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Change Financial Ltd
(Sydney:CCA)
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Rating:46Neutral
Price Target:
AU$0.05
▼(-2.00% Downside)
Action:Reiterated
Date:07/30/26
The score is held back primarily by weak profitability (negative margins/ROE) and a clear technical downtrend with the price below all key moving averages. Revenue growth, improving free cash flow, and low leverage provide some support but are not enough to offset the profitability and trend concerns.
Positive Factors
Revenue Growth
Consistent revenue growth of 12.43% demonstrates expanding demand and supports scale over the medium term. This durable top-line expansion provides a foundation for operational leverage, funding product development and market expansion if cost discipline follows.
Negative Factors
Profitability
Persistent negative net profit and EBIT margins mean the core business is not yet profitable. This structural weakness constrains the company's ability to self-fund growth, increases reliance on capital markets, and suggests underlying pricing or cost issues that must be corrected to create long-term value.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth
Consistent revenue growth of 12.43% demonstrates expanding demand and supports scale over the medium term. This durable top-line expansion provides a foundation for operational leverage, funding product development and market expansion if cost discipline follows.
Read all positive factors
Change Financial Ltd (CCA) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$32.45M
Dividend YieldN/A
Average Volume (3M)269.70K
Price to Earnings (P/E)32.5
Beta (1Y)0.73
Revenue Growth31.09%
EPS GrowthN/A
CountryAU
Employees85
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$20.53M
Change Financial Ltd Business Overview & Revenue Model
Company Description
Change Financial Limited is a financial technology firm that provides payment-as-a-service (PaaS) solutions across a global footprint, including regions like Southeast Asia, Oceania, Latin America, and the United States. The company's key offering...
How the Company Makes Money
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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 | 9.29M | 15.02M | 10.51M | 8.71M | 8.32M | 6.31M |
| Gross Profit | 3.39M | 4.09M | 3.89M | 2.42M | 695.31K | 564.95K |
| EBITDA | 760.15K | -785.36K | -621.17K | -1.26M | -2.53M | -2.31M |
| Net Income | 596.65K | -1.94M | -2.57M | -2.92M | -3.77M | -3.48M |
Balance Sheet | ||||||
| Total Assets | 16.97M | 18.03M | 12.94M | 15.30M | 10.35M | 12.72M |
| Cash, Cash Equivalents and Short-Term Investments | 2.56M | 3.91M | 2.59M | 5.35M | 1.50M | 4.02M |
| Total Debt | 358.36K | 424.06K | 156.93K | 136.25K | 1.29M | 561.76K |
| Total Liabilities | 9.24M | 11.04M | 7.07M | 6.86M | 7.00M | 5.70M |
| Stockholders Equity | 7.73M | 6.99M | 5.88M | 8.44M | 3.34M | 7.02M |
Cash Flow | ||||||
| Free Cash Flow | 20.32K | 747.41K | -2.39M | -3.12M | -4.08M | -3.02M |
| Operating Cash Flow | 35.04K | 795.05K | -464.97K | -1.59M | -2.64M | -2.32M |
| Investing Cash Flow | -1.32M | -2.05M | -2.09M | -1.80M | -1.26M | -5.17M |
| Financing Cash Flow | -57.38K | 2.76M | -102.15K | 6.89M | 710.79K | 7.56M |
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% | |
59 Neutral | AU$52.20M | 8.55 | 7.00% | ― | 7.68% | ― | |
46 Neutral | AU$32.45M | 32.50 | 8.11% | ― | 31.09% | ― | |
46 Neutral | AU$2.49M | -0.05 | -53.64% | ― | 6.96% | 31.11% | |
45 Neutral | AU$128.53M | -1.91 | -45.17% | ― | 5.43% | -667.97% | |
44 Neutral | AU$42.56M | -2.82 | -17.85% | ― | -30.24% | -52.96% | |
41 Neutral | AU$2.08M | -0.23 | -338.49% | ― | 128.94% | -54.17% |
* Technology Sector Average
AU:CCA
Change Financial Ltd
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-50.00%
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Change Financial Ltd Corporate Events
Change Financial Highlights Global Reach of Its Payments Technology Platforms
Jul 26, 2026
Change Financial has outlined its role as a provider of innovative and scalable payment solutions spanning transaction processing, card issuing and payment testing. Its platforms support prepaid, debit and credit products, with processing services...
Change Financial hits upgraded FY26 targets and leans into PaaS-led growth
Jul 21, 2026
Change Financial has delivered unaudited FY26 revenue of US$18.2 million, a 21 per cent rise on the previous year, and Underlying EBITDA of US$3.3 million, a seventeen-fold increase, meeting its upgraded guidance and extending a three-year revenue...
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.