MA Financial Group Limited (AU:MAF)
ASX:MAF
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MA Financial Group Limited
(Sydney:MAF)
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Rating:46Neutral
Price Target:
AU$7.00
â–Ľ(-6.91% Downside)
Action:ReiteratedDate:02/28/26
The score is primarily held back by financial risk from very high leverage and weakened bottom-line profitability, despite strong revenue growth and improved 2025 cash generation. Technical indicators also point to a weak trend (below key moving averages and negative MACD). Valuation is a further headwind due to an extremely high P/E, only partially balanced by a modest dividend yield.
Positive Factors
Revenue Growth
A >40% top-line increase in 2025 reflects stronger fund-raising, fee-bearing AUM and deal flow. Durable revenue expansion increases recurring management fees and the base for future performance fees, supporting long-term cash generation and scale benefits across the platform.
Negative Factors
Extremely High Leverage
Debt increasing nearly ninefold vs equity creates pronounced financial risk, constraining strategic optionality. High leverage magnifies earnings volatility, raises refinancing and interest burden, and limits ability to absorb market or asset-level shocks over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth
A >40% top-line increase in 2025 reflects stronger fund-raising, fee-bearing AUM and deal flow. Durable revenue expansion increases recurring management fees and the base for future performance fees, supporting long-term cash generation and scale benefits across the platform.
Read all positive factors
MA Financial Group Limited (MAF) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$1.41B
Dividend Yield1.85%
Average Volume (3M)497.79K
Price to Earnings (P/E)174.8
Beta (1Y)1.45
Revenue Growth35.30%
EPS Growth44.24%
CountryAU
Employees700
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)0.20
Shares Outstanding196,008,000
10 Day Avg. Volume324,247
30 Day Avg. Volume497,789
Financial Highlights & Ratios
PEG Ratio-2.30
Price to Book (P/B)3.93
Price to Sales (P/S)1.01
P/FCF Ratio4.77
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$10.05Price Target Upside33.62% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)0.48
Revenue Forecast (FY)AU$470.80M
MA Financial Group Limited Business Overview & Revenue Model
Company Description
MA Financial Group Limited, together with its subsidiaries, provides various financial services. It operates through Asset Management, Lending, and Corporate Advisory and Equity segments. The Asset Management segment manages funds for institutiona...
How the Company Makes Money
MA Financial Group primarily generates earnings from (1) asset management fees, (2) performance/incentive fees, (3) lending and credit-related income, and (4) investment/operating income from assets it owns or co-invests in.
1) Asset management a...
MA Financial Group Limited Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
28
Negative
Cash Flow
45
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.79B | 1.21B | 875.04M | 778.15M | 241.98M |
| Gross Profit | 823.26M | 316.08M | 872.38M | 317.40M | 212.53M |
| EBITDA | 510.27M | 318.06M | 173.46M | 118.72M | 70.80M |
| Net Income | 10.39M | 41.79M | 28.52M | 44.85M | 32.04M |
Balance Sheet | |||||
| Total Assets | 11.40B | 6.02B | 3.57B | 2.25B | 872.87M |
| Cash, Cash Equivalents and Short-Term Investments | 473.14M | 231.29M | 341.55M | 311.69M | 250.20M |
| Total Debt | 8.89B | 4.56B | 2.23B | 1.01B | 416.61M |
| Total Liabilities | 10.91B | 5.60B | 3.11B | 1.84B | 502.84M |
| Stockholders Equity | 462.51M | 417.53M | 397.54M | 409.59M | 370.03M |
Cash Flow | |||||
| Free Cash Flow | 380.38M | -9.33M | -1.13B | -296.66M | -44.75M |
| Operating Cash Flow | 391.49M | -2.46M | -1.13B | -283.80M | -42.55M |
| Investing Cash Flow | -124.39M | 4.41M | 19.29M | -127.36M | -162.60M |
| Financing Cash Flow | -23.68M | -6.32M | -3.93M | 311.28M | 201.87M |
MA Financial Group Limited Technical Analysis
Negative
7.52
Price Trends
9.30
Negative
9.60
Negative
9.00
Negative
Market Momentum
-0.65
Negative
41.60
Neutral
44.90
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:MAF, the sentiment is Negative. The current price of 7.52 is below the 20-day moving average (MA) of 7.82, below the 50-day MA of 9.30, and below the 200-day MA of 9.00, indicating a bearish trend. The MACD of -0.65 indicates Negative momentum. The RSI at 41.60 is Neutral, neither overbought nor oversold. The STOCH value of 44.90 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:MAF.
MA Financial Group Limited Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | AU$1.86B | 6.19 | 14.31% | 5.99% | -13.22% | -29.69% | |
69 Neutral | AU$561.82M | 7.80 | 9.94% | 4.63% | 4.26% | 79.41% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
56 Neutral | AU$1.37B | 8.41 | 7.96% | 6.26% | 38.64% | -21.14% | |
50 Neutral | AU$1.86B | 9.75 | -1.00% | 6.01% | 2.87% | 87.93% | |
46 Neutral | AU$1.41B | 174.79 | 2.39% | 1.85% | 35.30% | 44.24% | |
44 Neutral | AU$3.23B | 34.62 | 3.56% | 1.65% | -14.92% | 179.69% |
* Financial Sector Average
AU:MAF
MA Financial Group Limited
7.52
0.50
7.18%
AU:AMP
AMP
1.28
0.03
2.74%
AU:MFG
Magellan Financial Group Ltd
10.19
2.98
41.37%
AU:PPT
Perpetual Limited
16.16
-2.68
-14.22%
AU:CNI
Centuria Capital Group
1.61
0.08
5.23%
AU:EQT
EQT Holdings Ltd.
20.97
-10.46
-33.29%
MA Financial Group Limited Corporate Events
MA Financial Discloses Director Share Increase Under Equity Incentive Plan
Mar 20, 2026
MA Financial Group has disclosed a change in the interests of director Julian Biggins following the allocation of 84,459 restricted ordinary shares under the company’s Equity Incentive Plan. The restricted shares are held in the company̵...
MA Financial director lifts stake through equity incentive allocation
Mar 20, 2026
MA Financial Group has disclosed a change in director Christopher Wyke’s relevant interest in company securities following an allocation of restricted shares under its Equity Incentive Plan. The restricted shares are held in the company̵...
MA Financial Clarifies Trust-Related Share Transfer for Vice Chairman Pridham
Mar 20, 2026
MA Financial Group has clarified that a recent transfer of its shares, disclosed in an Appendix 3Y for Vice Chairman Andrew Pridham, stems from movements within a pre-IPO ownership trust rather than a sale of shares in which he holds an economic i...
MA Financial Seeks ASX Quotation for Over 1.1m Incentive Shares
Mar 20, 2026
MA Financial Group Limited has applied for quotation on the ASX of 1,140,620 new ordinary fully paid shares, to be issued on March 19, 2026 under an employee incentive scheme. The shares, which are not subject to transfer restrictions, will expand...
MA Financial director Alexandra Goodfellow lifts indirect shareholding
Mar 19, 2026
MA Financial Group has disclosed a change in director Alexandra Goodfellow’s indirect holdings in the company’s ordinary shares. Her interests are held via RA Family Holdings Pty Ltd and Harston House Pty Ltd as trustee for the Priestl...
MA Financial Director Catherine Yuncken Increases Shareholding via On-Market Trade
Mar 16, 2026
MA Financial Group has disclosed a change in director Catherine Yuncken’s shareholding following an on-market trade. On 16 March 2026, Yuncken acquired 7,333 ordinary shares for a total consideration of $54,580.99, increasing her holding fro...
MA Financial adjusts director Biggins’ shareholding after incentive performance test
Mar 10, 2026
MA Financial Group has disclosed a change in director Julian Biggins’ interest in the company’s securities following the operation of its Long-Term Incentive Plan. Due to certain performance conditions not being met, 121,056 loan funde...
MA Financial executives trim holdings as Pre-IPO trusts sell shares
Mar 10, 2026
MA Financial Group has disclosed changes in the equity interests of Vice Chairman Andrew Pridham and Joint CEO Christopher Wyke after trustees of certain Pre-IPO staff ownership trusts sold MA Financial shares to meet contractual obligations of th...
MA Financial sells aged-care fund asset to Anglicare, locking in 2.8x return for investors
Mar 1, 2026
MA Financial Group has agreed to sell Infinite Care, the sole asset of its MA Aged Care Fund, to Anglicare Sydney, in a deal expected to complete in the first half of 2026 subject to customary approvals. The sale is set to deliver fund investors a...
MA Financial Sets Date for FY25 Results and Investor Briefing
Feb 10, 2026
MA Financial Group Limited will release its financial results for the full year ended 31 December 2025 on 19 February 2026. The announcement signals an important reporting milestone for the ASX-listed financial services firm, giving investors and ...
MA Financial Issues New Unquoted Equity Under Employee Incentive Scheme
Jan 14, 2026
MA Financial Group Limited has notified the market of the issue of unquoted equity securities under its employee incentive arrangements, comprising 143,136 options expiring at various dates and prices and 36,573 performance share rights, all to be...
MA Financial Issues 6,134 New Shares on Conversion of Unquoted Securities
Jan 14, 2026
MA Financial Group Limited has issued 6,134 new ordinary fully paid shares following the exercise or conversion of previously unquoted options or other convertible securities, with an effective issue date of 22 December 2025. The modest increase i...
MA Financial Group Cancels Equity Rights After Performance Conditions Not Met
Jan 14, 2026
MA Financial Group has notified the ASX of the cessation of a series of equity-based incentives, with a substantial number of share appreciation rights and performance share rights lapsing between July 2024 and November 2025. The rights have lapse...
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.