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MFF Capital Investments Ltd.
(Sydney:MFF)
MFF Capital Investments Ltd. (MFF) vs. iShares MSCI Australia ETF (EWA)
MFF Capital Investments Ltd. Business Overview & Revenue Model
MFF Capital Investments Ltd. Financial Statement Overview
| Breakdown | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 | Jun 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 614.48M | 659.96M | 464.68M | -241.88M | 312.93M |
| Gross Profit | 607.83M | 678.44M | 505.21M | -246.36M | 342.88M |
| EBITDA | 615.62M | 662.38M | -20.97M | -17.06M | -25.43M |
| Net Income | 431.97M | 447.36M | 323.57M | -170.78M | 217.53M |
Balance Sheet | |||||
| Total Assets | 2.95B | 2.65B | 2.33B | 2.01B | 2.00B |
| Cash, Cash Equivalents and Short-Term Investments | 200.01M | 2.65B | 2.33B | 2.01B | 2.00B |
| Total Debt | 6.84M | 163.19M | 358.42M | 401.39M | 134.04M |
| Total Liabilities | 511.40M | 575.41M | 642.40M | 581.59M | 404.78M |
| Stockholders Equity | 2.44B | 2.07B | 1.69B | 1.42B | 1.59B |
Cash Flow | |||||
| Free Cash Flow | 336.60M | 313.19M | 137.05M | -221.63M | -793.29M |
| Operating Cash Flow | 336.62M | 313.19M | 137.05M | -221.63M | -793.29M |
| Investing Cash Flow | 13.77M | 0.00 | 0.00 | 0.00 | 0.00 |
| Financing Cash Flow | -240.33M | -251.99M | -142.02M | 251.82M | 116.19M |
MFF Capital Investments Ltd. Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | AU$2.59B | 5.94 | 17.76% | 3.34% | ― | ― | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
61 Neutral | AU$2.77B | 14.10 | 13.61% | 3.45% | 37.42% | 38.37% | |
55 Neutral | AU$1.84B | 20.16 | 15.91% | ― | 23.69% | 116.67% | |
52 Neutral | AU$977.35M | 11.50 | 7.72% | 6.60% | 14.81% | ― | |
46 Neutral | AU$1.27B | 173.62 | 2.39% | 1.85% | 35.30% | 44.24% |
MFF Capital Investments Ltd. Corporate Events
MFF Capital Investments Limited reported an approximate pre-tax net tangible asset value of $4.588 per share as of 13 March 2026, including a fully franked interim dividend of 10 cents per share, and a post-tax NTA of $3.970 per share after allowing for tax liabilities. The company also disclosed that net cash represented about 4.7% of its total investment assets at that date, providing investors with an updated view of portfolio valuation and liquidity ahead of the upcoming interim dividend.
These NTA figures, compared with the prior 30 June 2025 level of $5.021 per share, indicate a moderation in portfolio value over the period. The combination of a lower NTA and modest net cash position may influence investor perceptions of MFF’s near-term performance and risk profile, as well as inform decisions around the attractiveness of the forthcoming dividend payment.
The most recent analyst rating on (AU:MFF) stock is a Buy with a A$6.00 price target. To see the full list of analyst forecasts on MFF Capital Investments Ltd. stock, see the AU:MFF Stock Forecast page.
MFF Capital Investments Ltd. has disclosed that director Chris Mackay increased his direct and indirect holding in the company through on-market purchases in mid-March 2026. He acquired 393,540 fully paid ordinary shares at prices between $4.56 and $4.65, lifting his total holding to 126,684,502 MFF shares alongside unchanged stakes in related Montaka funds.
The additional investment by Mackay, executed outside a closed trading period, signals continued director confidence in MFF’s outlook and capital management strategy. The move further consolidates his substantial ownership position, which may be interpreted positively by shareholders and the market as an alignment of management and investor interests.
The most recent analyst rating on (AU:MFF) stock is a Buy with a A$6.00 price target. To see the full list of analyst forecasts on MFF Capital Investments Ltd. stock, see the AU:MFF Stock Forecast page.
MFF Capital Investments Ltd. will host an online-only shareholder webinar at 11:00am AEDT on 18 March 2026, led by CEO and Managing Director Gerald Stack, Portfolio Manager and Executive Director Investments & Capital Chris Mackay, and Montaka Global Investments Chief Investment Officer Andy Macken. The event will include a live Q&A for shareholders, require pre-registration via an online link, and be supported by presentation materials to be released on the ASX platform shortly before the session, underscoring the company’s efforts to enhance transparency and engagement with its investor base.
By facilitating direct access to senior management and providing structured presentation materials, MFF is reinforcing its communication practices and offering shareholders deeper insight into portfolio strategy and performance. This initiative may help strengthen investor confidence and alignment, particularly at a time when timely information and access to decision-makers are increasingly important for listed investment companies and their stakeholders.
The most recent analyst rating on (AU:MFF) stock is a Buy with a A$6.00 price target. To see the full list of analyst forecasts on MFF Capital Investments Ltd. stock, see the AU:MFF Stock Forecast page.
MFF Capital Investments reported an approximate weekly net tangible asset per share of $4.720 pre-tax, including a 10 cent fully franked interim dividend, and $4.056 post-tax as at 6 March 2026, down from $5.021 at 30 June 2025. The company also disclosed that net cash represented about 5.7% of investment assets, providing investors with an updated view of its balance sheet strength and current capital deployment.
The interim dividend of 10 cents per share remains embedded in the reported pre-tax NTA, signalling continued capital return to shareholders despite the lower NTA compared with the prior June figure. The cash position suggests MFF retains some flexibility for future investment opportunities or risk management, an important consideration for investors tracking its portfolio strategy and liquidity profile.
The most recent analyst rating on (AU:MFF) stock is a Buy with a A$6.00 price target. To see the full list of analyst forecasts on MFF Capital Investments Ltd. stock, see the AU:MFF Stock Forecast page.
MFF Capital Investments Limited has disclosed a change in director Chris Mackay’s interests, reporting that he has increased his direct and indirect holding in the company through on-market purchases. His total stake in MFF Capital now stands at 126,290,962 fully paid ordinary shares, acquired at prices between $4.675 and $4.73 per share over 4, 5 and 6 March 2026.
The notice also confirms that Mackay’s interests in related Montaka funds remain unchanged, with substantial unit holdings in both MOGL and MKAX. The additional investment by the director may be interpreted by shareholders as a vote of confidence in MFF’s strategy and outlook, reinforcing alignment between management and investors without altering any existing contractual interests.
The most recent analyst rating on (AU:MFF) stock is a Buy with a A$6.00 price target. To see the full list of analyst forecasts on MFF Capital Investments Ltd. stock, see the AU:MFF Stock Forecast page.
MFF Capital Investments reported unaudited pre‑tax net tangible assets of $4.728 per share and post‑tax NTA of $4.061 per share for February 2026, with figures cum a 10 cent fully franked interim dividend and expected fully franked FY26 dividends of 21 cents per share. The company highlighted its strong franking credit position, substantial tax payments since June 2025, and an ongoing focus on sustaining capital growth and increasing fully franked dividends.
The portfolio manager noted that recent half‑year results included net profit after tax of $209.7 million, driven mainly by portfolio mark‑to‑market gains, and reaffirmed a strategy centred on holding extremely high‑quality, liquid businesses. MFF has generated significant sale proceeds since fiscal 2024, paid substantial cash taxes, and now holds hundreds of millions in readily available funds, positioning it to deploy capital opportunistically amid shifting market conditions, geopolitical risks, regulatory pressures, and rapid technological change.
Management emphasised that elevated past sales reflected risk management in buoyant markets, with optionality and liquidity seen as key advantages for future reinvestment. While acknowledging macroeconomic uncertainties and policy interventions that may weigh on some economies and assets, MFF reported that most portfolio companies delivered excellent updates in February, with strong profit growth and enhanced competitive positions, even as investors reassess risks from technological disruption and government interference.
The most recent analyst rating on (AU:MFF) stock is a Buy with a A$6.00 price target. To see the full list of analyst forecasts on MFF Capital Investments Ltd. stock, see the AU:MFF Stock Forecast page.
MFF Capital Investments director Chris Mackay has increased his direct and indirect holdings in the company and its associated Montaka exchange-traded funds through on-market purchases. Following the transactions on 24 February 2026, Mackay now holds just over 126 million MFF shares, alongside higher unit balances in both the Montaka Global Fund – Active ETF and the Montaka Global Extension Fund – Complex ETF.
The move signals continued confidence from a key insider in the listed investment company’s strategy and in the performance potential of its related Montaka vehicles. Stakeholders may view the increased exposure as a supportive indicator for MFF’s long-term positioning in global equities and for the alignment of management interests with those of shareholders and ETF investors.
The most recent analyst rating on (AU:MFF) stock is a Buy with a A$6.00 price target. To see the full list of analyst forecasts on MFF Capital Investments Ltd. stock, see the AU:MFF Stock Forecast page.
MFF Capital Investments Ltd. reported that its unaudited weekly net tangible asset value per share as of 20 February 2026 was approximately $4.856 pre-tax, including a 10 cent fully franked interim dividend, and $4.150 post-tax, after December 2025 and January 2026 tax payments totalling $14.2 million. The company also disclosed that net cash represented about 8.6% of investment assets at that date, offering investors an updated view of portfolio valuation, tax-adjusted asset backing, and liquidity levels ahead of the forthcoming dividend payment.
These figures indicate a modest decline from the 30 June 2025 pre-tax NTA of $5.021 per share, suggesting some portfolio or market-driven softening while still maintaining a solid capital base. The combination of continued dividend payments and a meaningful cash buffer may inform shareholder expectations around income, risk management, and MFF’s capacity to respond to market opportunities in the near term.
The most recent analyst rating on (AU:MFF) stock is a Buy with a A$6.00 price target. To see the full list of analyst forecasts on MFF Capital Investments Ltd. stock, see the AU:MFF Stock Forecast page.
MFF Capital Investments director Chris Mackay has increased his direct and indirect holdings in the company and associated Montaka Global funds through on-market purchases over 18 to 20 February 2026. The transactions expand his stake in MFF Capital Investments and in the Montaka Global Fund – Active ETF and Montaka Global Extension Fund – Complex ETF, signalling continued confidence in the group’s listed investment company and its affiliated ETFs.
Following the purchases, Mackay’s interest in MFF Capital Investments rose to 125,947,991 fully paid ordinary shares, while his units in the Montaka Global Fund and Montaka Global Extension Fund also increased. The move further aligns the director’s interests with those of shareholders and unitholders, potentially reinforcing market perceptions of management’s long-term commitment to the firm’s investment vehicles.
The most recent analyst rating on (AU:MFF) stock is a Buy with a A$6.00 price target. To see the full list of analyst forecasts on MFF Capital Investments Ltd. stock, see the AU:MFF Stock Forecast page.
MFF Capital Investments has announced a change in its governance team, with Company Secretary Kathy Molla-Abbasi resigning effective 12 February 2026, and the board publicly acknowledging her contributions and service. The company has appointed Head of Legal, Muli Zhou, as the new Company Secretary from the same date, and he will also serve as the primary contact for ASX listing rule communications, underscoring continuity and regulatory compliance in MFF’s corporate administration.
The leadership transition in the company secretariat role signals MFF’s intent to align legal and governance functions more closely, potentially streamlining interactions with market regulators. For investors and other stakeholders, the appointment of an internal legal leader to this key compliance position may enhance oversight and reinforce confidence in the company’s adherence to listing obligations and corporate governance standards.
The most recent analyst rating on (AU:MFF) stock is a Buy with a A$6.00 price target. To see the full list of analyst forecasts on MFF Capital Investments Ltd. stock, see the AU:MFF Stock Forecast page.
MFF Capital Investments Limited has reported that its unaudited weekly net tangible assets per share as at 6 February 2026 were approximately $5.001 on a pre-tax basis, compared with $5.021 at 30 June 2025, and $4.213 on a post-tax basis. The company also disclosed that net cash represented about 8.4% of total investment assets, indicating a modest cash position within its portfolio and providing investors with an updated view of its underlying asset backing and liquidity profile.
The most recent analyst rating on (AU:MFF) stock is a Buy with a A$6.00 price target. To see the full list of analyst forecasts on MFF Capital Investments Ltd. stock, see the AU:MFF Stock Forecast page.
MFF Capital Investments Limited reported that its group net tangible assets per share as at 30 January 2026 were approximately $5.077 pre-tax, up from $5.021 at 30 June 2025, and $4.292 after tax, compared with $4.167 at 30 June 2025, indicating modest asset growth over the period. Management highlighted that, despite a backdrop of political, regulatory and judicial interventions they see as damaging to many companies and economies, the performance updates from its portfolio companies in January were mostly strong, with exceptional profit and metric growth from already high levels. The company noted limited portfolio turnover during the month, with sales of about 3.3% and purchases of about 1.7% of portfolio value, and emphasised that disciplined risk and portfolio management tools such as price discipline, patience and liquidity are increasingly important amid ongoing macro uncertainty, rising US long-term yields and heightened concerns about government interference in long-dated, non-inflation-protected assets.
The most recent analyst rating on (AU:MFF) stock is a Buy with a A$6.00 price target. To see the full list of analyst forecasts on MFF Capital Investments Ltd. stock, see the AU:MFF Stock Forecast page.
MFF Capital Investments Limited reported an approximate pre-tax net tangible asset (NTA) per share of $5.195 as at 23 January 2026, up from $5.021 at 30 June 2025, with post-tax NTA at $4.372, indicating a modest uplift in underlying portfolio value. The company also disclosed that net cash represented about 6.6% of investment assets, suggesting a relatively small cash buffer and a continued high level of market exposure for shareholders.
The most recent analyst rating on (AU:MFF) stock is a Buy with a A$6.00 price target. To see the full list of analyst forecasts on MFF Capital Investments Ltd. stock, see the AU:MFF Stock Forecast page.
MFF Capital Investments Limited reported an approximate weekly net tangible asset value of $5.292 per share pre-tax and $4.440 post-tax as at 16 January 2026, up from $5.021 per share pre-tax at 30 June 2025. The company also disclosed that net cash represented about 7.5% of its investment assets at that date, indicating a modest cash buffer within its portfolio that may provide flexibility for future investment decisions and risk management for shareholders.
The most recent analyst rating on (AU:MFF) stock is a Buy with a A$6.00 price target. To see the full list of analyst forecasts on MFF Capital Investments Ltd. stock, see the AU:MFF Stock Forecast page.
MFF Capital Investments Limited has disclosed a change in the securities interests of director Chris Mackay, who increased his indirect holdings in the Montaka Global Fund – Active ETF (ASX: MOGL) and the Montaka Global Extension Fund – Complex ETF (ASX: MKAX) through distribution reinvestment plans on 13 January 2026. While Mackay’s direct holding of MFF fully paid ordinary shares remained unchanged, his reinvested ETF distributions modestly increased his exposure to the Montaka funds, reinforcing director alignment with the company’s managed investment products and signalling continued confidence in the group’s global equity strategies.
The most recent analyst rating on (AU:MFF) stock is a Buy with a A$6.00 price target. To see the full list of analyst forecasts on MFF Capital Investments Ltd. stock, see the AU:MFF Stock Forecast page.
MFF Capital Investments Limited has disclosed a change in the indirect interests of director Sally Annabelle Chaplain following her participation in distribution reinvestment plans for two Montaka-branded exchange-traded funds. Through entities associated with her personal superannuation fund and family trust, Chaplain acquired 240 additional units in the Montaka Global Fund – Active ETF and 1,370 additional units in the Montaka Global Extension Fund – Complex ETF, increasing her holdings in both products while her shareholding in MFF itself remained unchanged. The transactions, executed via reinvestment of fund distributions at specified per‑unit prices, underscore ongoing director alignment with MFF’s funds platform, which is wholly owned through Montaka Global Investments and may be viewed as a signal of continued confidence in the group’s investment vehicles by its board.
The most recent analyst rating on (AU:MFF) stock is a Buy with a A$6.00 price target. To see the full list of analyst forecasts on MFF Capital Investments Ltd. stock, see the AU:MFF Stock Forecast page.
MFF Capital Investments Limited has released its indicative 2026 calendar for financial reporting and dividends, outlining expected dates for half-year and full-year results, interim and final dividend key dates, and its annual general meeting, all of which remain subject to board approval and possible change. The company has also scheduled a shareholder webinar for 18 March 2026, to be led by senior executives, which will update investors on recent business and investment activities and provide a forum for shareholder questions, underscoring MFF’s emphasis on transparency, communication and engagement with its investor base.
The most recent analyst rating on (AU:MFF) stock is a Buy with a A$6.00 price target. To see the full list of analyst forecasts on MFF Capital Investments Ltd. stock, see the AU:MFF Stock Forecast page.
MFF Capital Investments Limited reported an approximate weekly net tangible asset (NTA) value per share of $5.396 pre-tax as at 9 January 2026, up from $5.021 at 30 June 2025, and $4.512 post-tax, indicating growth in the underlying value of its investment portfolio. The company also disclosed that net cash represented about 6.0% of total investment assets at that date, providing insight into its liquidity position and capital deployment stance for shareholders and market observers.
The most recent analyst rating on (AU:MFF) stock is a Buy with a A$5.50 price target. To see the full list of analyst forecasts on MFF Capital Investments Ltd. stock, see the AU:MFF Stock Forecast page.
MFF Capital Investments Limited has appointed Gerald Stack as a director effective 1 January 2026, expanding its board with an experienced investment professional whose interests are already aligned with shareholders through indirect holdings in the company and related funds. According to the initial director’s interest notice lodged with the ASX, Stack holds indirect interests in fully paid ordinary shares of MFF Capital Investments via the Stack Family Superannuation Fund and the Custodio Trust, as well as units in the Montaka Global Long Only Fund, signaling a meaningful financial alignment with the company’s performance and potentially reinforcing governance and investor confidence ahead of his tenure on the board.
The most recent analyst rating on (AU:MFF) stock is a Buy with a A$5.50 price target. To see the full list of analyst forecasts on MFF Capital Investments Ltd. stock, see the AU:MFF Stock Forecast page.
MFF Capital Investments Limited reported an approximate weekly net tangible asset (NTA) per share of $5.256 pre-tax and $4.375 post-tax as at 2 January 2026, up from $4.999 pre-tax at 30 June 2025, indicating growth in the underlying value of its investment portfolio. The company also disclosed that net cash represented approximately 6.2% of investment assets at that date, providing a measure of its liquidity position and balance between cash holdings and invested capital.
The most recent analyst rating on (AU:MFF) stock is a Buy with a A$5.50 price target. To see the full list of analyst forecasts on MFF Capital Investments Ltd. stock, see the AU:MFF Stock Forecast page.
MFF Capital Investments reported an increase in its net tangible assets per share as at 31 December 2025, with pre-tax NTA rising to $5.264 from $4.999 at 30 June 2025 and post-tax NTA increasing to $4.380 from $4.150 over the same period. The company highlighted significant tax payments since 30 June 2025, which, while weighing on monthly NTA and partly offsetting modest portfolio price gains and a weaker US dollar, have bolstered its already large franking credit balance and underpinned a track record of growing fully franked dividends. Management reiterated its long-term, value-and-quality-focused investment approach amid what it views as speculative excess and politically driven headwinds in global markets, emphasising minimal portfolio turnover in December and confidence that its portfolio companies remain well positioned with sustainable advantages despite heightened risks from leverage, momentum-driven markets and cyclical extrapolation.
MFF Capital Investments Limited reported an unaudited weekly net tangible asset (NTA) per share of $5.294 pre-tax as at 26 December 2025, up from $4.999 at 30 June 2025, and $4.401 post-tax, indicating growth in the underlying value of its investment portfolio over the period. The company also disclosed that net cash represented approximately 6.9% of total investment assets, suggesting it retains a moderate liquidity buffer while remaining largely invested, a stance that may influence its flexibility to respond to market opportunities or volatility.
MFF Capital Investments Limited reported an approximate weekly net tangible asset (NTA) per share of $5.314 pre-tax and $4.416 post-tax as at 19 December 2025, up from $4.999 pre-tax at 30 June 2025, indicating growth in the underlying portfolio value. The company also disclosed that net cash represented about 7.2% of investment assets at the same date, suggesting a relatively modest cash position that may allow flexibility for further investment activity while remaining largely deployed in its core portfolio holdings.
MFF Capital Investments Limited has disclosed a change in director Chris Mackay’s relevant interests, following on-market purchases of additional units in two Montaka-branded exchange-traded funds between 17 and 19 December 2025. Mackay acquired 500,000 units each in the Montaka Global Fund – Active ETF (MOGL) and the Montaka Global Extension Fund – Complex ETF (MKAX) at prices ranging from approximately $4.21 to $4.90 per unit, increasing his total holdings in these funds while his shareholding in MFF itself remains unchanged; given that MFF owns 100% of Montaka Global Investments, the funds’ investment manager, the transactions further align the director’s exposure with the group’s core investment products.