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WAM Research Ltd.
(Sydney:WAX)
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Rating:72Outperform
Price Target:
AU$1.00
â–¼(-17.36% Downside)
Action:Reiterated
Date: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 materially reduces solvency and refinancing risk for an investment company. This structural strength preserves flexibility to hold positions through market stress, support distributions or opportunistic investments without forced asset sales, improving long-term resilience.
Negative Factors
Top-line volatility
Material revenue swings reflect the firm's exposure to market cycles and realized investment performance. This cyclicality undermines predictability of income and dividends, complicates multi-period planning, and raises the risk of performance-driven outflows during prolonged market downturns.
Read all positive and negative factors
Positive Factors
Negative Factors
Debt-free balance sheet
A zero-debt balance sheet materially reduces solvency and refinancing risk for an investment company. This structural strength preserves flexibility to hold positions through market stress, support distributions or opportunistic investments without forced asset sales, improving long-term resilience.
Read all positive factors
WAM Research Ltd. (WAX) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$219.49M
Dividend Yield8.23%
Average Volume (3M)224.73K
Price to Earnings (P/E)―
Beta (1Y)0.32
Revenue Growth-101.91%
EPS Growth-102.42%
CountryAU
EmployeesN/A
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)>-0.01
Shares Outstanding210,041,470
10 Day Avg. Volume316,692
30 Day Avg. Volume224,728
Financial Highlights & Ratios
PEG Ratio-0.63
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 an Australian-domiciled closed-end equity investment vehicle, founded on May 10, 2002, and managed by MAM Pty Limited. The fund primarily directs its capital towards publicly listed companies within Australia, with a signif...
How the Company Makes Money
WAM Research Ltd. makes money primarily through investment returns generated by its portfolio. The company raises capital from shareholders (via its ASX-listed ordinary shares and, when applicable, capital raisings) and invests those funds in acco...
WAM Research Ltd. Financial Statement Overview
Summary
Income Statement
71
Positive
Balance Sheet
90
Very Positive
Cash Flow
63
Positive
| Breakdown | TTM | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | -1.42M | 46.27M | 54.24M | 25.79M | -27.62M | 82.33M |
| Gross Profit | -2.90M | 46.27M | 54.24M | 23.29M | -30.49M | 82.33M |
| EBITDA | -2.59M | 39.39M | 45.20M | 22.65M | -31.07M | 73.50M |
| Net Income | -1.08M | 28.49M | 32.47M | 16.85M | -20.70M | 52.29M |
Balance Sheet | ||||||
| Total Assets | 218.99M | 243.28M | 233.64M | 203.56M | 204.50M | 263.54M |
| Cash, Cash Equivalents and Short-Term Investments | 209.91M | 233.81M | 217.68M | 183.82M | 182.56M | 248.21M |
| Total Debt | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Liabilities | 4.71M | 17.07M | 18.97M | 4.43M | 5.68M | 27.91M |
| Stockholders Equity | 214.27M | 226.21M | 214.66M | 199.14M | 198.83M | 235.63M |
Cash Flow | ||||||
| Free Cash Flow | 17.08M | 15.70M | 17.27M | -10.13M | 44.68M | -5.86M |
| Operating Cash Flow | 17.08M | 15.70M | 17.27M | -10.13M | 44.68M | -5.86M |
| Investing Cash Flow | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Financing Cash Flow | -17.37M | -17.23M | -16.70M | -16.29M | -15.89M | -15.65M |
WAM Research Ltd. Technical Analysis
Positive
1.21
Price Trends
1.06
Negative
1.08
Negative
1.14
Negative
Market Momentum
<0.01
Negative
54.09
Neutral
51.86
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:WAX, the sentiment is Positive. The current price of 1.21 is above the 20-day moving average (MA) of 1.05, above the 50-day MA of 1.06, and above the 200-day MA of 1.14, indicating a neutral trend. The MACD of <0.01 indicates Negative momentum. The RSI at 54.09 is Neutral, neither overbought nor oversold. The STOCH value of 51.86 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
79 Outperform | AU$3.07B | 11.71 | 17.76% | 3.34% | 138.96% | -62.36% | |
72 Outperform | AU$219.49M | -204.90 | -0.49% | 8.23% | -101.91% | -102.42% | |
72 Outperform | AU$52.39M | 5.83 | 35.99% | 6.39% | 0.11% | 21.50% | |
70 Outperform | AU$333.88M | -8.35 | -12.50% | 4.17% | -82.27% | -146.64% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
61 Neutral | AU$48.77M | -32.88 | 3.43% | 6.89% | -26.20% | -112.45% | |
60 Neutral | AU$579.79M | 45.86 | 1.27% | 3.56% | 21.34% | 3.66% |
* Financial Sector Average
AU:WAX
WAM Research Ltd.
1.05
-0.05
-4.22%
AU:PAC
Pacific Current Group Ltd
11.77
1.17
11.02%
AU:MAM
Microequities Asset Management Group Ltd.
0.41
-0.09
-17.52%
AU:SB2
Salter Brothers Emerging Companies Ltd.
0.61
-0.05
-6.92%
AU:MFF
MFF Capital Investments Ltd.
5.19
0.91
21.23%
AU:MIR
Mirrabooka Investments Ltd
2.56
-0.66
-20.45%
WAM Research Ltd. Corporate Events
WAM Research Beats Market in June as Key Holdings Drive Dividend-Supported Gains
Jul 9, 2026
WAM Research reported that its investment portfolio rose in June 2026, again beating the SP/ASX All Ordinaries Accumulation Index and supporting an annualised interim dividend of 10 cents per share, 60% franked. The company’s net tangible as...
WAM Research Flags Dividend Reliance on Future Profits Amid Mixed Portfolio Moves
Jun 5, 2026
WAM Research reported that its investment portfolio decreased in May 2026, though it continues to deliver long-term outperformance with a 12.8% per annum return since its 2010 strategy change versus 9.0% for its benchmark. The company maintains si...
WAM Research Expands Capital Base With New Dividend Plan Shares
May 29, 2026
WAM Research Limited has applied to the ASX for quotation of 1,586,155 new fully paid ordinary shares under the ticker WAX, issued on 28 May 2026 as part of a dividend or distribution plan. The additional shares will expand the company’s quo...
WAM Research lifts portfolio, declares partially franked interim dividend
May 8, 2026
WAM Research reported net tangible assets of 83.18 cents per share before tax at the end of April 2026, with assets of $173.7 million and an investment portfolio that has delivered 12.9% per annum since its strategy shift in 2010, outperforming th...
Wilson Asset Management Ceases to Be Substantial Holder in Gentrack
May 7, 2026
Wilson Asset Management Group has lodged a notice indicating it has ceased to be a substantial holder in Gentrack Group Limited as of 30 January 2026. The change reduces WAM Research’s indirect exposure to Gentrack, signaling a portfolio rea...
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.