SOLVAR LIMITED (SVR)
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09/09/2025

3

Hold

$1.70

-3.13%

Bell Potter notes the Federal Court found some contraventions of responsible lending provisions in the ASIC vs Money3 case, but most ASIC claims were rejected. Money3 was rebranded to Solvar in late 2021.

The broker believes it was not a clean result for the company, but far from a major ASIC victory.

Hearing on penalty, fine, costs etc, is due in October and while the broker acknowledges it carries financial/reputational risk, the tone of judgment suggests limited downside relative to ASIC’s original claims.

Separately, the broker reviewed forecasts, lowering overall funding costs for FY26 to 4.5% over cash from 5.3%. Bad debts and provisions estimates also lifted, and the net outcome is a 9.4% lift to FY26 EPS forecast and a 4.5% rise to FY27.

Hold. Target rises to $1.70 from $1.60.

FORECAST
Bell Potter forecasts a full year FY26 dividend of 14.50 cents and EPS of 17.80 cents.
Bell Potter forecasts a full year FY27 dividend of 14.00 cents and EPS of 17.30 cents.

11/09/2025

1

Buy

$2.00

13.96%

Canaccord Genuity notes ASIC was only partially successful in its case against Solvar's subsidiary Money3 Loans, finding limited contraventions of the responsible lending provisions in the relevant Act.

The hearing was adjourned for submission on relief, and the Court will then deliberate on penalties payable by Money3 and orders on legal costs.

The broker believes that while there will be penalties, the ruling has reduced the threat of a major compliance or structural issue for the company.

Buy. Target unchanged at $2.

FORECAST
Canaccord Genuity forecasts a full year FY26 dividend of 12.00 cents and EPS of 17.00 cents.
Canaccord Genuity forecasts a full year FY27 dividend of 13.00 cents and EPS of 19.00 cents.