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Pepper Money Ltd
(Sydney:PPM)
Pepper Money Ltd (PPM) vs. iShares MSCI Australia ETF (EWA)
Pepper Money Ltd Business Overview & Revenue Model
Pepper Money Ltd Financial Statement Overview
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.45B | 1.58B | 1.52B | 1.06B | 771.30M |
| Gross Profit | 1.39B | 1.53B | 417.70M | 987.60M | 699.60M |
| EBITDA | 1.13B | 1.29B | 0.00 | 801.90M | 545.10M |
| Net Income | 104.60M | 98.80M | 110.70M | 141.00M | 120.80M |
Balance Sheet | |||||
| Total Assets | 18.40B | 17.47B | 20.21B | 19.92B | 17.27B |
| Cash, Cash Equivalents and Short-Term Investments | 1.27B | 1.24B | 1.53B | 1.24B | 1.31B |
| Total Debt | 17.42B | 16.47B | 19.26B | 18.98B | 16.52B |
| Total Liabilities | 17.53B | 16.62B | 19.34B | 18.99B | 16.63B |
| Stockholders Equity | 869.90M | 855.60M | 825.40M | 801.90M | 636.40M |
Cash Flow | |||||
| Free Cash Flow | -720.50M | 2.59B | 91.20M | -2.31B | -3.00B |
| Operating Cash Flow | -714.80M | 2.60B | 98.30M | -2.30B | -2.99B |
| Investing Cash Flow | -5.70M | -49.30M | -7.50M | -87.60M | -266.40M |
| Financing Cash Flow | 761.30M | -2.85B | 194.30M | 2.32B | 3.68B |
Pepper Money Ltd Technical Analysis
Pepper Money Ltd Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
64 Neutral | AU$138.48M | 6.29 | 72.15% | ― | 19.38% | ― | |
59 Neutral | AU$675.90M | 5.42 | 10.55% | 4.81% | 5.01% | 85.56% | |
57 Neutral | AU$792.87M | 9.15 | 12.70% | 11.71% | -6.49% | -5.40% | |
52 Neutral | AU$977.35M | 11.50 | 7.72% | 6.60% | 14.81% | ― | |
50 Neutral | AU$1.06B | 4.10 | 12.13% | 11.83% | 2.11% | 15.71% | |
43 Neutral | AU$66.64M | -1.10 | -43.76% | ― | -9.56% | -392.31% |
Pepper Money Ltd Corporate Events
Challenger Limited has submitted a revised confidential, non-binding and conditional joint proposal with Pepper Group ANZ HoldCo Limited to acquire Pepper Money Limited. The new offer cuts the bid from $2.60 to $2.25 per Pepper Money share, adjusted for the final fully franked 2025 dividend of 7.8 cents per share and any special dividend.
Challenger has described the reduced bid as its best and final offer in the absence of a superior proposal, signalling a firmer negotiation stance on valuation. However, discussions remain incomplete and there is no certainty a transaction will proceed, leaving Pepper Money shareholders and the market awaiting further disclosures under Challenger’s continuous disclosure obligations.
The most recent analyst rating on (AU:PPM) stock is a Buy with a A$2.50 price target. To see the full list of analyst forecasts on Pepper Money Ltd stock, see the AU:PPM Stock Forecast page.
Pepper Money has disclosed that Challenger Limited has revised its non-binding indicative proposal to acquire 100% of Pepper Money’s shares via a scheme of arrangement, cutting the offer price from A$2.60 to A$2.25 per share. The new price is described as Challenger’s best and final offer in the absence of a superior bid and is inclusive of the CY2025 final dividend and any special dividend.
The company’s Independent Board Committee will now assess the reduced offer against prevailing market conditions and Pepper Money’s standalone prospects, while advising shareholders that no immediate action is required. The development underscores the impact of deteriorating market and operating conditions on deal valuations and leaves transaction certainty unresolved, with Pepper Money committing to keep the market informed under its continuous disclosure obligations.
The most recent analyst rating on (AU:PPM) stock is a Buy with a A$2.50 price target. To see the full list of analyst forecasts on Pepper Money Ltd stock, see the AU:PPM Stock Forecast page.
Pepper Money Limited has disclosed a change in the interests of its director, Mario Rehayem, involving a rebalancing between performance-based rights and fully paid ordinary shares. The notice details that 764,560 vested executive performance rights and 172,220 unrestricted STIP restricted rights were converted at nil consideration into 936,780 fully paid ordinary shares, altering the mix but not indicating any cash transaction.
The filing also outlines Rehayem’s indirect holdings through GIMAR Superfund Pty Ltd and his wife, Denise Aoun, who holds both ordinary shares in Pepper Money and tracker shares in related entity Pepper Global TopCo Limited. These cross-holdings underscore the concentrated alignment of the director’s interests with the group’s equity structure, providing investors with updated transparency on governance and ownership dynamics within the Pepper Money group.
The most recent analyst rating on (AU:PPM) stock is a Buy with a A$2.50 price target. To see the full list of analyst forecasts on Pepper Money Ltd stock, see the AU:PPM Stock Forecast page.
Pepper Money Ltd has applied for quotation of 39,490 new ordinary fully paid shares on the Australian Securities Exchange, with an issue date of 9 March 2026. The modest increase in quoted securities follows previously announced transactions and will marginally expand the company’s listed equity base, providing additional tradable stock for existing and potential investors.
The most recent analyst rating on (AU:PPM) stock is a Buy with a A$2.50 price target. To see the full list of analyst forecasts on Pepper Money Ltd stock, see the AU:PPM Stock Forecast page.
Pepper Money Ltd has applied to the ASX for quotation of 4,663,780 new ordinary fully paid shares, to be issued and listed on 9 March 2026 under its existing ticker PPM. The additional securities arise from the exercise or conversion of existing options or other convertible instruments, modestly expanding the company’s share base and potentially enhancing its liquidity in the market.
The move reflects ongoing capital structuring activity rather than a fresh capital raising, indicating that prior equity-linked incentives or funding arrangements are now being crystallised into ordinary equity. For shareholders and investors, the quotation of these new shares slightly dilutes existing holdings but may improve trading depth and facilitate broader institutional and retail participation in Pepper Money’s stock.
The most recent analyst rating on (AU:PPM) stock is a Buy with a A$2.50 price target. To see the full list of analyst forecasts on Pepper Money Ltd stock, see the AU:PPM Stock Forecast page.
Pepper Money has notified the market of a change in its issued capital structure following the lapse of certain executive rights. The company reported that 293,151 executive rights, classified as PPMAA securities, have ceased because the performance or vesting conditions attached to them were not satisfied or became incapable of being met.
The cessation of these conditional rights marginally reduces Pepper Money’s potential future dilution from equity-based remuneration. This adjustment reflects outcomes under the group’s long-term incentive arrangements for executives and may be read as a signal on performance hurdles and incentive realisation without affecting currently listed ordinary shares.
The most recent analyst rating on (AU:PPM) stock is a Buy with a A$2.50 price target. To see the full list of analyst forecasts on Pepper Money Ltd stock, see the AU:PPM Stock Forecast page.
Pepper Money Limited has notified the market of the issue of 18,589 unquoted employee rights under its employee incentive scheme, effective 9 March 2026. The new rights, which are not intended to be quoted on the ASX, reflect the company’s continued use of equity-based compensation to align staff interests with shareholders and support long-term retention.
While the size of this issuance is modest relative to the company’s total capital base, it incrementally increases Pepper Money’s pool of employee equity and may contribute to future dilution if the rights vest and convert. The move underscores ongoing competition for talent in the financial services sector, where performance rights and similar instruments are commonly used to attract and retain key employees.
The most recent analyst rating on (AU:PPM) stock is a Buy with a A$2.50 price target. To see the full list of analyst forecasts on Pepper Money Ltd stock, see the AU:PPM Stock Forecast page.
Pepper Money has notified the ASX of a proposed issue of up to 39,490 ordinary fully paid shares under a placement or similar mechanism. The new securities, to be issued and quoted on 9 March 2026 subject to ASX procedures, represent a modest equity raising that marginally increases the company’s share capital and provides additional funding flexibility.
The company has lodged an Appendix 3B outlining the terms of the proposed share issue and applying for quotation of the new securities on the ASX. While small in scale, the placement underscores Pepper Money’s continued use of the equity market for capital management, with limited immediate dilution but incremental implications for existing shareholders’ ownership percentages.
The most recent analyst rating on (AU:PPM) stock is a Buy with a A$2.50 price target. To see the full list of analyst forecasts on Pepper Money Ltd stock, see the AU:PPM Stock Forecast page.
Pepper Money has reported changes to the equity interests of managing director Mario Rehayem, reflecting updates to his direct and indirect holdings in the company and related entities. His interests include ordinary shares held personally and via GIMAR Superfund, as well as his wife’s holdings in Pepper Money and tracker shares in Pepper Global TopCo, which ultimately controls a majority of Pepper Money’s stock.
The latest notice details the vesting of 764,560 executive performance rights and the release of 172,220 executive STIP restricted rights, offset by the lapse or reclassification of an equivalent number of non-vested rights. These changes, made with no cash consideration, primarily affect the structure and status of Rehayem’s incentive-based equity rather than the company’s capital base, and signal ongoing alignment of executive remuneration with performance outcomes and shareholder interests.
The most recent analyst rating on (AU:PPM) stock is a Hold with a A$2.50 price target. To see the full list of analyst forecasts on Pepper Money Ltd stock, see the AU:PPM Stock Forecast page.
Challenger Limited has confirmed it is in advanced talks over a potential transaction to jointly acquire Pepper Money Limited, partnering with Pepper Group ANZ HoldCo Limited. Under the proposed scheme of arrangement, Pepper Group would initially hold at least its current interest in Pepper Money, while Challenger’s stake would be capped at 25% of the lender’s total shares.
The contemplated investment is designed to give Challenger long-term access to fixed income assets that could underpin growth and enhance returns in its retirement-focused business. Challenger stressed it will maintain capital discipline, does not intend to raise common equity to fund any deal, and expects any transaction to be strategic and earnings-per-share accretive, while cautioning there is no certainty the discussions will lead to a completed offer.
The most recent analyst rating on (AU:PPM) stock is a Hold with a A$2.00 price target. To see the full list of analyst forecasts on Pepper Money Ltd stock, see the AU:PPM Stock Forecast page.
Pepper Money has scheduled the release of its full-year results for the 12 months to 31 December 2025 on 19 February 2026, and will host a virtual briefing that morning led by Chief Executive Officer Mario Rehayem and Chief Financial Officer Therese McGrath. The online event, which requires pre-registration, signals the non-bank lender’s continued engagement with investors and analysts ahead of what could be a closely watched update on its performance and strategic direction in Australia and New Zealand’s competitive lending markets.
The most recent analyst rating on (AU:PPM) stock is a Hold with a A$2.00 price target. To see the full list of analyst forecasts on Pepper Money Ltd stock, see the AU:PPM Stock Forecast page.