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: 5.34
Index: ASX300 | ALL-ORDS

HMC Capital is an alternative asset manager investing across real estate, private equity, private credit, energy and digital infrastructure.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$3.38

27 Aug
2026

0.120

OPEN

$3.40

3.68%

HIGH

$3.59

7,847,968

LOW

$3.32

TARGET
$3.625 7.2% upside
Franking for last dividend paid out: 16%
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FNARENA'S MARKET CONSENSUS FORECASTS
HMC: 1
Title FY25
Actual		 FY26
Actual		 FY27
Forecast		 FY28
Forecast
EPS (cps) xxx - 11.9 28.8 xxx
DPS (cps) xxx 12.0 14.3 xxx
EPS Growth xxx N/A N/A xxx
DPS Growth xxx 0.0% 18.8% xxx
PE Ratio xxx N/A 11.6 xxx
Dividend Yield xxx N/A 4.3% xxx
Div Pay Ratio(%) xxx N/A 49.5% xxx

Dividend yield today if purchased 3 years ago: 2.29%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 3.59

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: 03/03 - ex-div 6.00c (franking 16%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2026 FactSet UK Limited. All rights reserved
Title 202120222023202420252026
EPS Basic xxxxxxxxxxxxxxx-11.9
DPS All xxxxxxxxxxxxxxx12.0
Sales/Revenue xxxxxxxxxxxxxxx181.9 M
Book Value Per Share xxxxxxxxxxxxxxx373.9
Net Operating Cash Flow xxxxxxxxxxxxxxx31.5 M
Net Profit Margin xxxxxxxxxxxxxxx10.39 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202120222023202420252026
Return on Capital Employed xxxxxxxxxxxxxxx1.18 %
Return on Invested Capital xxxxxxxxxxxxxxx1.08 %
Return on Assets xxxxxxxxxxxxxxx0.91 %
Return on Equity xxxxxxxxxxxxxxx1.18 %
Return on Total Capital xxxxxxxxxxxxxxx2.55 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx-25.2 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 202120222023202420252026
Short-Term Debt xxxxxxxxxxxxxxx5 M
Long Term Debt xxxxxxxxxxxxxxx303 M
Total Debt xxxxxxxxxxxxxxx308 M
Goodwill - Gross xxxxxxxxxxxxxxx114 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx176 M
Price To Book Value xxxxxxxxxxxxxxx0.79

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202120222023202420252026
Capex xxxxxxxxxxxxxxx7.1 M
Capex % of Sales xxxxxxxxxxxxxxx3.90 %
Cost of Goods Sold xxxxxxxxxxxxxxx-
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx124 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx105 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

0.7

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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Macquarie

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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Bell Potter

27/08/2026

1

Buy

$4.20

24.26%

HMC Capital reported FY26 earnings above Bell Potter and consensus. FY27 underlying earnings guidance of at least 35c is above 30.2c in FY26. Dividend guidance of 15.0c is 25% above Bell Potter and consensus, and prior years.

The broker recently upgraded HMC to Buy and the result provides confidence that the company is turning the corner from an earnings momentum perspective, and indeed management has articulated a clear message of earnings upside to items not included in guidance.

As headwinds turn to tailwinds, HMC screens inexpensively, Bell Potter suggests, trading at just 9.3x one-year forward underlying earnings. Target rises to $4.20 from $3.85, Buy retained.

FORECAST
Bell Potter forecasts a full year FY27 dividend of 15.00 cents and EPS of 35.20 cents.
Bell Potter forecasts a full year FY28 dividend of 16.00 cents and EPS of 38.30 cents.

UBS

xx/xx/xxxx

1

xxx

$xx.xx

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.
Login above or Get a Free Trial
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

28/08/2026

3

Neutral

$3.45

2.07%

HMC Capital announced pre-tax OEPS of 40.4c versus consensus 38.7c supported by 10.2c of unrealised gains/losses across the Energy and Private Equity platforms.

Jarden notes FY27 guidance of at least 35c adopts a new "Underlying EPS" definition, which excludes revaluations, and reflects a shift towards cash earnings.

Updated modelling sees a FY27-FY30 EPS CAGR of 6.7%. Commentary highlights HMC has pivoted away from chasing headline "growth for growth's sake" aspirational AUM in favour of higher-quality earnings.

The broker argues the strategic switch should lead to a more supportive cost of capital. Neutral rating with upgraded $3.45 target price.
Access Extra Coverage Research History >

HMC STOCK CHART

FNArena News on HMC

1
Next Week At A Glance – 31 Aug – 4 Sep 2026

Aug 28 2026 - Weekly Reports
2
Australian Broker Call *Extra* Edition – Aug 28, 2026

Aug 28 2026 - Daily Market Reports
3
FNArena Corporate Results Monitor – 27-08-2026

Aug 27 2026 - Australia
4
Weekly Ratings, Targets, Forecast Changes – 24-07-26

Jul 27 2026 - Weekly Reports
5
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Jul 09 2026 - Rudi's View

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