VGI Partners Ltd. (AU:RPL)
ASX:RPL
Top Page
VGI Partners Ltd.
(Sydney:RPL)
Select Model
Select Model
Rating:79Outperform
Price Target:
AU$2.50
▲(5.49% Upside)
Action:UpgradedDate:02/27/26
The score is driven primarily by strong financial performance (robust 2025 profitability, low leverage, and solid cash conversion) and supportive valuation (low P/E with a high dividend yield). Offsetting these positives, technical signals are neutral-to-soft with limited momentum.
Positive Factors
Profitability improvement
Material revenue growth and margin expansion in 2025 indicate the firm can scale fee income and capture operating leverage in favorable markets. Sustained higher margins improve cash generation and buffers against future market downturns, strengthening long-term earnings power.
Negative Factors
Earnings volatility
Significant year-to-year swings in profitability reduce predictability of recurring fees and performance fees, complicate long-term planning, and can lead to erratic cash flows. This cyclicality weakens the stability of returns for investors and constrains strategic consistency.
Read all positive and negative factors
Positive Factors
Negative Factors
Profitability improvement
Material revenue growth and margin expansion in 2025 indicate the firm can scale fee income and capture operating leverage in favorable markets. Sustained higher margins improve cash generation and buffers against future market downturns, strengthening long-term earnings power.
Read all positive factors
VGI Partners Ltd. (RPL) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$923.95M
Dividend Yield4.92%
Average Volume (3M)2.34M
Price to Earnings (P/E)8.6
Beta (1Y)2.25
Revenue Growth21.81%
EPS Growth-43.93%
CountryAU
Employees190
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)0.27
Shares Outstanding369,581,300
10 Day Avg. Volume1,924,789
30 Day Avg. Volume2,343,134
Financial Highlights & Ratios
PEG Ratio0.13
Price to Book (P/B)1.20
Price to Sales (P/S)3.06
P/FCF Ratio15.87
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$4.83Price Target Upside103.80% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)0.3
Revenue Forecast (FY)AU$405.60M
VGI Partners Ltd. Business Overview & Revenue Model
Company Description
Regal Partners Limited is a privately owned hedge fund sponsor. The firm invests in the public equity and hedging markets across the globe with a focus on Australia. It employs market neutral and absolute return strategies to make its investments....
How the Company Makes Money
VGI Partners makes money primarily by charging investment management fees on the funds it manages. These fees are typically calculated as a percentage of funds under management (FUM) across its investment products (for example, listed investment c...
VGI Partners Ltd. Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
90
Very Positive
Cash Flow
84
Very Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 369.03M | 253.20M | 104.45M | 84.18M | 150.01M |
| Gross Profit | 325.66M | 223.17M | 40.26M | 74.88M | 98.76M |
| EBITDA | 203.82M | 119.83M | 25.64M | 25.02M | 87.74M |
| Net Income | 130.55M | 66.24M | 1.60M | 11.62M | 42.71M |
Balance Sheet | |||||
| Total Assets | 1.11B | 949.22M | 689.25M | 486.62M | 168.36M |
| Cash, Cash Equivalents and Short-Term Investments | 180.23M | 95.22M | 211.72M | 213.46M | 51.73M |
| Total Debt | 65.13M | 7.95M | 46.05M | 4.51M | 5.92M |
| Total Liabilities | 164.10M | 95.21M | 110.48M | 50.68M | 89.58M |
| Stockholders Equity | 943.97M | 850.42M | 575.57M | 432.13M | 134.56M |
Cash Flow | |||||
| Free Cash Flow | 71.11M | 51.44M | 15.39M | 28.64M | 45.78M |
| Operating Cash Flow | 72.34M | 52.27M | 16.12M | 31.49M | 46.01M |
| Investing Cash Flow | 2.85M | 72.14M | -49.55M | -53.86M | 1.62M |
| Financing Cash Flow | -66.20M | -90.77M | 10.63M | 45.55M | -38.99M |
VGI Partners Ltd. Technical Analysis
Negative
2.37
Price Trends
2.93
Negative
2.90
Negative
2.77
Negative
Market Momentum
-0.16
Positive
30.12
Neutral
11.07
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:RPL, the sentiment is Negative. The current price of 2.37 is below the 20-day moving average (MA) of 2.76, below the 50-day MA of 2.93, and below the 200-day MA of 2.77, indicating a bearish trend. The MACD of -0.16 indicates Positive momentum. The RSI at 30.12 is Neutral, neither overbought nor oversold. The STOCH value of 11.07 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:RPL.
VGI Partners Ltd. Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | AU$923.95M | 8.64 | 14.51% | 4.92% | 21.81% | -43.93% | |
73 Outperform | AU$315.04M | 9.55 | 32.32% | 4.00% | 10.61% | 23.34% | |
69 Neutral | AU$561.82M | 7.80 | 8.50% | 4.63% | 4.26% | 79.41% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
64 Neutral | AU$506.54M | 10.53 | 55.44% | 2.70% | 18.80% | 74.51% | |
46 Neutral | AU$1.41B | 174.79 | 2.39% | 1.85% | 35.30% | 44.24% |
* Financial Sector Average
AU:RPL
VGI Partners Ltd.
2.50
0.08
3.14%
AU:AEF
Australian Ethical Investment Ltd
4.45
-1.27
-22.24%
AU:MAF
MA Financial Group Limited
7.52
0.37
5.13%
AU:FID
Fiducian Group Ltd
9.98
0.69
7.38%
AU:EQT
EQT Holdings Ltd.
20.97
-10.74
-33.87%
VGI Partners Ltd. Corporate Events
Regal Partners Issues Unquoted Contingent Preference Shares Under Distribution Plan
Mar 25, 2026
Regal Partners Limited has notified the market of the issue of 1,200,959 unquoted contingent converting redeemable preference shares under a dividend or distribution plan. The new securities, which are not intended to be quoted on the ASX, were is...
Regal Partners Director Increases Indirect Shareholding
Mar 23, 2026
Regal Partners has disclosed a change in director Jaye Louise Gardner’s indirect interest in the company’s shares. Through Homner Pty Ltd as trustee for the Willmax Super Fund, where Gardner is a beneficiary, her holding increased via ...
Regal Partners Seeks ASX Quotation for New Dividend Plan Shares
Mar 23, 2026
Regal Partners Limited has applied to the ASX for quotation of 181,565 new ordinary fully paid shares, issued on 25 March 2026 under a dividend or distribution plan. The additional stock will modestly increase the company’s free float and sh...
Regal Partners Updates Market on Daily On-Market Share Buy-Back
Mar 17, 2026
Regal Partners Limited has updated the market on its ongoing on-market share buy-back program for its ordinary fully paid shares. The company reported that a total of 1,830,593 shares had been repurchased prior to the latest trading day, with a fu...
Regal Partners Updates Market on Progress of On-Market Share Buy-Back
Mar 16, 2026
Regal Partners Limited has provided an updated notification to the ASX regarding its ongoing on-market share buy-back of ordinary fully paid shares. The update, dated 17 March 2026, reports the latest daily repurchase activity as part of a previou...
Regal Partners Updates Market on Progress of On‑Market Share Buy‑Back
Mar 15, 2026
Regal Partners Limited has provided an updated notification to the ASX regarding its ongoing on‑market share buy‑back program for its ordinary fully paid shares. The update, dated 16 March 2026, outlines the latest daily activity, conf...
Regal Partners Issues Daily Update on Ongoing Share Buy-Back
Mar 12, 2026
Regal Partners Limited has provided an updated notification to the ASX regarding its ongoing on-market share buy-back program for its ordinary fully paid shares. The company reported that it had bought back a cumulative total of 762,830 shares pri...
Regal Partners Confirms DRP Price and Aligns PM Capital Shares in Dividend
Mar 11, 2026
Regal Partners has updated its dividend notification for ordinary fully paid shares, confirming the price under its dividend reinvestment plan for the six-month period to 31 December 2025. The update clarifies that converting redeemable preference...
Regal Partners Updates Market on Progress of On‑Market Share Buy‑Back
Mar 11, 2026
Regal Partners Limited has provided an update on its on-market share buy-back program for its ordinary fully paid shares, listed under the ASX code RPL. The company disclosed that a total of 505,044 shares had been repurchased prior to the previou...
Regal Partners Updates Market on Progress of On-Market Share Buy-Back
Mar 10, 2026
Regal Partners Limited has provided an updated notification to the ASX regarding its ongoing on-market share buy-back of ordinary fully paid shares. The program, originally notified in early February 2026, reflects the company’s active capit...
Regal Partners Reports Daily Progress on On-Market Share Buyback
Mar 8, 2026
Regal Partners Limited has updated the market on its ongoing on-market share buyback program for its ordinary fully paid shares, RPL, on the ASX. The latest daily notification reports that 66,194 shares were repurchased on the previous trading day...
Regal Partners Updates Market on Director Brendan O’Connor’s Shareholding Changes
Mar 5, 2026
Regal Partners has reported changes in the equity holdings of director Brendan O’Connor, reflecting adjustments to both his direct and indirect interests in the company’s ordinary shares. The transactions, executed on 3 and 4 March 202...
Regal Partners director trims indirect stake in on‑market share sales
Mar 3, 2026
Regal Partners Limited has reported a change in the indirect equity interests of director Ian Gibson, held through Gibson Capital Pty Ltd as trustee for the GC Trust. The notice details movements in ordinary shares previously subject to voluntary ...
Regal Partners Files Appendix 4G, Confirms Updated Governance Statement
Feb 23, 2026
Regal Partners Limited has lodged its Appendix 4G and confirmed that its corporate governance statement for the year ended 31 December 2025 is available on its website. The statement has been approved by the board and outlines how the company has ...
Regal Partners boosts profit, assets and launches buyback on strong 2025 performance
Feb 23, 2026
Regal Partners reported strong 2025 results, with funds under management rising 16% to $20.9 billion, driven by $1.5 billion in net inflows and approximately $3.2 billion of positive investment performance. Statutory net profit after tax nearly do...
Regal Partners Declares Interim Dividend and Clarifies Treatment of PM Capital Converting Shares
Feb 23, 2026
Regal Partners Limited has declared a fully franked interim dividend of AUD 0.15 per ordinary share for the six months to 31 December 2025, with an ex-dividend date of 2 March 2026 and payment due on 25 March 2026. The company confirmed that conve...
Regal Partners files 2025 annual report and financial statements
Feb 23, 2026
Regal Partners Limited has lodged its Appendix 4E and Annual Report for the year ended 31 December 2025 with the ASX. The filings include the directors’ report and full financial statements, providing shareholders and the market with detaile...
Regal Partners Confirms Broker for On-Market Share Buy-Back
Feb 22, 2026
Regal Partners Limited, an ASX-listed investment manager, has its ordinary fully paid shares trading under the ticker RPL and operates in the financial services sector with a focus on capital markets. The company actively manages its capital struc...
Regal Partners Confirms Broker for On‑Market Share Buy‑Back
Feb 22, 2026
Regal Partners Limited has updated its previously announced on-market share buy-back for its ordinary fully paid shares, confirming the broker that will conduct purchases on its behalf. The notification, filed as an amendment to its earlier Februa...
Regal Partners Corrects Date for 2025 Results Briefing to 24 February
Feb 5, 2026
Regal Partners Limited has corrected the date of its upcoming 2025 financial results briefing, confirming that the webcast and teleconference with its CEO Brendan O’Connor and CFO Ian Cameron will now take place at 9:30am AEDT on 24 February...
Regal Partners Launches On‑Market Share Buy-Back Program
Feb 4, 2026
Regal Partners Limited has notified the ASX that it will commence an on‑market buy-back of its ordinary fully paid shares, underlining an active approach to managing its capital structure. The move signals management’s willingness to d...
Regal Partners Launches $75m On-Market Share Buy-Back to Bolster Capital Management
Feb 4, 2026
Regal Partners Limited has launched an on-market share buy-back of up to $75 million of its ordinary shares as part of a broader capital management strategy. The move, underpinned by a strong balance sheet and ongoing operating cash flow, is inten...
Regal Partners Sets February Briefing for 2025 Results
Feb 4, 2026
Regal Partners has scheduled the release of its 2025 full-year results for 24 February 2026 and will host a webcast and teleconference briefing on 26 February, signaling ongoing investor engagement as the firm showcases its diversified alternative...
Regal Partners Lifts Funds Under Management 16% to $20.9bn in 2025
Jan 27, 2026
Regal Partners Limited reported that funds under management rose to about $20.9 billion at 31 December 2025, a 4% increase over the December quarter and a 16% rise over the calendar year, while total funds under management and commitments grew 21%...
Regal Partners Announces Lapse of 298,832 Conditional Rights
Jan 13, 2026
Regal Partners Limited has notified the market that 298,832 RPLAC rights have lapsed after the conditions attached to these conditional rights to securities were not satisfied by 13 January 2026. The cessation slightly reduces the company’s ...
Regal Partners Lifts 2025 Profit Guidance on Strong Performance Fees as FUM Climbs to $20.8bn
Jan 11, 2026
Regal Partners has issued guidance for calendar 2025 normalised net profit after tax of about $145 million, underpinned by an expected surge in second-half performance fees to roughly $130 million and total performance fees of $172 million for the...
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.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.