Top Page
WAM Capital Ltd.
(Sydney:WAM)
WAM Capital Ltd. (WAM) vs. iShares MSCI Australia ETF (EWA)
WAM Capital Ltd. Business Overview & Revenue Model
WAM Capital Ltd. Financial Statement Overview
| 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
WAM Capital Ltd. Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | ― | 21.13 | 5.08% | 8.71% | -6.60% | -5.26% | |
72 Outperform | AU$63.36M | 2.97 | 35.99% | 6.39% | 22.67% | 19.47% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
61 Neutral | AU$56.33M | 19.67 | 3.43% | 6.89% | 30.36% | -31.47% | |
55 Neutral | AU$26.98M | 38.35 | 1.46% | 2.94% | 38.32% | ― | |
53 Neutral | AU$27.23M | 46.88 | 2.42% | 2.03% | 18.17% | ― |
WAM Capital Ltd. Corporate Events
WAM Capital Limited has updated its Dividend Re-Investment Plan rules, allowing residual balances to be carried forward and bringing the plan into line with prevailing market practice. The remaining amendments are described as administrative, suggesting no fundamental change to the company’s dividend strategy but a smoother, more flexible process for shareholders participating in the DRP.
The revised DRP booklet and rules are now available on the company’s website, giving investors clearer guidance on how residual amounts will be managed under the plan. The move underscores WAM Capital’s effort to keep its shareholder processes contemporary and may enhance the attractiveness and usability of its dividend reinvestment option for its broad retail and wholesale investor base.
The most recent analyst rating on (AU:WAM) stock is a Buy with a A$2.00 price target. To see the full list of analyst forecasts on WAM Capital Ltd. stock, see the AU:WAM Stock Forecast page.
WAM Capital Limited reported a February 2026 pre-tax NTA of 136.56 cents per share and a month-end share price of $1.765, alongside an annualised interim dividend of 15.5 cents per share, partially franked at 60 percent. The company highlighted a profits reserve of 21.1 cents per share and noted that the continuation of franked dividends at current levels depends on generating further profits reserves and franking credits through ongoing portfolio performance.
The manager said the investment portfolio declined over the month, with GemLife Communities Group contributing positively after reporting better-than-forecast FY2025 results and strengthening its balance sheet, while Maas Group Holdings detracted following news of a major asset divestment and a sharp share price fall. WAM Capital also disclosed a net tax asset position of 15.85 cents per share, including tax assets and carried-forward income tax losses, which provides some flexibility for future periods and may support its ability to manage dividends and capital more effectively.
The most recent analyst rating on (AU:WAM) stock is a Buy with a A$2.00 price target. To see the full list of analyst forecasts on WAM Capital Ltd. stock, see the AU:WAM Stock Forecast page.
WAM Capital and its affiliated listed investment vehicles will hold a joint FY2026 interim results Q&A webinar on 13 March 2026, led by portfolio managers Oscar Oberg, Tobias Yao and Shaun Weick. The session will provide an update on portfolio performance and positioning, as well as the managers’ current views on market conditions.
An extended Q&A component will allow shareholders to submit questions in advance and engage directly with the investment team, underscoring the firm’s focus on transparency and investor communication. The event is likely to offer investors timely insights into how the portfolios are being managed amid prevailing market dynamics and may influence sentiment toward the WAM funds.
The most recent analyst rating on (AU:WAM) stock is a Buy with a A$2.00 price target. To see the full list of analyst forecasts on WAM Capital Ltd. stock, see the AU:WAM Stock Forecast page.
Wilson Asset Management Group has notified EML Payments Limited that it has ceased to be a substantial holder in the company, according to a Form 605 lodged under section 671B of the Corporations Act. The notice, signed by chief operating officer Kim Heng, indicates that as of 28 August 2025 the group and its related entities no longer hold a relevant interest of 5 per cent or more of EML’s voting securities, reducing their influence over shareholder resolutions and corporate decisions.
The change in status may signal a shift in Wilson Asset Management’s portfolio allocation away from EML, though the form does not disclose the specific consideration or detailed mechanics of the transactions involved. For EML and its investors, the exit of a previously substantial institutional holder could alter the company’s share register dynamics and potentially affect trading liquidity and market perception of the stock.
The most recent analyst rating on (AU:WAM) stock is a Buy with a A$2.00 price target. To see the full list of analyst forecasts on WAM Capital Ltd. stock, see the AU:WAM Stock Forecast page.
WAM Capital reported a sharp downturn in performance for the half year ended 31 December 2025, with revenue from ordinary activities falling 82.3% to $43.5 million and profit before tax dropping 85.5% to $30.2 million compared with the prior corresponding period. Net profit after tax declined 83.9% to $24.1 million, and net tangible asset backing per share eased both before and after tax, indicating pressure on portfolio valuations and underlying asset performance.
Despite the weaker results, the board maintained an interim dividend of 7.75 cents per share, partially franked at 60%, matching the previous final dividend and signalling a continued focus on income for shareholders. The Dividend Reinvestment Plan remains in operation, with shares to be issued at a 2.5% discount to VWAP around the ex-dividend date, providing investors an option to reinvest distributions while potentially supporting the company’s capital base and liquidity.
The most recent analyst rating on (AU:WAM) stock is a Buy with a A$2.00 price target. To see the full list of analyst forecasts on WAM Capital Ltd. stock, see the AU:WAM Stock Forecast page.
WAM Capital Limited has declared an ordinary fully paid share dividend of A$0.0775 per share for the six-month period ending 31 December 2025, maintaining its strategy of delivering regular income to shareholders. The dividend will trade ex on 18 May 2026, with a record date of 19 May 2026 and payment scheduled for 29 May 2026, and shareholders may elect to participate in the dividend reinvestment plan by 21 May 2026, highlighting the company’s continued emphasis on shareholder returns and capital management.
The timing and quantum of the distribution underline WAM Capital’s ongoing ability to generate distributable profits from its investment portfolio. For income-focused investors, the announced schedule provides clarity around cash flow expectations, while the availability of a dividend reinvestment option offers a pathway for compounding holdings without brokerage costs, reinforcing investor engagement and long-term alignment.
The most recent analyst rating on (AU:WAM) stock is a Buy with a A$2.00 price target. To see the full list of analyst forecasts on WAM Capital Ltd. stock, see the AU:WAM Stock Forecast page.
WAM Capital Ltd., the listed investment company managed by Wilson Asset Management, operates in the Australian funds management industry, offering actively managed equity portfolios to investors seeking capital growth and income. Its market focus is on providing listed exposure to a diversified selection of Australian shares through an actively managed, research-driven approach.
The company has scheduled a series of FY2026 interim results Q&A webinars in March 2026, giving investors multiple time slots to engage with the investment team. The sessions are designed to allow shareholders and prospective investors to submit questions in advance, signalling a focus on transparency, investor communication and active engagement around the company’s interim performance and outlook.
The most recent analyst rating on (AU:WAM) stock is a Buy with a A$2.00 price target. To see the full list of analyst forecasts on WAM Capital Ltd. stock, see the AU:WAM Stock Forecast page.
WAM Capital reported a January 2026 pre-tax net tangible asset backing of 145.34 cents per share and an after-tax NTA of 145.17 cents, reflecting a $2 million tax payment, while maintaining a profits reserve of 21.1 cents per share that underpins a 15.5 cent partly franked full-year dividend. The company highlighted that sustaining its current dividend level depends on continued portfolio gains and franking credit generation, as technology holdings like Life360 faced sector-wide sentiment pressure despite strong trading updates, whereas Codan’s upgraded earnings outlook provided a key positive contribution to performance and underscored the portfolio’s exposure to defence and gold-related tailwinds.
The investment update noted that WAM Capital’s share price ended January at $1.825, with an 8.5% dividend yield and a 10.7% grossed-up yield, supported by cumulative dividends of 331.5 cents per share since inception, or 468.3 cents including franking credits. Management signalled a selective stance within the technology sector, arguing that market fears over artificial intelligence disruption are overstated for some holdings and positioning the portfolio to benefit from a potential rebound in valuations once sentiment normalises.
The most recent analyst rating on (AU:WAM) stock is a Buy with a A$2.00 price target. To see the full list of analyst forecasts on WAM Capital Ltd. stock, see the AU:WAM Stock Forecast page.
WAM Capital reported a pre-tax net tangible asset backing of 150.13 cents per share at 31 December 2025, or 149.07 cents after tax, reflecting a $12 million tax payment during the month and a net current and deferred tax asset position of 11.96 cents per share. The company highlighted an FY25 full-year dividend of 15.5 cents per share, 60% franked, equating to an 8.6% dividend yield and 10.8% grossed-up yield based on the year-end share price, underpinned by a profits reserve of 21.1 cents per share and cumulative dividends of 331.5 cents per share since inception. WAM Capital noted that its portfolio performance since inception in 1999 has returned 15.3% per annum versus 8.6% for the S&P/ASX All Ordinaries Accumulation Index, although the portfolio declined in December, with Maas Group Holdings contributing positively after securing a major electrical infrastructure contract in the AI-focused digital infrastructure market, while Tasmea detracted despite completing an earnings-accretive acquisition of WorkPac Group, which WAM believes positions it well for labour demand linked to the Brisbane Olympics and a supportive commodities backdrop.
The most recent analyst rating on (AU:WAM) stock is a Buy with a A$2.00 price target. To see the full list of analyst forecasts on WAM Capital Ltd. stock, see the AU:WAM Stock Forecast page.
Wilson Asset Management Group has lodged a notice that it has ceased to be a substantial shareholder in Paragon Care Limited as of 12 June 2025, indicating its holding has fallen below the statutory substantial shareholding threshold. The change in relevant interest may alter Paragon Care’s share register dynamics and could signal a shift in institutional investor support, with potential implications for trading liquidity and future engagement with major shareholders.
Gentrack Group Limited (ASX: GTK) is the company identified in the release; the document does not provide details on the firm’s industry, products or market focus. Wilson Asset Management Group has notified Gentrack that it ceased to be a substantial holder on 3 September 2025, and the notice records changes in relevant interests and associations with subsequent execution in December 2025. The change reduces Wilson’s disclosed voting stake in the company; while it is unlikely to affect day-to-day operations, it alters the shareholder register and could influence voting dynamics, investor sentiment and governance considerations for other stakeholders.