MA Financial Group Limited (MAF) AI Stock Analysis

• Market Cap: AU$2.00B
• Dividend Yield: 1.85%
• Average Volume (3M): 497.79K
• Price to Earnings (P/E): 48.3
• Beta (1Y): 1.29
• Revenue Growth: 35.30%
• EPS Growth: 44.24%
• Country: AU
• Employees: 700
• Sector: Financial
• Sector Strength: 70
• Industry: Asset Management
• EPS (TTM): 0.14
• Shares Outstanding: 194,867,370
• 10 Day Avg. Volume: 324,247
• 30 Day Avg. Volume: 497,789
• PEG Ratio: 0.53
• Price to Book (P/B): 2.36
• Price to Sales (P/S): 0.81
• P/FCF Ratio: -105.65
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: AU$10.80
• Price Target Upside: 0.37% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 45 Neutral
• Price Target: AU$10.50 ▼(-2.42% Downside)

The overall stock score reflects significant financial challenges, including declining revenue, high leverage, and liquidity issues. Technical indicators are mixed, showing no strong momentum, and the valuation suggests potential overvaluation. These factors combined indicate a cautious outlook for the stock.

Positive Factors

Recurring fee-based asset management model

A fee-based model tied to FUM and performance generates recurring revenue and long-term client cash flows. This provides resilience versus one-off deals, supports predictable management-fee income, and preserves earning capacity through market cycles if FUM stabilises or grows.

Diversified alternative asset platform

Operating across credit, real estate and hospitality creates multiple fee streams and diversification of investment risk. Structural breadth allows redeployment of capital between strategies, reducing dependence on any single market and supporting steadier long-term cash generation.

Positive ROE indicates operational capability

ROE near 10% signals the firm can generate shareholder returns from its deployed capital, implying underlying investment and operating competence. If balance sheet pressures are addressed, this operational return metric supports recovery and sustainable profitability over several quarters.

Negative Factors

Very high leverage

Extremely high leverage materially reduces financial flexibility, increases interest and refinancing risk, and heightens vulnerability to asset valuation swings. Over a multi-month horizon this constrains capital allocation, limits strategic options, and raises default or covenant breach risk.

Negative free cash flow and weak liquidity

Persistent negative operating and free cash flows undermine the firm’s ability to service debt, fund operations, or support distributions without asset sales or capital raises. Liquidity shortfalls are a structural risk that can force dilutive financing or fire-sale asset disposals.

Severe revenue decline and margin volatility

A 64% revenue drop erodes the recurring fee base and reduces performance fee potential, weakening long-term earnings power. Volatile margins and revenues hinder client confidence and make rebuilding sustainable FUM and fee income more difficult across the next several quarters.

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 institutional, high net worth and retail investors, real estate, hospitality, credit, listed equities, private equity, and venture capital. The Lending segment focuses on residential mortgage lending, specialty finance, and legal disbursement funding activities. The Corporate Advisory and Equities segment offers strategic and financial advisory services related to mergers and acquisitions; equity capital markets; debt capital markets; and restructuring and cash equity trading, as well as specializes in real estate, credit, technology and small to mid-cap industrial companies. It also provides securities research, sales, and trading execution services to institutional and high net worth clients.MA Financial Group Limited was founded in 2009 and is based in Sydney, Australia.

How the Company Makes Money

MA Financial Group generates revenue primarily through its various financial services, which include management fees from investment funds, performance fees based on the returns generated for clients, and transaction fees from corporate advisory services. The company's revenue model is diversified across its core segments, with significant contributions from private equity investments, real estate funds, and credit strategies. Key revenue streams include ongoing management fees for asset management services, success fees for advisory roles in mergers and acquisitions, and carried interest from investment performance. Additionally, strategic partnerships with institutional investors and financial institutions enhance MAF's ability to attract capital, thereby boosting its earnings potential.

MA Financial Group Limited Financial Statement Overview

Summary

MA Financial Group is facing significant financial challenges. Revenue has drastically declined by 64%, and the company is heavily leveraged with a debt-to-equity ratio of 10.91. Cash flow issues are prominent, with negative free cash flow trends and liquidity concerns. These factors indicate a need for strategic improvements in profitability, debt reduction, and liquidity enhancement.

Income Statement

MA Financial Group exhibited a significant fluctuation in revenue and profit margins over the years. The recent year saw a drastic decline in revenue by approximately 64% compared to the previous year. The gross profit margin for the latest year was 100%, as the reported gross profit equaled total revenue. However, the net profit margin was around 13%, indicating challenges in maintaining profitability. The absence of EBIT and EBITDA figures could raise concerns about operational efficiency.

Balance Sheet

The balance sheet reveals a high debt-to-equity ratio of approximately 10.91, indicating a heavy reliance on debt financing, which poses a risk in terms of financial stability. The equity ratio stands at about 6.93%, suggesting limited equity in the company's capital structure. Return on Equity (ROE) was around 10%, reflecting moderate returns for shareholders, but the high leverage remains a concern.

Cash Flow

The cash flow statement indicates challenges in cash management, with negative free cash flow trends over the past years, and significant negative operating cash flow in recent periods. The absence of operating cash flow in the latest figures and consistently negative free cash flow highlight liquidity issues. The company needs to address these to ensure sustainable operations.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	1.25B	1.21B	875.04M	778.15M	241.98M	175.84M
Gross Profit	916.37M	316.08M	872.38M	317.40M	212.53M	156.99M
EBITDA	407.94M	318.06M	173.46M	118.72M	70.80M	63.69M
Net Income	35.91M	41.79M	28.52M	44.85M	32.04M	26.48M
Balance Sheet
Total Assets	8.47B	6.02B	3.57B	2.25B	872.87M	569.34M
Cash, Cash Equivalents and Short-Term Investments	448.10M	231.29M	341.55M	311.69M	250.20M	160.89M
Total Debt	4.79B	4.56B	2.23B	1.01B	416.61M	273.44M
Total Liabilities	8.06B	5.60B	3.11B	1.84B	502.84M	332.49M
Stockholders Equity	407.56M	417.53M	397.54M	409.59M	370.03M	236.86M
Cash Flow
Free Cash Flow	-1.97B	-9.33M	-1.13B	-296.66M	-44.75M	29.57M
Operating Cash Flow	-1.96B	-2.46M	-1.13B	-283.80M	-42.55M	29.97M
Investing Cash Flow	-128.35M	4.41M	19.29M	-127.36M	-162.60M	-66.10M
Financing Cash Flow	2.31B	-6.32M	-3.93M	311.28M	201.87M	45.25M

MA Financial Group Limited Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 10.76
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:MAF, the sentiment is Positive. The current price of 10.76 is below the 20-day moving average (MA) of 10.81, above the 50-day MA of 10.15, and above the 200-day MA of 8.51, indicating a bullish trend. The MACD of 0.18 indicates Positive momentum. The RSI at 57.98 is Neutral, neither overbought nor oversold. The STOCH value of 26.18 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:MAF.

MA Financial Group Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
MFG	71 Outperform	€1.54B	9.93	16.50%	5.99%	-13.22%	-29.69%
EQT	69 Neutral	AU$684.51M	21.18	8.50%	4.63%	4.26%	79.41%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
CNI	65 Neutral	AU$1.72B	20.76	5.59%	6.26%	38.64%	-21.14%
PPT	50 Neutral	AU$2.18B	-36.26	-3.34%	6.01%	2.87%	87.93%
MAF	45 Neutral	AU$2.00B	48.32	8.97%	1.85%	35.30%	44.24%
AMP	44 Neutral	$4.60B	25.42	4.59%	1.65%	-14.92%	179.69%

MA Financial Group Limited Corporate Events

MA Financial Issues New Unquoted Equity Under Employee Incentive Scheme

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 issued on 30 November 2025. The move underscores the company’s continued use of equity-based remuneration to align employee interests with shareholders, potentially supporting talent retention and long-term performance without immediate dilution to quoted share capital, as these securities are subject to transfer restrictions and will not be quoted on the ASX until those restrictions lapse.

The most recent analyst rating on (AU:MAF) stock is a Buy with a A$10.80 price target. To see the full list of analyst forecasts on MA Financial Group Limited stock, see the AU:MAF Stock Forecast page.

MA Financial Issues 6,134 New Shares on Conversion of Unquoted Securities

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 in share capital reflects the ongoing utilisation of equity-based incentives or financing instruments, slightly diluting existing shareholders while signalling continued alignment of management or investors with the company’s long-term performance.

The most recent analyst rating on (AU:MAF) stock is a Buy with a A$10.80 price target. To see the full list of analyst forecasts on MA Financial Group Limited stock, see the AU:MAF Stock Forecast page.

MA Financial Group Cancels Equity Rights After Performance Conditions Not Met

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 lapsed because the performance or vesting conditions attached to them were not met or became incapable of being satisfied, effectively cancelling these potential equity issuances; this reduces prospective share dilution for existing shareholders and signals that certain performance hurdles in the company’s incentive schemes were not achieved over the relevant periods.

The most recent analyst rating on (AU:MAF) stock is a Buy with a A$10.80 price target. To see the full list of analyst forecasts on MA Financial Group Limited stock, see the AU:MAF Stock Forecast page.

MA Financial Group to Release Shares from Voluntary Escrow

MA Financial Group Limited announced that 2,503,238 ordinary shares will be released from voluntary escrow on December 1, 2025. This release is linked to the acquisition of IP Generation, reflecting a strategic move to integrate and expand its operations, potentially enhancing its market position and stakeholder value.

The most recent analyst rating on (AU:MAF) stock is a Buy with a A$10.80 price target. To see the full list of analyst forecasts on MA Financial Group Limited stock, see the AU:MAF Stock Forecast page.

MA Financial Expands Real Estate Holdings with Hyperdome Acquisition

MA Financial Group Limited has announced its acquisition of the Hyperdome Town Centre in Queensland for $678.7 million, marking a significant expansion in its real estate portfolio. This acquisition, alongside the early closure of its MA Credit Portfolio Notes raising, highlights the company’s robust investment and distribution capabilities, positioning it strongly in the market with a proforma AUM of $14.7 billion. The Hyperdome acquisition will be funded through $405 million raised from non-institutional investors, showcasing the strength of MA Financial’s distribution network. The MA Credit Portfolio Notes, which closed ahead of schedule due to strong demand, will provide exposure to a diversified portfolio of private credit investments, further expanding the company’s financial product offerings.

The most recent analyst rating on (AU:MAF) stock is a Buy with a A$10.80 price target. To see the full list of analyst forecasts on MA Financial Group Limited stock, see the AU:MAF Stock Forecast page.

MA Financial Group Unveils Strategic Initiatives at UBS Conference

MA Financial Group Limited announced two strategic initiatives at the UBS Australasia Investor Conference. The company is conducting due diligence to acquire the Hyperdome Town Centre in Loganholme, a significant retail landholding in Queensland, which is intended for a high net worth syndicate. Additionally, MA Financial’s subsidiary, MA Credit Portfolio Holdings Limited, plans to offer secured, deferrable, redeemable, floating rate notes on the ASX, with a pathfinder prospectus already lodged with ASIC. These initiatives could enhance the company’s market position and offer new investment opportunities for stakeholders.

The most recent analyst rating on (AU:MAF) stock is a Buy with a A$10.80 price target. To see the full list of analyst forecasts on MA Financial Group Limited stock, see the AU:MAF Stock Forecast page.

MA Financial Group Reports Strong Q3 Growth and Strategic Acquisitions

MA Financial Group Limited reported significant growth in its third-quarter 2025 operating update, with record gross fund inflows and a substantial increase in assets under management. The company announced plans to acquire Top Ryde City Shopping Centre for $525 million and is conducting due diligence on additional real estate assets. The Group’s lending and technology platform, Finsure, also saw a notable rise in managed loans and broker numbers, contributing to the company’s positive business momentum and expected higher earnings per share in the second half of 2025.

The most recent analyst rating on (AU:MAF) stock is a Buy with a A$10.55 price target. To see the full list of analyst forecasts on MA Financial Group Limited stock, see the AU:MAF Stock Forecast page.