VGI Partners Ltd. (RPL) AI Stock Analysis

• Market Cap: AU$1.02B
• Dividend Yield: 5.37%
• Average Volume (3M): 2.34M
• Price to Earnings (P/E): 23.5
• Beta (1Y): 2.05
• 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$4.43
• Price Target Upside: 48.66% 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$3.00 ▲(0.67% 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

Revenue Growth

Strong revenue growth indicates effective market strategies and product demand, supporting long-term business expansion and stability.

Balance Sheet Health

A strong balance sheet with low leverage enhances financial stability and provides flexibility for future investments or downturns.

Cash Flow Generation

Consistent free cash flow growth ensures the company can fund operations, pay dividends, and invest in growth opportunities.

Negative Factors

Net Profit Margin Fluctuations

Fluctuating net profit margins may indicate challenges in cost control or pricing power, potentially impacting profitability.

Operational Cash Flow Volatility

Volatile operating cash flow can affect the company's ability to meet short-term obligations and invest in growth consistently.

Absence of EBIT and EBITDA

Lack of EBIT and EBITDA data may obscure operational performance, complicating assessments of profitability and efficiency.

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: Positive
• Last Price: 2.98
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:RPL, the sentiment is Positive. The current price of 2.98 is above the 20-day moving average (MA) of 2.94, below the 50-day MA of 3.03, and above the 200-day MA of 2.61, indicating a neutral trend. The MACD of 0.02 indicates Negative momentum. The RSI at 50.95 is Neutral, neither overbought nor oversold. The STOCH value of 51.57 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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$375.02M	20.16	32.31%	3.82%	10.61%	23.34%
EQT	69 Neutral	AU$670.58M	20.75	8.50%	4.40%	4.26%	79.41%
RPL	68 Neutral	AU$1.02B	23.51	5.73%	5.37%	21.81%	-43.93%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
AEF	64 Neutral	€593.05M	30.37	58.10%	2.73%	18.80%	74.51%
MAF	45 Neutral	AU$1.78B	42.84	8.97%	1.96%	35.30%	44.24%

VGI Partners Ltd. Corporate Events

Regal Partners to Participate in Morgans Conference

Regal Partners Limited announced its participation in the Morgans Conference, highlighting its commitment to engaging with stakeholders and showcasing its investment strategies. This participation underscores Regal Partners’ strategic positioning in the investment management industry and its ongoing efforts to strengthen relationships with investors and industry peers.

Regal Partners’ FUM Surges to $20 Billion Amid Strong Investment Performance

Regal Partners Limited announced a significant increase in its Funds Under Management (FUM) for the September 2025 quarter, reaching $20 billion, a 13.1% rise from the previous quarter. This growth was driven by net client inflows and positive investment performance across diverse strategies. Additionally, the company reported that $13.7 billion of its performance fee-eligible FUM is near its high water mark, indicating strong potential for future performance fees, although these remain subject to market conditions.

VGI Partners Ltd. Announces Change in Substantial Holding Status

VGI Partners Ltd. has announced a change in its substantial holding status, as Regal Partners Limited (RPL) ceased to be a substantial holder in PM Capital Global Opportunities Fund Limited. This change is due to the dilution and sale of fully paid ordinary shares by Paul Moore, Horizon Investments Australia Pty Ltd, Roaring Lion Pty Ltd, and other associated entities. The announcement indicates a shift in the company’s investment strategy, potentially impacting its market positioning and stakeholder interests.

Regal Partners Limited Announces Cessation of Securities

Regal Partners Limited announced the cessation of 114,754 securities due to the lapse of conditional rights, as the conditions were not met or became incapable of being satisfied. This cessation, effective from September 8, 2025, may impact the company’s capital structure and could influence investor perceptions regarding the company’s ability to meet certain conditions for securities.

Regal Partners Limited Announces Cessation of Securities

Regal Partners Limited has announced the cessation of 286,896 securities due to the lapse of conditional rights, as the conditions have not been satisfied. This cessation may impact the company’s issued capital and could have implications for stakeholders regarding the company’s financial strategies and market positioning.

Regal Partners Issues New Unquoted Securities

Regal Partners Limited has announced the issuance of 506,492 contingent converting redeemable preference shares. These unquoted securities are issued under a dividend or distribution plan and are not intended to be quoted on the ASX. This move reflects the company’s strategic financial maneuvers aimed at enhancing its capital structure, potentially impacting its market positioning and providing insights into its future financial strategies.

Regal Partners Limited Announces Quotation of New Securities

Regal Partners Limited has announced the application for quotation of 55,629 ordinary fully paid securities on the Australian Securities Exchange (ASX), with the issue date set for October 1, 2025. This move is part of a dividend or distribution plan and signifies the company’s ongoing efforts to enhance its market presence and provide value to its stakeholders.

Regal Partners Limited Announces New Securities Issuance

Regal Partners Limited has announced a new issuance of 13,234,516 ordinary fully paid securities, which are set to be quoted on the Australian Securities Exchange (ASX) under the code RPL. This move indicates Regal Partners’ strategic efforts to enhance its market presence and potentially increase its capital base, which could have significant implications for its stakeholders and market positioning.

Regal Partners Limited Announces Director’s Change in Securities

Regal Partners Limited has announced a change in the director’s interest in securities, specifically involving Brendan O’Connor. The changes include the disposal of a total of 1,100,500 ordinary shares across three transactions in September 2025, with a total consideration of approximately $3.16 million. These transactions reflect adjustments in the director’s holdings, which may impact the company’s stock dynamics and stakeholder perceptions.

Regal Partners Limited Updates Dividend Distribution Plan

Regal Partners Limited has announced an update regarding its dividend distribution, confirming the Dividend Reinvestment Plan (DRP) price. The company, which acquired PM Capital Limited in December 2023, will ensure that converting redeemable preference shares issued during this acquisition will rank equally with ordinary shares concerning dividends. These dividends will be paid in cash on deferred converting shares, while dividends on contingent converting shares will be reinvested to acquire additional shares under the DRP. This announcement highlights Regal Partners Limited’s commitment to maintaining equitable shareholder treatment and potentially enhances shareholder value through reinvestment opportunities.

Regal Partners Limited Updates Director’s Interest Notice

Regal Partners Limited announced a change in the director’s interest notice concerning Brendan O’Connor. The change involves the acquisition of 177,064 ordinary shares and 250,155 performance share rights by O’Connor, reflecting adjustments in his direct and indirect interests in the company. This update highlights the director’s increased stake in the company, potentially signaling confidence in the company’s future prospects and aligning the director’s interests with those of the shareholders.

Regal Partners Limited Issues Unquoted Securities

Regal Partners Limited has announced the issuance of 5,281,048 unquoted securities under an employee incentive scheme. These securities are subject to transfer restrictions and will not be quoted on the ASX until these restrictions are lifted, potentially impacting employee retention and company operations.