QUALITAS LIMITED (QAL)
Share Price Analysis and Chart

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QAL - QUALITAS LIMITED

FNArena Sector : Wealth Management & Investments

Year End: June

GICS Industry Group : Real Estate

Debt/EBITDA: 7.42

Index: ALL-ORDS

LAST PRICE	CHANGE +/-	CHANGE %	VOLUME
$2.27 25 Mar 2025	0.030 OPEN $2.31	1.34% HIGH $2.31	192,883 LOW $2.24

TARGET

$3.225

42.1% upside

Franking for last dividend paid out: 100%

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FNARENA'S MARKET CONSENSUS FORECASTS

Title	FY23 Actual	FY24 Actual	FY25 Forecast	FY26 Forecast
EPS (cps)	xxx	9.0	12.3	xxx
DPS (cps)	xxx	8.0	8.7	xxx
EPS Growth	xxx	16.9%	36.1%	xxx
DPS Growth	xxx	6.7%	8.7%	xxx
PE Ratio	xxx	N/A	18.9	xxx
Dividend Yield	xxx	N/A	3.8%	xxx
Div Pay Ratio(%)	xxx	88.9%	71.0%	xxx

Dividend yield today if purchased 3 years ago: 3.81%

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 5.75c (franking 100%)

HISTORICAL DATA ARE ALL IN AUD

Copyright © 2025 FactSet UK Limited. All rights reserved

Title	2020	2021	2022	2023	2024
EPS Basic	xxx	xxx	xxx	xxx	9.0
DPS All	xxx	xxx	xxx	xxx	8.0
Sales/Revenue	xxx	xxx	xxx	xxx	103.4 M
Book Value Per Share	xxx	xxx	xxx	xxx	125.4
Net Operating Cash Flow	xxx	xxx	xxx	xxx	72.4 M
Net Profit Margin	xxx	xxx	xxx	xxx	25.32 %

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	2020	2021	2022	2023	2024
Return on Capital Employed	xxx	xxx	xxx	xxx	7.18 %
Return on Invested Capital	xxx	xxx	xxx	xxx	4.54 %
Return on Assets	xxx	xxx	xxx	xxx	3.61 %
Return on Equity	xxx	xxx	xxx	xxx	7.18 %
Return on Total Capital	xxx	xxx	xxx	xxx	5.52 %
Free Cash Flow ex dividends	xxx	xxx	xxx	xxx	49.2 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	2020	2021	2022	2023	2024
Short-Term Debt	xxx	xxx	xxx	xxx	104 M
Long Term Debt	xxx	xxx	xxx	xxx	191 M
Total Debt	xxx	xxx	xxx	xxx	295 M
Goodwill - Gross	xxx	xxx	xxx	xxx	-
Cash & Equivalents - Generic	xxx	xxx	xxx	xxx	194 M
Price To Book Value	xxx	xxx	xxx	xxx	1.88

Short-Term Debt

Negative
Growth
Slowing

Long Term Debt

Negative
Growth
Slowing

Total Debt

Negative
Growth
Slowing

Goodwill - Gross

Negative
Growth
Slowing

Cash & Equivalents - Generic

Negative
Growth
Slowing

Price To Book Value

Negative
Growth
Slowing

Title	2020	2021	2022	2023	2024
Capex	xxx	xxx	xxx	xxx	0.3 M
Capex % of Sales	xxx	xxx	xxx	xxx	0.32 %
Cost of Goods Sold	xxx	xxx	xxx	xxx	23 M
Selling, General & Admin. Exp & Other	xxx	xxx	xxx	xxx	43 M
Research & Development	xxx	xxx	xxx	xxx	-
Investments - Total	xxx	xxx	xxx	xxx	383 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

Negative
Growth
Slowing

Investments - Total

Negative
Growth
Slowing

Negative

Growth

Slowing

EXPERT VIEWS
EXTRA COVERAGE

EXPERT VIEWS

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Sentiment Indicator

1.0

No. Of Recommendations

BROKER	DATE	RATING	RECOMMENDATION	TARGET PRICE	% TO REACH TARGET	COMMENTARY
Morgans	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	26/02/2025	1	Outperform	$3.10	36.56%	Qualitas' 1H EPS of 5.4c came in ahead of Macquarie and consensus forecasts for 5.2c and 5.3c, respectively, in an overall strong set of results reflecting growth, depth and maturity of the platform. Funds under management (FUM) deployment momentum remained strong, in the broker's view, with a record $2.4bn deployed in private credit during the first half. Management reaffirmed FY25 guidance, expecting pre-tax profit of $49m-$55m and EPS of 11.50c-12.91c, reflecting 34% growth at the midpoint, observes the analyst. Macquarie raises the target price to $3.10 from $2.93 and retains an Outperform rating. FORECAST Macquarie forecasts a full year FY25 dividend of 8.40 cents and EPS of 12.50 cents. Macquarie forecasts a full year FY26 dividend of 8.70 cents and EPS of 14.10 cents.

BROKER

DATE

RATING

RECOMMENDATION

TARGET PRICE

% TO REACH TARGET

COMMENTARY

Morgans

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

26/02/2025

Outperform

$3.10

36.56%

Qualitas' 1H EPS of 5.4c came in ahead of Macquarie and consensus forecasts for 5.2c and 5.3c, respectively, in an overall strong set of results reflecting growth, depth and maturity of the platform.

Funds under management (FUM) deployment momentum remained strong, in the broker's view, with a record $2.4bn deployed in private credit during the first half.

Management reaffirmed FY25 guidance, expecting pre-tax profit of $49m-$55m and EPS of 11.50c-12.91c, reflecting 34% growth at the midpoint, observes the analyst.

Macquarie raises the target price to $3.10 from $2.93 and retains an Outperform rating.

FORECAST
Macquarie forecasts a full year FY25 dividend of 8.40 cents and EPS of 12.50 cents.
Macquarie forecasts a full year FY26 dividend of 8.70 cents and EPS of 14.10 cents.

Access Stockbroker Research History >

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	12/03/2025	1	Buy	$4.00	76.21%	Jarden notes Qualitas' dry powder was at $1.05bn as of December, representing 11% of committed funds under management and the lowest on record. The broker estimates it could fall further to $0.1-1.0bn, making it likely the investment manager will do strong fundraising in 2H25. The analyst forecasts $1.0bn fundraising in 2H and $1.2bn in 1H26 but sees significant upside risk. The broker highlights every additional $1.0bn capital equals $9.5m of management fees and 12-15% upside risk to its EPS estimate. Target price of $4 and Buy rating are unchanged. FORECAST Jarden forecasts a full year FY25 dividend of 11.10 cents and EPS of 11.80 cents. Jarden forecasts a full year FY26 dividend of 13.60 cents and EPS of 14.50 cents.

BROKER

DATE

RATING

RECOMMENDATION

TARGET PRICE

% TO REACH TARGET

COMMENTARY

Jarden

12/03/2025

Buy

$4.00

76.21%

Jarden notes Qualitas' dry powder was at $1.05bn as of December, representing 11% of committed funds under management and the lowest on record.

The broker estimates it could fall further to $0.1-1.0bn, making it likely the investment manager will do strong fundraising in 2H25. The analyst forecasts $1.0bn fundraising in 2H and $1.2bn in 1H26 but sees significant upside risk.

The broker highlights every additional $1.0bn capital equals $9.5m of management fees and 12-15% upside risk to its EPS estimate.

Target price of $4 and Buy rating are unchanged.

FORECAST
Jarden forecasts a full year FY25 dividend of 11.10 cents and EPS of 11.80 cents.
Jarden forecasts a full year FY26 dividend of 13.60 cents and EPS of 14.50 cents.

Access Extra Coverage Research History >

QAL STOCK CHART

FNArena News on QAL

1	Rudi’s View: Best Buys In Copper, Small Caps, Tech, Healthcare, And More Mar 20 2025 - Rudi's View

2	Confident Qualitas Overlooked By Equity Investors Mar 17 2025 - Small Caps

3	Rudi’s View: Post February Conviction Calls Mar 13 2025 - Rudi's View

4	Australian Broker Call Extra Edition – Mar 13, 2025 Mar 13 2025 - Daily Market Reports

5	Australian Broker Call Extra Edition – Mar 04, 2025 Mar 04 2025 - Daily Market Reports

Latest Wealth Management & Investments News

1	Weekly Update On LICs & LITs – 25-Mar-2025 Mar 25 2025 - Weekly Reports

2	Weekly Update On LICs & LITs – 18-Mar-2025 Mar 18 2025 - Weekly Reports

3	Confident Qualitas Overlooked By Equity Investors Mar 17 2025 - Small Caps

4	Future Looks Bright For Generation Development Mar 11 2025 - Small Caps

5	Weekly Update On LICs & LITs – 11-Mar-2025 Mar 11 2025 - Weekly Reports

6	Monthly Listed Investment Trust Report – Mar 2025 Mar 10 2025 - Australia

7	Weekly Update On LICs & LITs – 25-Feb-2025 Feb 25 2025 - Weekly Reports

8	Active Management Key To Pinnacle’s Success Feb 10 2025 - Small Caps

9	Weekly Update On LICs & LITs – 04-Feb-2025 Feb 04 2025 - Weekly Reports

10	Perpetual: Closing The Gap Feb 03 2025 - Technicals

Dividend Yield Today On Last Actual Payout :	3.46
Estimated Dividend Growth (Average Of Past Three Years)	%
Amount Invested	$
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QUALITAS LIMITED (QAL)
Share Price Analysis and Chart