HARMONEY CORP LIMITED (HMY)
Share Price Analysis and Chart

23/10/2026

1

Buy

$1.40

102.90%

Harmony Corp delivered a positive 1Q27 trading update, according to Ord Minnett, reaffirming cash NPAT guidance above $16m, implying growth of more than 18% y/y, with group loan book growth of 9% to $912m marginally ahead of forecasts.

Loan book growth was broad-based across A&NZ, increasing 14% and 11%, respectively, while automation and scale improved the cost-to-income ratio by 100bps to 18%.

Credit losses remained stable at 3.8%, while arrears over 90 days improved to 0.64% from 0.77%, supporting the earnings outlook.

The current valuation of 5.5x FY27 earnings is viewed as attractive, with ongoing share buybacks and potential corporate appeal offering further upside. The broker retains Buy with a target price of $1.40, down from $1.42.

FORECAST
Ord Minnett forecasts a full year FY27 dividend of 0.00 cents and EPS of 12.90 cents.
Ord Minnett forecasts a full year FY28 dividend of 0.00 cents and EPS of 14.70 cents.

24/08/2026

1

Buy

$1.35

95.65%

Moelis maintains its Buy recommendation for Harmoney with its target price increased to $1.35 from $1.30 following an FY26 cash net profit after tax result of $13.5m, outperforming company guidance of $13m-plus and the broker's estimates of $13.3m.

Core personal loan front and back book momentum is expected to carry into FY27, supported by the launch of an intermediary channel driving secured auto loans and prompting FY27 cash net profit after tax guidance of $16m-plus.

The broker's estimates incorporate the introduction of cash taxes, a conservative ramp profile and upfront broker commissions for the new intermediary channel, adjustments to net interest margins and realised loss rates, and the extension of the share buyback program.

The analyst highlights that Harmoney Corp has already partnered with its first Australian intermediary funding over $1m in secured auto loans within two weeks, with ten additional intermediaries in the pipeline for FY27.

Trading on 5.0x forward cash price-to-earnings, the valuation is considered undemanding as medium-term earnings performance strengthens.

FORECAST
Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 16.10 cents.
Moelis forecasts a full year FY28 dividend of 0.00 cents and EPS of 18.60 cents.