ASPEN GROUP LIMITED (APZ)
Share Price Analysis and Chart

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06/10/2026

1

Buy

$6.10

32.61%

Citi considers the risk/reward for Aspen Group compelling at current levels following the 1Q update.

The broker highlights the stock is trading on 19.0x FY27 PE and at a premium to reported net tangible assets (NTA).

Buy rated with a $6.10 target price.

Initial Take on Monday: Citi retains its Buy rating on Aspen Group following today's stronger-than-expected 1Q27 update.

In a prescient move, the broker had last week kept its 90-day catalyst watch on the stock, largely in anticipation of these results. The catalyst watch ends on December 7 and was added on September 7.

Quarterly earnings (EBITDA) rose 38% to $17.8m, while realised development profit increased 98% to $7.9m.

Residential rental occupancy remains near full, with net rental income margins expanding 300bps to 58%, while 78% of the FY27 development pipeline is already contracted.

Management has retained FY27 guidance despite the strong start, which Citi views as appropriately conservative.

The current 19x FY27 PE is seen as justified by strong growth, a deep development pipeline and resilient returns.

FORECAST
Citi forecasts a full year FY27 EPS of 24.00 cents.
Citi forecasts a full year FY28 EPS of 27.00 cents.

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20/08/2026

1

Buy

$6.15

33.70%

Moelis maintains a Buy rating for Aspen Group with its target price increased to $6.15 from $5.98 following a strong FY26 operating result and a 4.4% upgrade to FY27 guidance.

The analyst highlights that organic rental growth, improved operating margins, and expanding development profits continue to drive performance within an undersupplied affordable residential market.

The broker adjusts FY27 to FY29 net profit after tax forecasts upward by 0.5%-6.5% to reflect growth from maturing projects including Ravenswood, Wallaroo, and Australind.

Management increased FY27 settlement guidance to 240 lots while maintaining a flexible balance sheet to support ongoing development pipelines.

The valuation is supported by defensive asset backing and strong medium-term earnings growth trajectories, the report concludes.

FORECAST
Moelis forecasts a full year FY27 dividend of 12.00 cents and EPS of 23.30 cents.
Moelis forecasts a full year FY28 dividend of 13.60 cents and EPS of 27.30 cents.