HUMM GROUP LIMITED (HUM)
Share Price Analysis and Chart

26/08/2026

1

Buy

$0.75

76.47%

Humm Group delivered a slightly weaker-than-expected FY26 result due to higher operating expenses, Ord Minnett observes.

The net interest margin (NIM) improved to 5.5% from 5.4%, while Commercial volumes were stronger than expected by Ord Minnett.

The cost-to-income ratio increased to 51.9% from 49.9%, although second-half trends improved.

Commercial credit losses remain a headwind into FY27, the broker points out, despite continued market share gains.

Ord Minnett considers Humm attractive on valuation, trading at around 6.8x forecast FY27 earnings. Unchanged Buy rating and 75c target.

FORECAST
Ord Minnett forecasts a full year FY27 dividend of 2.30 cents and EPS of 6.30 cents.
Ord Minnett forecasts a full year FY28 dividend of 2.30 cents and EPS of 7.30 cents.

01/09/2026

1

Buy

$0.80

88.24%

Shaw and Partners maintains a Buy rating for Humm Group with its target price decreased to $0.80 from $0.85 following an FY26 result featuring cash NPAT of $30.8m, down from $52.9m in the prior year primarily due to one-off costs associated with corporate activity.

The analyst highlights that Flexicommercial, which represents half of the group's expected FY27 cash profit, maintained stable assets under management despite a -10% decline in June half origination volumes impacted by macroeconomic conditions and tighter credit settings.

In the Australia Cards division, volume was maintained ahead of a new technology platform launch while credit quality improved, with losses improving by approximately 40 basis points to 2.25%.

The broker reduced FY27 and FY28 EPS estimates by roughly -20% to account for more conservative loan growth and higher credit losses, but anticipates a material recovery in FY27 cash NPAT to $42.9m.

Valuation remains anchored below net tangible assets, with the stock trading at a discount to the broader small-cap financial sector multiple, commentary notes.

FORECAST
Shaw and Partners forecasts a full year FY27 dividend of 2.80 cents and EPS of 8.60 cents.
Shaw and Partners forecasts a full year FY28 dividend of 3.70 cents and EPS of 10.50 cents.