Change Financial Ltd (AU:CCA)
ASX:CCA
Top Page
Change Financial Ltd
(Sydney:CCA)
Select Model
Select Model
Rating:54Neutral
Price Target:
AU$0.10
▲(38.57% Upside)
Action:UpgradedDate:01/28/26
The score is primarily held back by weak financial performance, with ongoing losses and pressured margins despite revenue growth and improved free cash flow. Technicals are a positive offset, as the stock trades above key moving averages with supportive momentum indicators. Valuation is also a constraint due to the negative P/E and lack of dividend yield data.
Positive Factors
Revenue growth
Sustained top-line expansion (12.43% year) indicates durable demand for the company’s services and successful client acquisition or retention. Over 2–6 months this supports reinvestment in product and sales, helping scale gross volumes even if margins need improvement.
Negative Factors
Negative profitability & ROE
Ongoing operating losses and negative ROE signal the business is not yet generating shareholder returns. Persisting unprofitability limits capacity to self-fund growth, weakens investor confidence in long-term returns, and may force strategic trade-offs in investment.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue growth
Sustained top-line expansion (12.43% year) indicates durable demand for the company’s services and successful client acquisition or retention. Over 2–6 months this supports reinvestment in product and sales, helping scale gross volumes even if margins need improvement.
Read all positive factors
Change Financial Ltd (CCA) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$53.16M
Dividend YieldN/A
Average Volume (3M)269.70K
Price to Earnings (P/E)―
Beta (1Y)0.89
Revenue Growth43.85%
EPS Growth29.03%
CountryAU
Employees79
SectorTechnology
Sector Strength88
IndustryInformation Technology Services
Share Statistics
EPS (TTM)<0.01
Shares Outstanding690,453,000
10 Day Avg. Volume80,247
30 Day Avg. Volume269,698
Financial Highlights & Ratios
PEG Ratio0.46
Price to Book (P/B)8.73
Price to Sales (P/S)4.06
P/FCF Ratio81.61
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)<0.01
Revenue Forecast (FY)AU$18.25M
Change Financial Ltd Business Overview & Revenue Model
Company Description
Change Financial Ltd (CCA) is a financial technology company specializing in providing innovative payment solutions and banking services. The company operates primarily in the fintech sector, offering a range of products that include digital banki...
How the Company Makes Money
null...
Change Financial Ltd Earnings Call Summary
Earnings Call Date:Feb 25, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Sep 02, 2026
Earnings Call Sentiment Positive
The call conveyed a predominantly positive operational and financial inflection: record revenue, expanding recurring revenue (70%), improving EBITDA (two consecutive quarters of USD 900K and USD 1.8M for H1), upgraded FY '26 guidance, and continued PaaS client wins and onboarding. Key risks discussed were timing mismatches between active cards and transaction revenue (notably related to prepaid growth and late-quarter Sharesies card deliveries), reliance on one-off services for part of the strong H1, lumpy B2B sales cycles, and near-term cash timing sensitivity despite a healthy cash position. Overall the positives (strong growth, margin improvement, upgraded guidance and healthy pipeline) materially outweigh the timing and scaling challenges.Positive Updates
Record Quarterly Revenue
Q2 revenue of USD 4.7M, up 34% year-over-year; year-to-date revenue up 29% YoY; rolling 3-year revenue CAGR of 25%; company on track to have doubled revenue over the last 3 years by end of FY '26.
Negative Updates
Transaction Volumes Lag Active Card Growth
Active cards rose to over 110,000 in ANZ, but transaction volumes and transactional revenue have not scaled at the same rate—partly due to prepaid mix and Sharesies cards being delivered late in the quarter, creating a timing gap between active cards and transactions.
Read all updates
Q2-2026 Updates
Positive
Negative
Record Quarterly Revenue
Q2 revenue of USD 4.7M, up 34% year-over-year; year-to-date revenue up 29% YoY; rolling 3-year revenue CAGR of 25%; company on track to have doubled revenue over the last 3 years by end of FY '26.
Read all positive updates
Company Guidance
Change upgraded FY‑26 guidance to revenue of USD 17.5–18.5 million and underlying EBITDA of USD 3.1–3.8 million (roughly a 15% uplift at the midpoint versus prior guidance), and reiterated it expects to be cash‑flow positive for the year. Management said the upgrade is backed by a strong H1: Q2 revenue of USD 4.7m (up 34% YoY), YTD revenue up 29% YoY, H1 underlying EBITDA of USD 1.8m (two consecutive quarters of USD 0.9m), recurring revenue of ~70% (recurring revenue for the quarter USD 3.3m) and one‑off revenue of USD 1.4m in the quarter; the rolling 3‑year revenue CAGR is 25% and the company remains on track to have doubled revenue over three years by end FY‑26. Cash metrics cited include cash receipts of USD 3.9m (up 4% YoY), cash on hand USD 2.6m plus USD 1.4m in security deposits, and accounts receivable of USD 3.0m, with management expecting stronger H2 cash flows due to seasonal billing.Change Financial Ltd Financial Statement Overview
Summary
Income Statement
45
Neutral
Balance Sheet
50
Neutral
Cash Flow
55
Neutral
| Breakdown | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 13.36M | 15.02M | 10.51M | 8.71M | 8.32M | 6.31M |
| Gross Profit | 3.28M | 4.09M | 3.89M | 2.42M | 695.31K | 564.95K |
| EBITDA | -2.14M | -785.36K | -621.17K | -1.26M | -2.53M | -2.31M |
| Net Income | -2.77M | -1.94M | -2.57M | -2.92M | -3.77M | -3.48M |
Balance Sheet | ||||||
| Total Assets | 15.96M | 18.03M | 12.94M | 15.30M | 10.35M | 12.72M |
| Cash, Cash Equivalents and Short-Term Investments | 3.49M | 3.91M | 2.59M | 5.35M | 1.50M | 4.02M |
| Total Debt | 293.26K | 424.06K | 156.93K | 136.25K | 1.29M | 561.76K |
| Total Liabilities | 8.98M | 11.04M | 7.07M | 6.86M | 7.00M | 5.70M |
| Stockholders Equity | 6.98M | 6.99M | 5.88M | 8.44M | 3.34M | 7.02M |
Cash Flow | ||||||
| Free Cash Flow | 229.74K | 747.41K | -2.39M | -3.12M | -4.08M | -3.02M |
| Operating Cash Flow | 294.78K | 795.05K | -464.97K | -1.59M | -2.64M | -2.32M |
| Investing Cash Flow | -2.15M | -2.05M | -2.09M | -1.80M | -1.26M | -5.17M |
| Financing Cash Flow | 2.78M | 2.76M | -102.15K | 6.89M | 710.79K | 7.56M |
Change Financial Ltd Technical Analysis
Negative
0.07
Price Trends
0.08
Negative
0.08
Positive
0.08
Negative
Market Momentum
>-0.01
Positive
43.14
Neutral
57.14
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:CCA, the sentiment is Negative. The current price of 0.07 is below the 20-day moving average (MA) of 0.08, below the 50-day MA of 0.08, and below the 200-day MA of 0.08, indicating a bearish trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 43.14 is Neutral, neither overbought nor oversold. The STOCH value of 57.14 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:CCA.
Change Financial Ltd Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
61 Neutral | AU$104.36M | -40.64 | 5.74% | ― | 11.72% | ― | |
58 Neutral | AU$42.77M | -77.51 | 4.70% | 4.66% | 14.59% | -11.13% | |
56 Neutral | AU$61.26M | 38.88 | 5.67% | ― | 11.90% | 42.11% | |
54 Neutral | AU$53.16M | -31.40 | -24.79% | ― | 43.85% | 29.03% | |
46 Neutral | AU$36.63M | 8.18 | 1.96% | 3.45% | 2.06% | -277.78% | |
45 Neutral | AU$211.74M | -22.24 | -45.17% | ― | -5.87% | -540.18% |
* Technology Sector Average
AU:CCA
Change Financial Ltd
0.08
0.03
48.08%
AU:EML
EML Payments
0.55
-0.25
-31.45%
AU:CCG
Comms Group Ltd. (Australia)
0.07
0.02
55.81%
AU:KYP
CV Check Ltd
0.14
>-0.01
-6.67%
AU:CCR
Credit Clear Limited
0.20
-0.01
-6.98%
AU:COS
Cosol Limited
0.24
-0.48
-66.90%
Change Financial Ltd Corporate Events
Change Financial Director Increases Indirect Shareholding via On‑Market Trade
Mar 20, 2026
Change Financial director Geoffrey Sam has increased his indirect shareholding in the company through Annandale Super Pty Ltd as trustee for the Sam Family Super Fund. An on-market purchase of 714,286 ordinary shares for about $50,000 lifted his i...
Change Financial director Thomas Russell increases shareholding via on‑market trade
Mar 19, 2026
Change Financial Limited has disclosed a change in director Thomas Russell’s holdings, following an on‑market purchase of additional ordinary shares in the company. Russell acquired 400,000 shares directly and 100,000 shares indirectly...
Change Financial Director Ian Leijer Lifts Shareholding in On-Market Purchase
Mar 19, 2026
Change Financial director Ian Leijer has increased his stake in the company, purchasing 714,286 ordinary shares in an on-market trade on 17 March 2026 for a total consideration of $50,000.02. Following the transaction, Leijer now holds these share...
Change Financial Director Sells Entire 137 Million-Share Stake
Mar 19, 2026
Change Financial has disclosed a significant change in director Michael Giles’ indirect shareholding, after he sold 137 million ordinary shares held via Fintech HQ Pty Ltd in an on-market transaction. The disposal, valued at about $9.59 mill...
Major Investor Group Exits Substantial Holding in Change Financial
Mar 19, 2026
Change Financial Limited has disclosed that FinTech HQ Pty Ltd and a group of related entities, along with individual investor Michael H. Giles, have ceased to be substantial shareholders in the company. According to the notice, their relevant int...
Change Financial reshapes board and investor base as major holder exits
Mar 17, 2026
Change Financial Limited, a global fintech focused on payments-as-a-service, card issuing and payment testing, serves over 150 clients across more than 40 countries. Its Vertexon platform powers digital and virtual card offerings for banks and fin...
Change Financial Showcases Global Reach of Payments and Testing Platforms
Feb 25, 2026
Change Financial has highlighted its role as a provider of scalable, innovative payments-as-a-service and testing solutions, underpinned by two in-house technology platforms and key licences covering processing and issuing in Australia, New Zealan...
Change Financial Delivers Record H1 FY26 Revenue and First Half-Year Profit
Feb 25, 2026
Change Financial reported record first-half FY26 revenue of US$9.3 million, up 29%, driven by growth in its Vertexon PaaS and professional services, with 70% of revenue coming from recurring streams. The company’s PaaS platform is scaling, w...
Change Financial lodges 2026 half‑year report and Appendix 4D
Feb 25, 2026
Change Financial Limited has released its Appendix 4D and Half Year Report for the six months ended 31 December 2025, outlining its condensed consolidated financial statements, directors’ report and auditor’s review. The report package...
Change Financial to Release H1 FY26 Results and Host Investor Webinar
Feb 23, 2026
Change Financial Limited has announced it will publish its half-year financial results for the period ended 31 December 2025 on 26 February 2026. The company will also host a live webinar and QA session on the same day, led by CEO Tony Sheehan and...
Change Financial Showcases Scalable Payments Platforms in Q2 FY26 Investor Update
Jan 28, 2026
Change Financial Ltd has released its Q2 FY26 investor presentation highlighting its role as a payments-as-a-service and testing provider with two core proprietary platforms driving most of its revenue. The company emphasises its scalable, innovat...
Change Financial Posts Record Q2 Revenue as Vertexon PaaS Growth boosts Profitability
Jan 28, 2026
Change Financial reported a record revenue quarter for Q2 FY26, with revenue rising 34% year-on-year to US$4.7m and customer receipts reaching US$3.9m, while approximately 70% of year-to-date revenue came from recurring streams. The company delive...
Change Financial Sets Date for Q2 FY26 Results and Investor Webinar
Jan 22, 2026
Change Financial Limited has scheduled the release of its Quarterly Activities Report and Appendix 4C cashflow statement for the three months to 31 December 2025 on 29 January 2026, and will host a live investor webinar and QA on the same day. The...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.