HMC CAPITAL LIMITED (HMC)
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HMC

HMC - HMC CAPITAL LIMITED

FNArena Sector : Wealth Management & Investments
Year End: June
GICS Industry Group : Real Estate
Debt/EBITDA: 1.5
Index: ASX200 | ASX300 | ALL-ORDS

LAST PRICE CHANGE +/- CHANGE % VOLUME

$3.52

17 Sep
2025

-0.110

OPEN

$3.57

-3.03%

HIGH

$3.59

2,219,715

LOW

$3.49

TARGET
$5.08 44.3% upside
OTHER COMPANIES IN THE SAME SECTOR
AEF . AMP . ASX . BVS . CGF . CVW . DJW . ENN . GDG . GQG . HUB . IFL . IFT . IRE . KAM . KSL . MAF . MFG . MQG . NGI . NWL . PAC . PNI . PPS . PPT . PTM . QAL . RPL . RZI . WHF .
FNARENA'S MARKET CONSENSUS FORECASTS
HMC: 1
Title FY24
Actual		 FY25
Actual		 FY26
Forecast		 FY27
Forecast
EPS (cps) xxx 36.8 31.5 xxx
DPS (cps) xxx 12.0 12.0 xxx
EPS Growth xxx 94.7% - 14.3% xxx
DPS Growth xxx 0.0% 0.0% xxx
PE Ratio xxx N/A 11.0 xxx
Dividend Yield xxx N/A 3.4% xxx
Div Pay Ratio(%) xxx 32.6% 38.1% xxx

Dividend yield today if purchased 3 years ago: 2.38%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 3.45

Estimated Dividend Growth
(Average Of Past Three Years)

  %

Amount Invested

 $ 

Tell Me The Dividend After This Many Years
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: 27/08 - ex-div 6c (franking 70%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2025 FactSet UK Limited. All rights reserved
Title 202020212022202320242025
EPS Basic xxxxxxxxxxxxxxx36.8
DPS All xxxxxxxxxxxxxxx12.0
Sales/Revenue xxxxxxxxxxxxxxx249.2 M
Book Value Per Share xxxxxxxxxxxxxxx402.1
Net Operating Cash Flow xxxxxxxxxxxxxxx76.4 M
Net Profit Margin xxxxxxxxxxxxxxx59.11 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202020212022202320242025
Return on Capital Employed xxxxxxxxxxxxxxx10.22 %
Return on Invested Capital xxxxxxxxxxxxxxx10.19 %
Return on Assets xxxxxxxxxxxxxxx7.42 %
Return on Equity xxxxxxxxxxxxxxx10.22 %
Return on Total Capital xxxxxxxxxxxxxxx4.59 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx20.4 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 202020212022202320242025
Short-Term Debt xxxxxxxxxxxxxxx132 M
Long Term Debt xxxxxxxxxxxxxxx7 M
Total Debt xxxxxxxxxxxxxxx138 M
Goodwill - Gross xxxxxxxxxxxxxxx114 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx665 M
Price To Book Value xxxxxxxxxxxxxxx1.27

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202020212022202320242025
Capex xxxxxxxxxxxxxxx8.6 M
Capex % of Sales xxxxxxxxxxxxxxx3.45 %
Cost of Goods Sold xxxxxxxxxxxxxxx25 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx139 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx0 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

0.6

No. Of Recommendations

5
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Morgans

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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UBS

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
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Bell Potter

xx/xx/xxxx

3

xxxxxxxxx xx xxxx xxxx xxx

$xx.xx

xx.xx%

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Ord Minnett

21/08/2025

1

Buy

$5.35

51.99%

HMC Capital delivered a 51% increase in FY25 operating EPS but fell short of guidance due to one-off items including a Digico Infrastructure REIT ((DGT)) write-down and executive restructure costs.

Management retains the $50bn funds under management (FUM) target in 3-5 years, while stepping back from broader renewable expansion. The -$950m Neoen Victoria acquisition is also being progressed, independently valued at $1.3bn.

Real estate funds performed solidly, according to Ord Minnett, with $2bn of potential developments and expected 15% growth in FY26 fund management earnings.

Commentary highlights private equity shifted focus to fewer, high-conviction opportunities, while private credit FUM rose 25% on the Payton Capital acquisition.

Ord Minnett raises its FY26 funds from operations (FFO) forecast by 9.5% but cuts FY27-28 forecasts by -4.3% and -4.7%. The broker lowers its target price to $5.35 from $5.55 and retains a Buy rating.

Macquarie

xx/xx/xxxx

-1

xx xxxxxx

xx.xx%

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Morgan Stanley

xx/xx/xxxx

3

xxxxx-xxxxxx

$xx.xx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
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Access Stockbroker Research History >
EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

1

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

10/09/2025

3

Downgrade to Neutral from Overweight

$4.00

13.64%

Jarden notes REIT stocks outperformed in August, up 6.2%, with the performance supported by the sector exceeding elevated expectations during the result season.

Macro tailwinds like rate cuts, cap rate compression and limited supply support rental/price growth and asset values. Balance sheets are healthy, enabling capital deployment and potential consolidation-driven upside.

Among key risks in the broker's view are elevated rates vs past cycles, regulatory headwinds, and a wide gap between underlying and cash-backed earnings.

In the case of HMC Capital, the broker believes earnings are dependent on the ability to raise unlisted capital where the track record is minimal. Forecasts and valuation lowered to reflect the range of possibilities.

Rating downgraded to Neutral from Overweight. Target trimmed to $4.00 from $5.20.

FORECAST
Jarden forecasts a full year FY26 EPS of 25.40 cents.
Jarden forecasts a full year FY27 EPS of 27.29 cents.
Access Extra Coverage Research History >

HMC STOCK CHART

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