half, observes Jarden.

Despite the profit miss, much of the increase in loan losses was attributed to increased coverage levels and methodology changes rather than deteriorating credit quality, highlight the analysts.

The broker highlights solid core earnings growth of $6m half-on-half, while net book growth in mortgages was modest, with a 1% increase to $13.0bn.

While the net interest margin (NIM) fell by -5bps to 1.48%, management expects funding cost tailwinds in the second half.

Jarden lowers its FY25-27 EPS forecasts by -24%, -8%, and -5%, respectively, reflecting the higher loan loss provisions and margin pressures, partially offset by the Westpac ((WBC)) asset finance book consolidation.

Neutral maintained. Target decreased to 95c from 98c.

FORECAST
Jarden forecasts a full year FY25 dividend of 7.00 cents and EPS of 9.00 cents.
Jarden forecasts a full year FY26 dividend of 8.00 cents and EPS of 14.00 cents.

Access Extra Coverage Research History >

RMC STOCK CHART

FNArena News on RMC

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4	Next Week At A Glance – 7-11 Oct 2024 Oct 04 2024 - Weekly Reports

5	Australian Broker Call Extra Edition – Sep 04, 2024 Sep 04 2024 - Daily Market Reports

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Dividend Yield Today On Last Actual Payout :	8.24
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RESIMAC GROUP LIMITED (RMC)
Share Price Analysis and Chart