WAM Research Ltd. (AU:WAX)
ASX:WAX
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WAM Research Ltd.
(Sydney:WAX)
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Rating:72Outperform
Price Target:
AU$1.50
▲(23.97% Upside)
Action:ReiteratedDate:12/30/25
The score is driven primarily by strong financial positioning (notably a debt-free balance sheet) and attractive valuation (low P/E and high dividend yield). Offsetting these positives, technicals indicate muted/soft momentum and the financial history shows meaningful cyclicality and inconsistent cash flow conversion.
Positive Factors
Debt-free Balance Sheet
A zero-debt balance sheet gives WAM Research durable financial flexibility: it lowers solvency risk, preserves optionality to hold through market drawdowns, and supports the ability to fund distributions or opportunistic purchases without forced asset sales during stress.
Negative Factors
Revenue Volatility / Cycle Sensitivity
Top-line and returns are highly cyclical for an investment vehicle; a 22% revenue decline and prior loss years show NTA and distributable income can swing materially. That undermines predictability of long‑term returns and complicates income planning for investors.
Read all positive and negative factors
Positive Factors
Negative Factors
Debt-free Balance Sheet
A zero-debt balance sheet gives WAM Research durable financial flexibility: it lowers solvency risk, preserves optionality to hold through market drawdowns, and supports the ability to fund distributions or opportunistic purchases without forced asset sales during stress.
Read all positive factors
WAM Research Ltd. (WAX) vs. iShares MSCI Australia ETF (EWA)
Market Cap
N/A
Dividend Yield8.23%
Average Volume (3M)224.73K
Price to Earnings (P/E)―
Beta (1Y)0.43
Revenue Growth-14.69%
EPS Growth-13.28%
CountryAU
EmployeesN/A
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)N/A
Shares Outstanding208,455,300
10 Day Avg. Volume316,692
30 Day Avg. Volume224,728
Financial Highlights & Ratios
PEG Ratio-0.64
Price to Book (P/B)1.01
Price to Sales (P/S)4.93
P/FCF Ratio14.52
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 Research Ltd. Business Overview & Revenue Model
Company Description
WAM Research Limited is a closed-ended equity mutual fund launched and managed by MAM Pty Limited. The fund invests in public equity markets of Australia. It makes its investments in companies primarily engaged in the industrial sector. The fund i...
How the Company Makes Money
WAM Research Ltd. primarily generates revenue through the sale of its advanced analytics and data solutions. The company's key revenue streams include subscription fees for its software platforms, consulting services for customized analytics solut...
WAM Research Ltd. Financial Statement Overview
Summary
Income Statement
71
Positive
Balance Sheet
90
Very Positive
Cash Flow
63
Positive
| Breakdown | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 | Jun 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 46.27M | 54.24M | 25.79M | -27.62M | 82.33M |
| Gross Profit | 46.27M | 54.24M | 23.29M | -30.49M | 82.33M |
| EBITDA | 0.00 | 44.90M | -239.33K | -31.07M | -228.25K |
| Net Income | 28.49M | 32.47M | 16.85M | -20.70M | 52.29M |
Balance Sheet | |||||
| Total Assets | 243.28M | 233.64M | 203.56M | 204.50M | 263.54M |
| Cash, Cash Equivalents and Short-Term Investments | 233.81M | 217.68M | 183.82M | 182.56M | 248.21M |
| Total Debt | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Liabilities | 17.07M | 18.97M | 4.43M | 5.68M | 27.91M |
| Stockholders Equity | 226.21M | 214.66M | 199.14M | 198.83M | 235.63M |
Cash Flow | |||||
| Free Cash Flow | 15.70M | 17.27M | -10.13M | 44.68M | -5.86M |
| Operating Cash Flow | 15.70M | 17.27M | -10.13M | 44.68M | -5.86M |
| Investing Cash Flow | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Financing Cash Flow | -17.23M | -16.70M | -16.29M | -15.89M | -15.65M |
WAM Research Ltd. Technical Analysis
Negative
1.21
Price Trends
1.20
Negative
1.22
Negative
1.20
Negative
Market Momentum
-0.02
Negative
39.05
Neutral
21.83
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:WAX, the sentiment is Negative. The current price of 1.21 is above the 20-day moving average (MA) of 1.14, above the 50-day MA of 1.20, and above the 200-day MA of 1.20, indicating a bearish trend. The MACD of -0.02 indicates Negative momentum. The RSI at 39.05 is Neutral, neither overbought nor oversold. The STOCH value of 21.83 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:WAX.
WAM Research Ltd. Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | ― | -19.84 | -0.49% | 8.23% | -14.69% | -13.28% | |
72 Outperform | AU$58.79M | 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$52.13M | 19.67 | 3.43% | 6.89% | 30.36% | -31.47% | |
53 Neutral | AU$27.20M | 46.88 | 4.11% | 2.03% | 18.17% | ― | |
41 Neutral | AU$234.44M | -8.76 | -2.68% | ― | 36.51% | ― |
* Financial Sector Average
AU:WAX
WAM Research Ltd.
1.12
-0.02
-2.19%
AU:CIW
Clime Investment Management Ltd
0.33
>-0.01
-0.90%
AU:MAM
Microequities Asset Management Group Ltd.
0.45
>-0.01
-0.88%
AU:CVC
CVC Limited
2.01
<0.01
0.35%
AU:SB2
Salter Brothers Emerging Companies Ltd.
0.62
-0.06
-8.55%
WAM Research Ltd. Corporate Events
WAM Research Releases FY2026 Interim Results Webinar With General Advice Disclaimer
Mar 18, 2026
WAM Research Ltd, through its manager Wilson Asset Management, held an FY2026 interim results webinar led by lead portfolio manager Oscar Oberg and portfolio manager Tobias Yao, and has made a recording available for investors’ personal use....
WAM Research Tweaks Dividend Reinvestment Plan to Match Market Practice
Mar 13, 2026
WAM Research Limited has updated the rules of its Dividend Re-Investment Plan to allow residual cash balances from dividend reinvestments to be carried forward, bringing the plan into line with current market practice. The changes are designed to ...
WAM Research posts softer NTA but maintains high-yield dividend backed by strong reserves
Mar 11, 2026
WAM Research reported net tangible assets before tax of 90.01 cents per share in February 2026, down from 97.47 cents in January, with assets of $187.9 million and portfolio performance of 13.6% per annum since its 2010 strategy change versus 9.4%...
Wilson Asset Management Plans National 2026 Shareholder Roadshow
Mar 9, 2026
Wilson Asset Management and its affiliated Future Generation vehicles will host a national series of shareholder presentations across major Australian cities in late April and early May 2026. The roadshow offers existing and prospective investors ...
WAM Research Schedules FY2026 Interim Results Q&A Webinar
Mar 4, 2026
WAM Research Ltd., alongside related vehicles WAM Capital, WAM Microcap and WAM Active, operates as part of Wilson Asset Management’s suite of listed investment companies focused on actively managed Australian equity portfolios for income an...
WAM Research Swings to Half-Year Loss but Maintains Interim Dividend
Feb 27, 2026
WAM Research Limited reported a sharp deterioration in performance for the half year ended 31 December 2025, moving from prior-year profitability to a net loss after tax of $3.21 million and a 107.5% decline in revenue from ordinary activities. De...
WAM Research Declares A$0.05 Half-Year Dividend for WAX Shareholders
Feb 27, 2026
WAM Research Limited has declared a fully paid ordinary share dividend of A$0.05 per security, relating to the six-month period ended 31 December 2025. The distribution applies to its ASX-listed WAX shares, reflecting the company’s ongoing p...
WAM Research Schedules FY2026 Interim Results Investor Webinars
Feb 24, 2026
WAM Research Ltd. has scheduled a series of online FY2026 interim results QA webinars for investors and other stakeholders in late February and March 2026, held at various times in Sydney to accommodate different schedules. The sessions are design...
WAM Research Flags Dividend Dependence as Portfolio Mixed in January
Feb 9, 2026
WAM Research reported net tangible assets of 97.47 cents per share before tax at the end of January 2026, with total assets of $203.4 million and an investment portfolio that has returned 14.3% per annum since its strategy change in 2010, outperfo...
WAM Research Posts Strong Long-Term Returns but Flags Dividend Dependence on FY26 Performance
Jan 11, 2026
WAM Research reported net tangible assets of 100.80 cents per share before tax and 100.32 cents after tax for December 2025, reflecting a $1.0 million tax payment during the month, with total assets of $209.4 million and an investment portfolio th...
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.