Mystate Limited (MYS) AI Stock Analysis

• Market Cap: AU$772.08M
• Dividend Yield: 4.63%
• Average Volume (3M): 250.95K
• Price to Earnings (P/E): 17.2
• Beta (1Y): 1.06
• Revenue Growth: 26.01%
• EPS Growth: -17.55%
• Country: AU
• Employees: 292
• Sector: Financial
• Sector Strength: 70
• Industry: Banks - Regional
• EPS (TTM): 0.12
• Shares Outstanding: 169,687,480
• 10 Day Avg. Volume: 184,177
• 30 Day Avg. Volume: 250,952
• PEG Ratio: -0.95
• Price to Book (P/B): 0.86
• Price to Sales (P/S): 3.41
• P/FCF Ratio: -2.48
• 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$4.98
• Price Target Upside: 9.45% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 53 Neutral
• Price Target: AU$4.50 ▼(-1.10% Downside)

The score is held back primarily by weakened financial performance, driven by the sharp FY2025 revenue decline and the swing to significantly negative operating/free cash flow. Technicals are moderately positive with the stock trading above major moving averages, and valuation is reasonable with a supportive dividend yield, but these factors do not fully offset the latest-period cash flow and revenue risks.

Positive Factors

Strategic Integration

The integration with Auswide Bank under a single banking license is expected to generate $20-$25 million in annual pre-tax synergies, enhancing operational efficiency and competitive positioning in the regional banking market.

Balance Sheet Improvement

The reduction in debt and increase in equity have improved MyState's leverage, enhancing financial stability and reducing sensitivity to funding costs, which supports long-term financial health.

Strong Governance

The successful AGM outcomes and strong shareholder support indicate robust governance structures, which can positively influence strategic direction and operational oversight, benefiting long-term business performance.

Negative Factors

Revenue Decline

The significant revenue decline in FY2025 raises concerns about MyState's ability to maintain earnings durability and market competitiveness, potentially impacting long-term growth prospects.

Negative Cash Flow

The sharp negative swing in cash flow reduces financial flexibility and could constrain MyState's ability to invest in growth opportunities or weather economic downturns, impacting long-term sustainability.

Leverage Concerns

High leverage increases MyState's sensitivity to changes in funding costs and credit conditions, potentially limiting its ability to respond to market challenges and impacting financial stability over time.

Mystate Limited Business Overview & Revenue Model

Company Description

MyState Limited, through its subsidiaries, provides banking, trustee, and managed fund products and services in Australia. The company operates through two segments, Banking and Wealth Management. It offers personal and commercial lending, mortgage lending, savings and investment, and insurance products; and wealth management services under the MyState Bank brand. The company also provides a range of financial services, including managed investments; commercial lending; and trustee services that comprise estate planning, administration, and charitable trusts to individuals and corporate clients under the TPT Wealth brand. MyState Limited was founded in 2009 and is headquartered in Tasmania, Australia.

How the Company Makes Money

Mystate Limited generates revenue primarily through interest income on loans and credit products offered to its banking customers. The company earns interest on these financial products, which constitutes a significant portion of its income. Additionally, Mystate Limited collects fees from various banking services such as account maintenance, transaction fees, and foreign exchange services. In the wealth management sector, the company earns revenue through advisory fees, management fees on assets under management, and commissions on investment products. Partnerships with other financial institutions and cross-selling of financial products also contribute to its revenue streams.

Mystate Limited Financial Statement Overview

Summary

Mystate Limited displays a mix of strengths and challenges across its financial statements. The income statement reflects strong margins but fluctuating revenue growth. The balance sheet reveals high leverage, necessitating careful debt management, while the cash flow statement indicates good operational cash generation but highlights the need for improved free cash flow consistency. Overall, the company shows potential for growth with prudent financial management.

Income Statement

Mystate Limited shows a mixed performance in its income statement. The gross profit margin is strong due to high gross profit relative to revenue. However, the net profit margin has decreased slightly over the years, indicating pressure on profitability. The revenue growth rate has been volatile, with significant declines in the most recent period, suggesting challenges in maintaining revenue growth. EBIT and EBITDA margins are solid, demonstrating efficient operational management.

Balance Sheet

The company has a high debt-to-equity ratio, reflecting significant leverage, which poses a potential risk. However, its return on equity is commendable, indicating effective use of equity to generate profits. The equity ratio is relatively low, emphasizing the heavy reliance on debt financing. Overall, the balance sheet indicates financial stability but highlights the need for cautious management of leverage.

Cash Flow

Operating cash flow relative to net income is healthy, showing that the company generates sufficient cash from its operations. Free cash flow growth has been inconsistent, with a notable decline recently, impacting the company's ability to fund its growth without external financing. The free cash flow to net income ratio suggests effective conversion of earnings into cash.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	186.16M	186.16M	504.93M	380.76M	189.67M	190.91M
Gross Profit	186.16M	186.16M	149.34M	157.84M	139.10M	139.51M
EBITDA	60.74M	60.74M	61.26M	62.26M	50.55M	63.22M
Net Income	35.56M	35.56M	35.29M	38.50M	32.03M	36.34M
Balance Sheet
Total Assets	15.28B	15.28B	9.17B	9.12B	8.08B	6.54B
Cash, Cash Equivalents and Short-Term Investments	0.00	0.00	967.94M	127.78M	119.22M	80.27M
Total Debt	2.01B	2.01B	2.25B	1.99B	7.63B	6.11B
Total Liabilities	14.54B	14.54B	8.70B	8.67B	7.65B	6.13B
Stockholders Equity	736.01M	736.01M	464.94M	457.56M	429.91M	415.21M
Cash Flow
Free Cash Flow	-255.92M	-255.92M	18.88M	46.02M	38.10M	33.96M
Operating Cash Flow	-254.90M	-254.90M	31.34M	51.20M	43.15M	38.74M
Investing Cash Flow	-279.90M	88.92M	-12.46M	-1.00B	-1.50B	-491.00M
Financing Cash Flow	373.05M	373.05M	-22.39M	957.38M	1.49B	416.02M

Mystate Limited Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 4.55
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:MYS, the sentiment is Neutral. The current price of 4.55 is below the 20-day moving average (MA) of 4.59, above the 50-day MA of 4.49, and above the 200-day MA of 4.21, indicating a neutral trend. The MACD of 0.02 indicates Positive momentum. The RSI at 50.12 is Neutral, neither overbought nor oversold. The STOCH value of 12.79 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for AU:MYS.

Mystate Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
JDO	56 Neutral	AU$1.99B	23.39	5.31%	―	16.78%	22.86%
MYS	53 Neutral	AU$772.08M	17.23	5.92%	4.63%	26.01%	-17.55%
BBC	52 Neutral	AU$35.04M	27.31	1.06%	―	-7.19%	―
BEN	48 Neutral	AU$6.25B	-64.47	-1.23%	5.99%	5.39%	-117.83%
BOQ	47 Neutral	AU$4.27B	32.21	2.17%	5.77%	2.16%	-53.33%

Mystate Limited Corporate Events

MyState Limited Announces Retirement of Director Greg Kenny

MyState Limited announced the retirement of independent non-executive director Greg Kenny, effective February 19, 2026. Greg Kenny has been a significant figure in the company’s transition following the merger with Auswide Bank, contributing to the integration process and the establishment of a single banking license. His extensive experience in the banking sector and his roles on various board committees have been invaluable to MyState’s strategic direction and governance. The company acknowledges his contributions and wishes him well in his future endeavors.

The most recent analyst rating on (AU:MYS) stock is a Buy with a A$4.98 price target. To see the full list of analyst forecasts on Mystate Limited stock, see the AU:MYS Stock Forecast page.

MyState Limited Achieves Key Integration Milestone with Auswide Bank

MyState Limited has achieved a significant integration milestone by merging with Auswide Bank Ltd, resulting in both banks operating under a single banking licence. This strategic move, approved by the Australian Prudential Regulation Authority, is expected to contribute to annual pre-tax synergies of $20 to $25 million over three years, without affecting the Auswide brand or its customer services.

The most recent analyst rating on (AU:MYS) stock is a Buy with a A$4.98 price target. To see the full list of analyst forecasts on Mystate Limited stock, see the AU:MYS Stock Forecast page.

MyState Limited Announces Successful AGM Outcomes

MyState Limited announced the results of its 2025 Annual General Meeting, where all resolutions were carried by significant majorities. The resolutions included the appointment of an auditor, the election and re-election of directors, and the approval of performance rights for the company’s Managing Director and CEO. This outcome reflects strong shareholder support and is likely to positively impact the company’s governance and strategic direction.

The most recent analyst rating on (AU:MYS) stock is a Buy with a A$4.58 price target. To see the full list of analyst forecasts on Mystate Limited stock, see the AU:MYS Stock Forecast page.

MyState Limited Corrects Director’s Securities Holding Record

MyState Limited has issued an amendment to its Appendix 3Y to correct an error regarding the number of securities held by Director Jacqueline Korhonen prior to a recent change. The correction updates the number from ‘Nil’ to ‘5,700’. This amendment reflects transparency in the company’s reporting practices and may reassure stakeholders about the accuracy of its disclosures.

The most recent analyst rating on (AU:MYS) stock is a Buy with a A$4.58 price target. To see the full list of analyst forecasts on Mystate Limited stock, see the AU:MYS Stock Forecast page.