WAM Capital Ltd. (AU:WAM)
ASX:WAM
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WAM Capital Ltd.
(Sydney:WAM)
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Rating:77Outperform
Price Target:
AU$1.50
▼(-15.73% Downside)
Action:Reiterated
Date:12/30/25
The score is driven primarily by solid underlying financial quality (especially a strong, debt-free balance sheet) and attractive valuation (low P/E and high dividend yield). This is tempered by volatility in revenue/earnings/cash flows and only neutral-to-mildly positive technical momentum.
Positive Factors
Debt-free, conservative balance sheet
A near-zero leverage profile gives WAM durable financial flexibility: it can withstand market shocks without forced asset sales, maintain distributions from capital when needed, and pursue opportunistic purchases. This reduces structural solvency risk and supports long-term NAV stability.
Negative Factors
Pronounced revenue and earnings volatility
WAM's returns and reported earnings swing materially across cycles, with loss years recorded. This structural volatility reduces predictability of dividends and NAV progress, increases reliance on market timing for realised gains, and demands a long investment horizon to smooth outcomes.
Read all positive and negative factors
Positive Factors
Negative Factors
Debt-free, conservative balance sheet
A near-zero leverage profile gives WAM durable financial flexibility: it can withstand market shocks without forced asset sales, maintain distributions from capital when needed, and pursue opportunistic purchases. This reduces structural solvency risk and supports long-term NAV stability.
Read all positive factors
WAM Capital Ltd. (WAM) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$1.72B
Dividend Yield8.71%
Average Volume (3M)1.02M
Price to Earnings (P/E)18.5
Beta (1Y)0.34
Revenue Growth-66.55%
EPS Growth-65.99%
CountryAU
EmployeesN/A
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)0.19
Shares Outstanding1,138,200,800
10 Day Avg. Volume1,226,736
30 Day Avg. Volume1,020,388
Financial Highlights & Ratios
PEG Ratio-1.63
Price to Book (P/B)0.92
Price to Sales (P/S)5.34
P/FCF Ratio15.81
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
WAM Capital Ltd. Business Overview & Revenue Model
Company Description
WAM Capital Limited operates as a closed-end equity investment fund, established in Australia on March 8, 1999, and managed by Wilson Asset Management (International) Pty Limited. This fund primarily invests in publicly traded Australian equities,...
How the Company Makes Money
WAM Capital makes money primarily through investment returns generated by its portfolio. Its core earnings sources are: (1) Dividend and distribution income received from the companies and other securities it holds; (2) Realised capital gains when...
WAM Capital Ltd. Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
89
Very Positive
Cash Flow
63
Positive
| Breakdown | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 | Jun 2020 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 323.93M | 343.38M | 250.76M | -406.90M | 357.87M |
| Gross Profit | 323.93M | 337.50M | 250.76M | -406.90M | 357.87M |
| EBITDA | 304.03M | 319.37M | 233.18M | -425.94M | 343.34M |
| Net Income | 219.63M | 229.23M | 173.30M | -293.70M | 266.62M |
Balance Sheet | |||||
| Total Assets | 2.03B | 1.93B | 1.78B | 1.77B | 1.82B |
| Cash, Cash Equivalents and Short-Term Investments | 209.62M | 1.72B | 160.81M | 250.09M | 191.80M |
| Total Debt | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Liabilities | 153.43M | 122.47M | 48.07M | 59.50M | 121.29M |
| Stockholders Equity | 1.88B | 1.81B | 1.73B | 1.71B | 1.70B |
Cash Flow | |||||
| Free Cash Flow | 109.34M | 229.74M | 51.54M | 214.66M | 56.64M |
| Operating Cash Flow | 109.34M | 229.74M | 51.54M | 214.66M | 56.64M |
| Investing Cash Flow | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Financing Cash Flow | -153.38M | -151.63M | -148.03M | -134.10M | -110.42M |
WAM Capital Ltd. Technical Analysis
Negative
1.78
Price Trends
1.60
Negative
1.63
Negative
1.67
Negative
Market Momentum
-0.02
Negative
37.95
Neutral
67.10
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:WAM, the sentiment is Negative. The current price of 1.78 is above the 20-day moving average (MA) of 1.54, above the 50-day MA of 1.60, and above the 200-day MA of 1.67, indicating a bearish trend. The MACD of -0.02 indicates Negative momentum. The RSI at 37.95 is Neutral, neither overbought nor oversold. The STOCH value of 67.10 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:WAM.
WAM Capital Ltd. Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | AU$1.72B | 18.54 | 5.08% | 8.71% | -66.55% | -65.99% | |
72 Outperform | AU$54.87M | 6.04 | 35.99% | 6.39% | 0.11% | 21.50% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
61 Neutral | AU$45.40M | 14.53 | 3.43% | 6.89% | -26.20% | -112.45% | |
54 Neutral | AU$26.98M | 70.60 | 1.46% | 2.94% | 68.66% | 278.13% | |
53 Neutral | AU$24.71M | 23.78 | 4.11% | 2.03% | 35.83% | ― |
* Financial Sector Average
AU:WAM
WAM Capital Ltd.
1.52
0.11
7.75%
AU:LCE
London City Equities Ltd
0.85
0.01
1.19%
AU:CIW
Clime Investment Management Ltd
0.30
-0.08
-20.00%
AU:MAM
Microequities Asset Management Group Ltd.
0.42
-0.03
-5.62%
AU:SB2
Salter Brothers Emerging Companies Ltd.
0.54
-0.13
-19.28%
WAM Capital Ltd. Corporate Events
WAM Capital Director Lifts Indirect Stake via Dividend Reinvestment
Jun 1, 2026
WAM Capital Limited has reported a change in director James Chirnside’s relevant interest in the company’s shares through an update to the ASX. Chirnside holds his interest indirectly via a superannuation structure, reflecting a common...
WAM Capital Seeks ASX Quotation for New Dividend Plan Shares
May 29, 2026
WAM Capital Limited has applied for quotation on the ASX of 6,214,414 ordinary fully paid shares, to be issued on 29 May 2026. The new securities are being issued under a dividend or distribution plan, indicating the company is continuing to use e...
WAM Capital Lifts NTA and Confirms Interim Dividend as Portfolio Outperforms
May 10, 2026
WAM Capital reported a pre-tax net tangible asset backing of 129.79 cents per share at 30 April 2026 and confirmed an interim dividend of 7.75 cents per share, partially franked at 60%, payable on 29 May. The board highlighted that sustaining fran...
WAM Capital Holds Dividend Line as Volatility Weighs on NTA
Apr 10, 2026
WAM Capital reported a pre-tax net tangible asset value of 125.31 cents per share at 31 March 2026, down from 136.56 cents in February, reflecting a weak month for small-to-mid cap stocks amid global volatility, rising inflation and expectations o...
Wilson Asset Management Ceases to Be Substantial Holder in Mayfield Group
Apr 2, 2026
Wilson Asset Management Group has lodged a notice that it has ceased to be a substantial holder in Mayfield Group Holdings following changes to MYG’s capital structure. The change stems from the issuance of new MYG securities, which diluted ...
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.