ASPEN GROUP LIMITED (APZ)
Share Price Analysis and Chart

22/08/2025

1

Buy

$4.85

12.27%

Aspen Group delivered FY25 EPS of 16.8c, which was broadly in line with expectations, with a slight upgrade of 1% to FY26 guidance, which met consensus expectations according to Bell Potter.

The current fiscal year looks good with 72 settlements and contracts of 140 lots, and the analyst's target at 150. A more even split between first and second halves is expected.

Positively, Tourism (Parks) is looking upbeat with more robust corporate activity based on two months year-to-date revenue.

FY26 guidance assumes 10% annual growth in rental income and includes the recent Adelaide acquisition. Bell Potter tweaks its EPS forecasts by -2% for FY26 and up 1% for FY27.

No change to Buy rating. Target lifts to $4.85 from $3.90.

FORECAST
Bell Potter forecasts a full year FY26 dividend of 11.00 cents and EPS of 19.20 cents.
Bell Potter forecasts a full year FY27 dividend of 11.50 cents and EPS of 21.60 cents.

26/05/2025

1

Buy

$3.83

-11.34%

Moelis raises Aspen Group's target price to $3.83 from $3.30 and maintains a Buy rating.

An institutional placement raised $68m at $2.90/sh with potential for a further $4m via SPP, representing a 13% increase in shares on issue and reducing gearing to 13%.

Moelis estimates fair value of Aspen's portfolio at $2.98/sh, identifying latent uplift of 40–71cps from conservative valuations.

The analyst justifies a platform premium of 24% based on Aspen’s 21% average ROE over 4.5 years. Several WA and SA assets are held at deep discounts to market, notably Meadowbrooke and Viveash, which offer material development upside.

 Aspen trades at a 41% premium to NAV, but the broker views this as justified by development and valuation upside.

FORECAST
Moelis forecasts a full year FY26 dividend of 11.60 cents and EPS of 19.30 cents.