Pacific Current Group Ltd (AU:PAC)
ASX:PAC
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Pacific Current Group Ltd
(Sydney:PAC)
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Rating:70Outperform
Price Target:
AU$11.00
â–˛(5.87% Upside)
Action:UpgradedDate:02/24/26
The score is driven primarily by solid financial stability and cash generation despite revenue/profit pressure, supported by attractive valuation (low P/E and meaningful dividend yield). The earnings call adds support via debt-free status, strong cash/NAV growth and capital returns, while technical indicators remain neutral-to-slightly bearish and cap the upside.
Positive Factors
Debt-free Balance Sheet
Eliminating senior secured debt removes interest expense and reduces financial risk, improving long-term earnings resilience and flexibility. This durable improvement supports reallocating cash to growth, dividends or buybacks and strengthens the company’s ability to withstand market stress.
Negative Factors
Large NPAT Decline
A pronounced drop in underlying NPAT signals weaker core earnings sustainability, reducing recurring distributable income and constraining internal reinvestment. Persistent profit declines can erode return metrics and limit the firm’s capacity to grow fee-generating businesses over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Debt-free Balance Sheet
Eliminating senior secured debt removes interest expense and reduces financial risk, improving long-term earnings resilience and flexibility. This durable improvement supports reallocating cash to growth, dividends or buybacks and strengthens the company’s ability to withstand market stress.
Read all positive factors
Pacific Current Group Ltd (PAC) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$304.63M
Dividend Yield4.17%
Average Volume (3M)30.95K
Price to Earnings (P/E)―
Beta (1Y)0.09
Revenue Growth31.09%
EPS Growth-75.49%
CountryAU
Employees7
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)0.22
Shares Outstanding29,518,368
10 Day Avg. Volume21,385
30 Day Avg. Volume30,952
Financial Highlights & Ratios
PEG Ratio-0.21
Price to Book (P/B)1.14
Price to Sales (P/S)3.94
P/FCF Ratio25.01
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)0.61
Revenue Forecast (FY)AU$28.00M
Pacific Current Group Ltd Business Overview & Revenue Model
Company Description
Pacific Current Group Limited engages in multi-boutique asset management business worldwide. It manages assets for institutional and individual clients. The company was formerly known as Treasury Group Ltd and changed its name to Pacific Current G...
How the Company Makes Money
Pacific Current Group generates revenue primarily through management and performance fees from its investment management services. The company earns management fees based on the assets under management (AUM) for its various investment funds and po...
Pacific Current Group Ltd Earnings Call Summary
Earnings Call Date:Feb 23, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Aug 21, 2026
Earnings Call Sentiment Neutral
The call reflects a mixed but managed outcome: material declines in underlying NPAT and EPS and lower recurring revenues are clear operational negatives, but they have been partially offset by strong capital management — notably a higher fully franked dividend (+33%), substantial NAV growth (+14% YoY), elimination of debt, a strong cash position (AUD ~152m) and a 31% reduction in corporate costs. Management emphasizes continued portfolio simplification, selective growth deployments and shareholder returns (buybacks and dividends). Given the significant operational revenue headwinds balanced against meaningful balance sheet strength and proactive capital actions, the tone is cautiously constructive.Positive Updates
Interim Dividend Increased and Fully Franked
Declared an interim dividend of AUD 0.20 per share, fully franked — up 33% on the prior corresponding period. Management highlights this as the first fully franked dividend for some time and part of ongoing capital management initiatives to return surplus capital to shareholders.
Negative Updates
Material Decline in Underlying NPAT
Underlying net profit after tax fell to AUD 6.7m from AUD 15.3m in the prior corresponding period — a decline of approximately 56.2%. Management attributed the decline to lower distributions, lower management fee income from boutiques and lower interest income after the off-market buyback.
Read all updates
Q2-2026 Updates
Positive
Negative
Interim Dividend Increased and Fully Franked
Declared an interim dividend of AUD 0.20 per share, fully franked — up 33% on the prior corresponding period. Management highlights this as the first fully franked dividend for some time and part of ongoing capital management initiatives to return surplus capital to shareholders.
Read all positive updates
Company Guidance
Management guided that PAC will focus on five priorities—accelerating growth, unlocking shareholder value via targeted capital initiatives, controlling operating costs, strengthening the balance sheet and enhancing organizational efficiency—while noting the balance sheet is now debt‑free (no interest expense expected in H2 FY26) and highlighting key metrics: H1 FY26 underlying NPAT A$6.7m (down from A$15.3m), underlying EPS A$0.22 (A$0.29 prior), interim fully franked dividend A$0.20/share (up 33%; record date 5 Mar 2026), corporate costs down 31%, corporate cash A$152m and corporate net assets A$164m (up from A$144m at 30 Jun), fair value NAV A$16.34/share vs statutory NAV A$13.92 (A$2.42 gap) — fair value NAV up >14% y/y from A$14.32 and from A$15.51 at 30 Jun, five‑year NAV growth A$8.40 → A$16.34 (~14% p.a., >95% total), on‑market buyback up to 2.0m shares (6.8% of issued capital) with ~200k repurchased for ~A$2m to 31 Dec, recent transactions generating USD5.5m from a partial Victory Park sale and USD9.4m from Janus Henderson, growth capital/lending including a US$25m facility to IFP and a A$2m loan to Roc at 10% (maturing 30 Nov 2028), and Petershill deferred consideration on track for settlement in May 2026.Pacific Current Group Ltd Financial Statement Overview
Summary
Income Statement
65
Positive
Balance Sheet
75
Positive
Cash Flow
70
Positive
| Breakdown | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | -16.61M | 128.14M | 104.72M | 44.51M | 43.56M | 44.54M |
| Gross Profit | -19.98M | 122.98M | 101.86M | 40.66M | 40.29M | 41.06M |
| EBITDA | -51.22M | 113.52M | 172.13M | -5.04M | -49.19M | 24.01M |
| Net Income | -53.86M | 58.16M | 110.08M | -15.79M | -35.27M | 17.41M |
Balance Sheet | ||||||
| Total Assets | 421.98M | 523.42M | 727.88M | 612.38M | 608.97M | 463.02M |
| Cash, Cash Equivalents and Short-Term Investments | 152.33M | 137.89M | 343.32M | 23.20M | 34.89M | 28.30M |
| Total Debt | 0.00 | 62.09M | 64.01M | 2.83M | 1.05M | 680.00K |
| Total Liabilities | 4.94M | 78.76M | 128.82M | 102.15M | 82.25M | 60.21M |
| Stockholders Equity | 417.04M | 444.66M | 599.06M | 509.52M | 524.81M | 402.38M |
Cash Flow | ||||||
| Free Cash Flow | 13.48M | 20.20M | -2.37M | 19.18M | 23.19M | 29.06M |
| Operating Cash Flow | 13.48M | 20.21M | 20.61M | 21.82M | 23.47M | 29.15M |
| Investing Cash Flow | 288.71M | 206.34M | 63.47M | -55.12M | 4.76M | -5.87M |
| Financing Cash Flow | -345.40M | -284.46M | -10.46M | 22.10M | -23.18M | -14.07M |
Pacific Current Group Ltd Technical Analysis
Positive
10.39
Price Trends
9.80
Positive
9.96
Positive
10.18
Positive
Market Momentum
0.07
Negative
66.96
Neutral
83.37
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:PAC, the sentiment is Positive. The current price of 10.39 is above the 20-day moving average (MA) of 9.90, above the 50-day MA of 9.80, and above the 200-day MA of 10.18, indicating a bullish trend. The MACD of 0.07 indicates Negative momentum. The RSI at 66.96 is Neutral, neither overbought nor oversold. The STOCH value of 83.37 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:PAC.
Pacific Current Group Ltd Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | AU$186.39M | 3.31 | 16.49% | 17.89% | 18.74% | 88.57% | |
72 Outperform | AU$60.75M | 2.97 | 35.99% | 6.39% | 22.67% | 19.47% | |
72 Outperform | AU$275.27M | 9.55 | 32.32% | 4.00% | 10.61% | 23.34% | |
70 Outperform | AU$304.63M | -6.45 | -12.50% | 4.17% | 31.09% | -75.49% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% |
* Financial Sector Average
AU:PAC
Pacific Current Group Ltd
10.22
-0.07
-0.65%
AU:EZL
Euroz Hartleys Group Limited
1.21
0.50
71.16%
AU:MAM
Microequities Asset Management Group Ltd.
0.47
-0.02
-3.53%
AU:FID
Fiducian Group Ltd
8.72
0.59
7.19%
Pacific Current Group Ltd Corporate Events
Pacific Current flags complexity behind FUM and earnings in H1 FY26 update
Feb 23, 2026
Pacific Current Group has released a first-half FY26 results presentation, outlining its current financial performance and operational position as at 24 February 2026. The company cautions investors that the link between funds under management and...
Pacific Current trims debt and capital base as half-year profit weakens
Feb 23, 2026
Pacific Current Group reported a sharp fall in underlying NPAT to A$6.7m for the half year to 31 December 2025, down 56% amid lower distributions, management fees and interest income, though it achieved a 31% cut in corporate costs. Funds under ma...
Pacific Current Group Declares A$0.20 Interim Dividend
Feb 23, 2026
Pacific Current Group Limited has declared an interim dividend of A$0.20 per ordinary fully paid share for the six-month period ended 31 December 2025, reflecting its ongoing capital return policy to investors. The dividend will trade ex on 4 Marc...
Pacific Current swings to interim loss despite positive underlying earnings
Feb 23, 2026
Pacific Current Group Limited, a Sydney-based multi-boutique asset manager, applies its capital and institutional distribution network to help a global roster of eight boutique investment firms grow. The company targets value creation for sharehol...
Pacific Current extends US$25.1m secured growth facility to portfolio firm IFP
Feb 22, 2026
Pacific Current Group Limited has agreed to provide a US$25.1 million senior secured loan facility to IFP Group, LLC, an existing portfolio company, as part of its multi-boutique asset management strategy. The facility, which carries a base intere...
Pacific Current schedules 2026 half-year results investor call
Feb 20, 2026
Pacific Current Group has announced it will host a conference call to discuss its 2026 half-year results at 10:00am AEDT on 24 February 2026, led by Managing Director Michael Clarke and Acting CFO Ron Patel. The results briefing, accessible via we...
Pacific Current Sets Out 2026 Financial and Governance Calendar
Feb 20, 2026
Pacific Current Group has outlined its key corporate dates for calendar year 2026, detailing the timetable for half-year and full-year financial results, interim and final dividend events, and quarterly funds under management disclosures. The sche...
Pacific Current to Release 58,407 Escrowed Shares to Market
Feb 5, 2026
Pacific Current Group Limited has notified the market that 58,407 ordinary shares will be released from voluntary escrow on 16 February 2026, in line with ASX Listing Rule 3.10A. The small escrow release modestly increases the freely tradable shar...
Pacific Current Group Posts Modest Fall in Funds Under Management
Jan 30, 2026
Pacific Current Group reported that total funds under management across its boutique asset managers fell to A$28.8 billion as at 31 December 2025, down from A$29.8 billion the previous quarter, a 3.2% decline in Australian dollar terms driven main...
Pacific Current Cancels 191,800 Shares Following On‑Market Buy-Back
Dec 19, 2025
Pacific Current Group Limited has confirmed the cancellation of 191,800 fully paid ordinary shares following completion of an on‑market share buy-back on 15 December 2025. The move reduces the company’s issued capital and is likely aim...
Pacific Current Group Updates on Share Buy-Back Progress
Dec 11, 2025
Pacific Current Group Ltd has announced an update on its ongoing on-market buy-back program, with a total of 22,013 ordinary fully paid securities bought back on the previous day, adding to the cumulative total of 169,787 securities repurchased. T...
Pacific Current Group Updates on Buy-Back Program
Dec 10, 2025
Pacific Current Group Ltd has announced an update regarding its ongoing on-market buy-back program, which involves the repurchase of its ordinary fully paid securities. As of December 11, 2025, the company has bought back a total of 148,472 securi...
Pacific Current Group Updates on Share Buy-Back Progress
Dec 8, 2025
Pacific Current Group Ltd has announced an update regarding its ongoing on-market buy-back of ordinary fully paid securities. As of December 9, 2025, the company has bought back a total of 126,445 securities, with 24,217 acquired on the previous d...
Pacific Current Group Updates on Buy-Back Progress
Dec 4, 2025
Pacific Current Group Ltd has announced an update regarding its ongoing on-market buy-back of ordinary fully paid securities. As of December 5, 2025, the company has bought back a total of 96,457 securities, with 10,500 purchased on the previous d...
Pacific Current Group Updates on Share Buy-Back Program
Dec 3, 2025
Pacific Current Group Ltd has announced an update regarding its ongoing share buy-back program. The company reported buying back a total of 1,974 ordinary fully paid securities on the previous day, bringing the total number of securities bought ba...
Pacific Current Group Updates on Daily Buy-Back Activity
Dec 2, 2025
Pacific Current Group Ltd has announced an update regarding its ongoing on-market buy-back of ordinary fully paid securities. The company reported that a total of 9,745 securities were bought back on the previous day, adding to the 74,238 securiti...
Pacific Current Group Ltd Updates on Share Buy-Back Program
Nov 30, 2025
Pacific Current Group Ltd has announced an update on its ongoing share buy-back program, with a total of 9,569 ordinary fully paid securities bought back on the previous day, adding to a cumulative total of 64,669 securities. This buy-back initiat...
Pacific Current Group Updates on Share Buy-Back Progress
Nov 27, 2025
Pacific Current Group Ltd has announced an update on its ongoing share buy-back program, revealing that a total of 8,809 ordinary fully paid securities were repurchased on the previous day, adding to the 55,860 securities bought back before that. ...
Pacific Current Group Updates on Share Buy-Back Progress
Nov 26, 2025
Pacific Current Group Ltd has announced an update regarding its ongoing share buy-back program. As of November 27, 2025, the company has repurchased a total of 55,860 ordinary fully paid securities, with 9,575 bought back on the previous day. This...
Pacific Current Group Ltd Updates on Buy-Back Program
Nov 25, 2025
Pacific Current Group Ltd has announced an update regarding its ongoing on-market buy-back program. As of November 26, 2025, the company has bought back a total of 46,285 ordinary fully paid securities, with 2,797 securities purchased on the previ...
Pacific Current Group Updates on Share Buy-Back Progress
Nov 24, 2025
Pacific Current Group Ltd has announced an update regarding its ongoing on-market buy-back program. As of November 25, 2025, the company has repurchased a total of 43,488 ordinary fully paid securities, with 5,523 securities bought back on the pre...
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.
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