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VGI Partners Ltd.
(Sydney:RPL)
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Rating:82Outperform
Price Target:
AU$3.50
▲(27.74% Upside)
Action:Reiterated
Date:08/06/26
The score is led by strong financial performance (improving profitability, low leverage, and solid cash conversion) and supportive valuation (low P/E and high dividend yield). Technicals contribute less positively due to mixed momentum despite the price trading above key moving averages.
Positive Factors
Recurring fee-based business model
A predominantly fee-based model creates a durable baseline of recurring revenue linked to assets under management, supporting predictable cash flow and operating leverage. Performance fees can provide cyclical upside, but the core management-fee stream underpins medium-term revenue stability and margin conversion.
Negative Factors
Earnings and revenue cyclicality
Material swings in revenue and margins across years show earnings are highly sensitive to market cycles and investment performance. That cyclicality reduces predictability of cash flows and dividends, complicates multi-period planning, and means results can deteriorate quickly in adverse markets.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring fee-based business model
A predominantly fee-based model creates a durable baseline of recurring revenue linked to assets under management, supporting predictable cash flow and operating leverage. Performance fees can provide cyclical upside, but the core management-fee stream underpins medium-term revenue stability and margin conversion.
Read all positive factors
VGI Partners Ltd. (RPL) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$1.11B
Dividend Yield7.4%
Average Volume (3M)2.34M
Price to Earnings (P/E)8.7
Beta (1Y)2.28
Revenue Growth45.75%
EPS Growth40.60%
CountryAU
Employees195
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)0.33
Shares Outstanding392,240,260
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$4.18Price Target Upside52.68% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)0.34
Revenue Forecast (FY)AU$429.27M
VGI Partners Ltd. Business Overview & Revenue Model
Company Description
Regal Partners Limited operates as a privately held sponsor of hedge funds. The company allocates capital across public equity and hedging markets worldwide, with a notable concentration on the Australian market. Its investment approach incorporat...
How the Company Makes Money
RPL primarily makes money by charging investment management fees for managing investor capital in its funds and investment vehicles. These fees are typically calculated as a percentage of funds under management (FUM) and accrue as recurring revenu...
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
Neutral
2.74
Price Trends
2.86
Negative
2.69
Positive
2.80
Positive
Market Momentum
>-0.01
Negative
48.11
Neutral
43.15
Neutral
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 2.74 is below the 20-day moving average (MA) of 2.82, below the 50-day MA of 2.86, and below the 200-day MA of 2.80, indicating a neutral trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 48.11 is Neutral, neither overbought nor oversold. The STOCH value of 43.15 is Neutral, 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
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
82 Outperform | AU$1.11B | 8.65 | 14.51% | 7.64% | 45.75% | 40.60% | |
77 Outperform | AU$6.90B | 26.97 | 3.80% | 4.21% | 2.17% | 0.68% | |
71 Outperform | AU$3.18B | 13.63 | 14.31% | 5.99% | -12.42% | -36.36% | |
70 Outperform | AU$4.20B | 23.24 | 16.92% | 3.60% | 22.38% | 22.74% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
43 Neutral | AU$1.16B | 97.77 | 2.39% | 3.44% | 47.98% | -75.76% | |
41 Neutral | AU$2.22B | -128.73 | -1.00% | 6.01% | 2.23% | 96.71% |
* Financial Sector Average
AU:RPL
VGI Partners Ltd.
2.83
-0.08
-2.72%
AU:MFG
Magellan Financial Group Ltd
10.90
1.01
10.16%
AU:PPT
Perpetual Limited
19.31
-0.87
-4.33%
AU:ARG
Argo Investments Limited
9.17
0.12
1.29%
AU:PNI
Pinnacle Investment Management Group Limited
18.36
-3.20
-14.82%
AU:MAF
MA Financial Group Limited
6.15
-2.23
-26.58%
VGI Partners Ltd. Corporate Events
Regal Partners schedules 1H26 results briefing for investors
Aug 3, 2026
Regal Partners Limited, an ASX-listed alternative investment manager with over $21 billion in funds under management, offers hedge funds, credit and royalties, growth equity, and real and natural asset strategies to a broad base of institutional a...
Macquarie Group Exits Substantial Holding in Regal Partners
Jul 24, 2026
Macquarie Group Limited and its controlled entities have lodged a notice stating they have ceased to be a substantial holder in Regal Partners Limited. The filing, made under Australian corporations law, indicates a reduction in Macquarie’s ...
Regal Partners Updates Director Brendan O’Connor’s Equity Holdings and Incentive Rights
Jun 4, 2026
Regal Partners has disclosed changes to the security holdings of director Brendan O’Connor, detailing shifts in both his direct share ownership and indirect interests held through family and superannuation entities. The notice also outlines ...
Regal Partners Issues 273,929 Unquoted Rights Under Employee Incentive Scheme
Jun 4, 2026
Regal Partners Limited has notified the market of the issue of unquoted equity securities under its employee incentive scheme, reflecting ongoing use of equity-based compensation to align staff interests with shareholders. The company will issue 2...
Regal Partners shareholders back all AGM resolutions as board chair transitions
May 28, 2026
Regal Partners Limited reported that all resolutions put to its 2026 Annual General Meeting were passed by the required majority on a poll, underscoring broad shareholder support for the company’s governance and remuneration framework. The s...
Regal Partners Posts Strong 2025 Profit Growth and Strengthens Balance Sheet
May 28, 2026
Regal Partners reported strong momentum in 2025, lifting funds under management by 16% to $20.9 billion at year-end, with growth driven by both investment performance and net client inflows. Average funds under management rose 28% to $18.5 billion...
Regal Partners director Peter Yates lifts indirect shareholding
May 11, 2026
Regal Partners Limited has disclosed a series of on-market share purchases linked to director Peter Yates, executed through associated entities between 4 and 8 May 2026. The transactions, conducted via Mutual Trust Pty Ltd as custodian for family ...
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.