PEPPER MONEY LIMITED (PPM)
Share Price Analysis and Chart

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PPM - PEPPER MONEY LIMITED

FNArena Sector : Business & Consumer Credit

Year End: December

GICS Industry Group : Banks

Debt/EBITDA: 12.13

Index: ALL-ORDS

Pepper Money Limited is a consumer finance company specialising in consumer lending and residential mortgages. It is part of the Pepper Financial Services Group and listed on the ASX in May 2021.

LAST PRICE	CHANGE +/-	CHANGE %	VOLUME
$2.11 28 Aug 2025	-0.060 OPEN $2.20	-2.76% HIGH $2.20	246,841 LOW $2.10

LAST PRICE

CHANGE +/-

CHANGE %

VOLUME

$2.11

28 Aug
2025

-0.060

OPEN

$2.20

-2.76%

HIGH

$2.20

246,841

LOW

$2.10

TARGET

$2.125

0.7% upside

OTHER COMPANIES IN THE SAME SECTOR
BTN . CCP . CGR . COG . EML . EPY . FND . FSA . HUM . JDO . LFS . MME . PLT . PNC . QAL . SIV . SMP . SVR . TYR . WZR . XYZ . ZIP .

FNARENA'S MARKET CONSENSUS FORECASTS

Title	FY23 Actual	FY24 Actual	FY25 Forecast	FY26 Forecast
EPS (cps)	xxx	22.4	21.0	xxx
DPS (cps)	xxx	12.1	25.5	xxx
EPS Growth	xxx	- 11.0%	- 6.6%	xxx
DPS Growth	xxx	42.4%	100.0%	xxx
PE Ratio	xxx	N/A	10.3	xxx
Dividend Yield	xxx	N/A	11.9%	xxx
Div Pay Ratio(%)	xxx	54.0%	121.7%	xxx

Dividend yield today if purchased 3 years ago: 7.96%

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: 11/09 - ex-div 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	22.4
DPS All	xxx	xxx	xxx	xxx	xxx	12.1
Sales/Revenue	xxx	xxx	xxx	xxx	xxx	1,580.1 M
Book Value Per Share	xxx	xxx	xxx	xxx	xxx	194.5
Net Operating Cash Flow	xxx	xxx	xxx	xxx	xxx	2,598.9 M
Net Profit Margin	xxx	xxx	xxx	xxx	xxx	6.25 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title	2019	2020	2021	2022	2023	2024
Return on Capital Employed	xxx	xxx	xxx	xxx	xxx	11.75 %
Return on Invested Capital	xxx	xxx	xxx	xxx	xxx	0.53 %
Return on Assets	xxx	xxx	xxx	xxx	xxx	0.52 %
Return on Equity	xxx	xxx	xxx	xxx	xxx	11.75 %
Return on Total Capital	xxx	xxx	xxx	xxx	xxx	6.78 %
Free Cash Flow ex dividends	xxx	xxx	xxx	xxx	xxx	2,554.8 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	2019	2020	2021	2022	2023	2024
Short-Term Debt	xxx	xxx	xxx	xxx	xxx	0 M
Long Term Debt	xxx	xxx	xxx	xxx	xxx	16,496 M
Total Debt	xxx	xxx	xxx	xxx	xxx	16,496 M
Goodwill - Gross	xxx	xxx	xxx	xxx	xxx	-
Cash & Equivalents - Generic	xxx	xxx	xxx	xxx	xxx	1,226 M
Price To Book Value	xxx	xxx	xxx	xxx	xxx	0.72

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title	2019	2020	2021	2022	2023	2024
Capex	xxx	xxx	xxx	xxx	xxx	7.4 M
Capex % of Sales	xxx	xxx	xxx	xxx	xxx	0.47 %
Cost of Goods Sold	xxx	xxx	xxx	xxx	xxx	49 M
Selling, General & Admin. Exp & Other	xxx	xxx	xxx	xxx	xxx	191 M
Research & Development	xxx	xxx	xxx	xxx	xxx	-
Investments - Total	xxx	xxx	xxx	xxx	xxx	16,028 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

0.5

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	22/08/2025	1	Upgrade to Buy from Neutral	$2.40	13.74%	Pepper Money's 1H25 result showed earnings recovery is on track, Citi highlights, with FY25 set to deliver positive EPS growth for the first time in four years. A special dividend of 12.5c was declared. New mortgage flows rose 55% y/y to $2.8bn and further growth is expected from strong 1H applications, up 30% y/y. Group margin eased -5bps to 1.98% as the lender focused on volume growth from lower-margin prime mortgages. The broker expects margin to improve to 2% based on higher 1H exit rate of over 2.05% and lower wholesale funding costs. Bad debts fell -2% y/y and while the broker expects arrears to rise, net losses are expected to be minimal. Target lifted to $2.40 from $1.75. Rating upgraded to Buy from Neutral. FORECAST Citi forecasts a full year FY25 dividend of 26.10 cents and EPS of 21.80 cents. Citi forecasts a full year FY26 dividend of 13.00 cents and EPS of 25.30 cents.

BROKER

DATE

RATING

RECOMMENDATION

TARGET PRICE

% TO REACH TARGET

COMMENTARY

Macquarie

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

Citi

22/08/2025

Upgrade to Buy from Neutral

$2.40

13.74%

Pepper Money's 1H25 result showed earnings recovery is on track, Citi highlights, with FY25 set to deliver positive EPS growth for the first time in four years. A special dividend of 12.5c was declared.

New mortgage flows rose 55% y/y to $2.8bn and further growth is expected from strong 1H applications, up 30% y/y. Group margin eased -5bps to 1.98% as the lender focused on volume growth from lower-margin prime mortgages.

The broker expects margin to improve to 2% based on higher 1H exit rate of over 2.05% and lower wholesale funding costs. Bad debts fell -2% y/y and while the broker expects arrears to rise, net losses are expected to be minimal.

Target lifted to $2.40 from $1.75. Rating upgraded to Buy from Neutral.

FORECAST
Citi forecasts a full year FY25 dividend of 26.10 cents and EPS of 21.80 cents.
Citi forecasts a full year FY26 dividend of 13.00 cents and EPS of 25.30 cents.

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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	28/08/2025	2	Overweight	$2.00	-5.21%	Pepper Money's 1H25 cash net profit was down -10% sequentially at $47m and was -5% below Jarden's forecast. Lower net interest income and a 48% sequential rise in bad debt drove the -10% decline. Group net interest margin (NIM) fell -5bps vs 2H24 but was up 6% y/y. Mortgage NIM fell -21bps h/h to 1.5% and asset finance was up 15bps to 2.73%. The company noted resilience in mortgage book and believes the worst is over for asset finance book after spike in insolvencies in 2H23 and 1H24. FY26 EPS forecast lifted by 0.3% and FY27 by 1.9% mainly due to higher origination. Overweight. Target rises to $2.00 from $1.65. FORECAST Jarden forecasts a full year FY25 dividend of 26.00 cents and EPS of 20.50 cents. Jarden forecasts a full year FY26 dividend of 14.00 cents and EPS of 25.30 cents.

BROKER

DATE

RATING

RECOMMENDATION

TARGET PRICE

% TO REACH TARGET

COMMENTARY

Jarden

28/08/2025

Overweight

$2.00

-5.21%

Pepper Money's 1H25 cash net profit was down -10% sequentially at $47m and was -5% below Jarden's forecast. Lower net interest income and a 48% sequential rise in bad debt drove the -10% decline.

Group net interest margin (NIM) fell -5bps vs 2H24 but was up 6% y/y. Mortgage NIM fell -21bps h/h to 1.5% and asset finance was up 15bps to 2.73%.

The company noted resilience in mortgage book and believes the worst is over for asset finance book after spike in insolvencies in 2H23 and 1H24.

FY26 EPS forecast lifted by 0.3% and FY27 by 1.9% mainly due to higher origination.

Overweight. Target rises to $2.00 from $1.65.

FORECAST
Jarden forecasts a full year FY25 dividend of 26.00 cents and EPS of 20.50 cents.
Jarden forecasts a full year FY26 dividend of 14.00 cents and EPS of 25.30 cents.

Access Extra Coverage Research History >

PPM STOCK CHART

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Dividend Yield Today On Last Actual Payout :	5.63
Estimated Dividend Growth (Average Of Past Three Years)	%
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PEPPER MONEY LIMITED (PPM)
Share Price Analysis and Chart