REGAL PARTNERS LIMITED (RPL)
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25/08/2026

1

Buy

$4.80

75.18%

Bell Potter maintains its Buy recommendation for Regal Partners with an unchanged target price of $4.80 following a first-half result featuring normalised net profit after tax of $93.3m, which exceeded market expectations and beat the $90m guidance floor.

Operational performance benefited from fund management fees rising 23% year-on-year to $91.0m and fund performance fees surging 180% year-on-year to $118.7m.

Earnings revisions reflect minor reductions of -2%-3% across FY27-FY29 forecasts due to visibility on non-performance employee cash expenses.

The analyst highlights that funds under management reached $21.4bn supported by strong net inflows, ongoing credit demand, and strategic capital raisings, while the shares are seen trading on an undemanding earnings multiple relative to global peers.

FORECAST
Bell Potter forecasts a full year FY26 dividend of 19.00 cents and EPS of 31.00 cents.
Bell Potter forecasts a full year FY27 dividend of 20.00 cents and EPS of 31.10 cents.

27/08/2026

1

Buy

$3.75

36.86%

Canaccord Genuity maintains its Buy rating for Regal Partners with its target price maintained at $3.75 following a strong financial result marked by fee revenue of $232.6m and normalised net profit after tax of $93.3m alongside a fully franked final dividend of 12.0cps.

Operational performance was bolstered by PM Capital's global strategies and significant performance fee generation, while the upcoming transition of co-founder Phil King to retirement is viewed as unlikely to hamper future performance.

Short-term funds under management assumptions are lowered following a July drawdown, resulting in minor revenue reductions.

The analyst highlights that Regal Partners shares trade at an unwarranted discount to peers on approximately 8x forward price-to-earnings, offering substantial upside potential.