VGI Partners Ltd. (RPL) AI Stock Analysis

• Market Cap: AU$1.16B
• Dividend Yield: 4.92%
• Average Volume (3M): 2.34M
• Price to Earnings (P/E): 26.7
• Beta (1Y): 2.01
• Revenue Growth: 21.81%
• EPS Growth: -43.93%
• Country: AU
• Employees: 190
• Sector: Financial
• Sector Strength: 70
• Industry: Asset Management
• EPS (TTM): 0.13
• Shares Outstanding: 369,399,720
• 10 Day Avg. Volume: 1,924,789
• 30 Day Avg. Volume: 2,343,134
• PEG Ratio: <0.01
• Price to Book (P/B): 1.30
• Price to Sales (P/S): 4.37
• P/FCF Ratio: 21.52
• 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$4.58
• Price Target Upside: 45.86% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 68 Neutral
• Price Target: AU$3.50 ▲(11.46% Upside)

VGI Partners Ltd. scores well due to its strong financial performance, supported by robust revenue growth and a solid balance sheet. The valuation is enhanced by an attractive dividend yield. However, technical indicators suggest mixed market sentiment, with short-term bearish momentum and potential oversold conditions.

Positive Factors

Strong Balance Sheet

A low debt-to-equity ratio and steady equity growth provide durable financial flexibility: supports investment in talent and products, cushions market drawdowns that reduce FUM, and lowers refinancing risk, preserving firm stability and capacity to sustain fee-based operations over years.

Recurring Fee Business Model

A fee-based asset management model creates recurring revenue tied to AUM and client retention. Durable margins stem from scalable investment processes and listed fund structures, enabling predictable revenue streams and repeatable cash generation if investment performance and client relationships remain intact.

Free Cash Flow Growth

Consistent free cash flow growth fuels reinvestment, supports distributions to shareholders, and provides a buffer for periods of FUM volatility. Strong FCF indicates the business converts management fees into real cash, underpinning long-term financial resilience and strategic optionality.

Negative Factors

Operating Cash Flow Volatility

Variability in operating cash flow signals less predictable cash conversion from the core business, which can strain liquidity in adverse market periods. For an asset manager dependent on fee receipts, this volatility complicates planning for payouts, hiring or product investment over multiple quarters.

Earnings Per Share Decline

A sharp EPS decline indicates earnings pressure that may reflect lower investment performance, higher costs, or one-off charges. Sustained EPS weakness can erode retained earnings, reduce reinvestment capacity, and weaken confidence among institutional clients, affecting FUM and fees over the medium term.

Missing EBIT/EBITDA Disclosure

The lack of standard operating metrics like EBIT/EBITDA reduces transparency into operating profitability and comparability. This can mask structural cost trends or one-off adjustments, making it harder for investors and clients to assess sustainable margins and long-term operational health.

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. The firm also employs fundamental analysis along with bottom up stock picking approach to create its portfolios. Regal Partners Limited was founded in 2004 and is based in Sydney, Australia.

How the Company Makes Money

VGI Partners generates revenue primarily through management fees and performance fees associated with its investment funds. The management fees are typically calculated as a percentage of the assets under management (AUM), providing a stable income stream as long as the AUM remains steady or grows. Performance fees are earned when the investment returns exceed a specified benchmark, aligning the interests of the firm with those of its clients. Additionally, VGI Partners may engage in strategic partnerships with other financial institutions or investment firms, which can enhance its investment capabilities and broaden its market reach, further contributing to its revenue generation.

VGI Partners Ltd. Financial Statement Overview

Summary

VGI Partners Ltd. demonstrates strong financial health with robust revenue growth and a solid balance sheet. The low debt-to-equity ratio and steady growth in stockholders' equity highlight financial stability. However, fluctuations in operating cash flow suggest potential volatility in cash generation.

Income Statement

VGI Partners Ltd. showcases robust revenue growth, with the most recent annual revenue significantly outpacing previous years. The gross profit margin remains high, indicating effective cost management, but net profit margin has seen some fluctuation. Notable is the absence of EBIT and EBITDA in the latest year, which could indicate operational challenges or accounting changes.

Balance Sheet

The company's balance sheet is strong, with a low debt-to-equity ratio indicating minimal leverage. Stockholders' equity has shown steady growth, and the equity ratio signifies a solid foundation with a high proportion of assets financed by equity.

Cash Flow

Free cash flow has grown consistently, reflecting the company's ability to generate cash beyond its operating needs. However, the operating cash flow has experienced fluctuations, suggesting potential volatility in core business cash generation.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	242.68M	253.20M	104.45M	84.18M	150.01M	59.18M
Gross Profit	158.66M	223.17M	40.26M	74.88M	98.76M	56.19M
EBITDA	87.21M	119.83M	25.64M	25.02M	87.74M	40.16M
Net Income	42.28M	66.24M	1.60M	11.62M	42.71M	25.92M
Balance Sheet
Total Assets	999.80M	949.22M	689.25M	486.62M	168.36M	152.29M
Cash, Cash Equivalents and Short-Term Investments	166.04M	95.22M	211.72M	213.46M	51.73M	41.73M
Total Debt	48.97M	7.95M	46.05M	4.51M	5.92M	1.27M
Total Liabilities	140.37M	95.21M	110.48M	50.68M	89.58M	19.65M
Stockholders Equity	855.53M	850.42M	575.57M	432.13M	134.56M	132.64M
Cash Flow
Free Cash Flow	68.74M	51.44M	15.39M	28.64M	45.78M	28.74M
Operating Cash Flow	70.70M	52.27M	16.12M	31.49M	46.01M	28.86M
Investing Cash Flow	-25.90M	72.14M	-49.55M	-53.86M	1.62M	-5.75M
Financing Cash Flow	-72.69M	-90.77M	10.63M	45.55M	-38.99M	-10.40M

VGI Partners Ltd. Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 3.14
• 50DMA: Negative
• 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:RPL, the sentiment is Neutral. The current price of 3.14 is below the 20-day moving average (MA) of 3.35, below the 50-day MA of 3.15, and above the 200-day MA of 2.73, indicating a neutral trend. The MACD of 0.01 indicates Positive momentum. The RSI at 42.60 is Neutral, neither overbought nor oversold. The STOCH value of 7.44 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for AU:RPL.

VGI Partners Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
FID	69 Neutral	AU$339.67M	18.26	32.31%	4.00%	10.61%	23.34%
EQT	69 Neutral	AU$657.74M	20.35	8.50%	4.63%	4.26%	79.41%
RPL	68 Neutral	AU$1.16B	26.66	5.73%	4.92%	21.81%	-43.93%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
AEF	64 Neutral	AU$522.48M	25.39	58.10%	2.70%	18.80%	74.51%
MAF	45 Neutral	AU$1.93B	46.56	8.97%	1.85%	35.30%	44.24%

VGI Partners Ltd. Corporate Events

Regal Partners Lifts Funds Under Management 16% to $20.9bn in 2025

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% to $22.0 billion. Growth was underpinned by strong net client inflows of $1.5 billion and investment performance of $3.15 billion across 2025, with hedge funds and credit & royalties the main drivers and robust demand for products such as the PM Capital Global Companies Fund, Regal Global Small Companies Fund and various multi-strategy and royalties vehicles, partially offset by loan repayments in Merricks Capital co-investments and modest redemptions in growth equity and real and natural assets strategies.

The most recent analyst rating on (AU:RPL) stock is a Buy with a A$3.50 price target. To see the full list of analyst forecasts on VGI Partners Ltd. stock, see the AU:RPL Stock Forecast page.

Regal Partners Announces Lapse of 298,832 Conditional Rights

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 pool of potential equity issuance from these instruments, clarifying its issued capital structure for shareholders and the market but without indicating any immediate operational or strategic shift.

The most recent analyst rating on (AU:RPL) stock is a Buy with a A$4.70 price target. To see the full list of analyst forecasts on VGI Partners Ltd. stock, see the AU:RPL Stock Forecast page.

Regal Partners Lifts 2025 Profit Guidance on Strong Performance Fees as FUM Climbs to $20.8bn

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 year. Funds under management rose to an estimated $20.8 billion at 31 December 2025, with $80 million of net inflows in the December quarter bringing total net inflows for the year to $1.5 billion, highlighting continuing investor demand across its alternative strategies. The preliminary, unaudited figures signal ongoing operational momentum and fee-generating strength for the manager ahead of its detailed quarterly FUM update and full-year results in February 2026.

The most recent analyst rating on (AU:RPL) stock is a Hold with a A$3.00 price target. To see the full list of analyst forecasts on VGI Partners Ltd. stock, see the AU:RPL Stock Forecast page.

Regal Partners Limited Announces Planned Securities Issuance

Regal Partners Limited, a publicly listed entity on the Australian Securities Exchange (ASX) under ticker code RPL, has announced its intention to issue up to 535,456 ordinary fully paid securities as part of a planned placement or other type of issue. This proposed securities issuance, scheduled for July 2, 2029, reflects a strategic move by the company to strengthen its financial position and enhance its market endeavors. Stakeholders may interpret this step as indicative of the company’s forward-looking strategies aimed at fostering growth and maintaining industry competitiveness.

The most recent analyst rating on (AU:RPL) stock is a Hold with a A$3.00 price target. To see the full list of analyst forecasts on VGI Partners Ltd. stock, see the AU:RPL Stock Forecast page.

Regal Partners to Release Over 10 Million Shares from Escrow

Regal Partners Limited has announced that 10,868,725 fully paid ordinary shares will be released from escrow on December 18, 2025. These shares were initially issued in June 2022 as part of a merger with Regal Funds Management Pty Limited. The release includes over 9.4 million shares held by key board members and associated entities, with a remaining 921,266 shares under escrow until December 30, 2026. This release marks a significant step in the integration process post-merger, potentially impacting the company’s stock liquidity and market perception.

The most recent analyst rating on (AU:RPL) stock is a Hold with a A$3.00 price target. To see the full list of analyst forecasts on VGI Partners Ltd. stock, see the AU:RPL Stock Forecast page.