WAM Alternative Assets Ltd (WMA) AI Stock Analysis

• Market Cap: N/A
• Dividend Yield: 5.7%
• Average Volume (3M): 225.73K
• Price to Earnings (P/E): 32.1
• Beta (1Y): 0.29
• Revenue Growth: 1.20%
• EPS Growth: -1.85%
• Country: AU
• Employees: N/A
• Sector: Financial
• Sector Strength: 70
• Industry: Asset Management
• EPS (TTM): <0.01
• Shares Outstanding: 196,990,590
• 10 Day Avg. Volume: 218,199
• 30 Day Avg. Volume: 225,728
• PEG Ratio: -13.95
• Price to Book (P/B): 0.83
• Price to Sales (P/S): 16.36
• P/FCF Ratio: -16.25
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 57 Neutral
• Price Target: AU$1.00 ▼(-1.96% Downside)

The score is held back primarily by weak cash generation (negative operating and free cash flow in 2024–2025) and a sharp revenue decline in 2025, which raise concerns about earnings durability. Offsetting factors include a very low-risk balance sheet with zero debt, stable accounting margins, and neutral-to-mildly positive technical momentum; valuation is mixed due to a high P/E despite a solid dividend yield.

Positive Factors

Portfolio Growth

The growth in the private equity portfolio, especially through the TEN Group, indicates strategic expansion and potential for long-term value creation, enhancing WAM's market position.

Strategic Investments

These strategic investments in private equity and private debt are expected to bolster WAM's market position and align with long-term portfolio goals, enhancing diversification and potential returns.

Investment Management Agreement Extension

Extending the agreement with Wilson Asset Management provides stability and continuity in management, leveraging their expertise for sustained growth and market positioning.

Negative Factors

Weak Cash Generation

Negative cash flow indicates that earnings are not converting into cash, which could strain financial flexibility and impact the ability to fund operations and distributions long-term.

Revenue Decline

The significant revenue decline raises concerns about the company's ability to sustain earnings, potentially affecting its long-term financial health and shareholder returns.

Low Returns on Equity

Low returns on equity suggest inefficient capital use, which may hinder the company's ability to generate shareholder value and impact long-term growth prospects.

WAM Alternative Assets Ltd Business Overview & Revenue Model

Company Description

Blue Sky Alternatives Access Fund Ltd specializes in investments in venture capital, private equity, private real estate including infrastructure, commodities, farmland, agricultural water entitlements, and real assets such as water rights.

How the Company Makes Money

WAM Alternative Assets Ltd generates revenue primarily through management and performance fees associated with the assets under management (AUM). The company charges management fees based on a percentage of the total AUM, which provides a steady income stream. Additionally, WMA earns performance fees, which are a share of the profits generated by the investments, incentivizing the company to maximize returns for its clients. The firm may also collaborate with strategic partners, such as financial institutions and investment funds, to expand its investment offerings and enhance its revenue potential. Other factors contributing to WMA's earnings include its ability to identify lucrative investment opportunities and its expertise in managing complex investment portfolios.

WAM Alternative Assets Ltd Financial Statement Overview

Summary

WAM Alternative Assets Ltd demonstrates strong operational efficiency with high gross profit margins and a solid equity base with no debt. However, the recent decline in revenue and net profit margins, along with negative operating cash flow, suggests potential challenges in sustaining growth and liquidity. The company needs to address these areas to improve overall financial health.

Income Statement

The company's gross profit margin is consistently high, indicating strong profitability from operations. However, there is a noticeable decline in revenue growth and net profit margin compared to previous periods, highlighting a potential challenge in maintaining revenue levels.

Balance Sheet

The company maintains a strong equity position with no debt, reflected in a debt-to-equity ratio of zero. The equity ratio is robust, indicating a stable capital structure. However, the return on equity has shown some variability, which could affect investor returns.

Cash Flow

The operating cash flow has turned negative in the latest period, which raises concerns about the company's ability to generate cash from operations. The free cash flow has also declined significantly. This trend could impact the company's capacity to finance operations and investments without external funding.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	11.45M	11.45M	11.77M	15.14M	26.81M	6.27M
Gross Profit	11.45M	11.45M	9.36M	14.45M	25.38M	3.98M
EBITDA	0.00	0.00	7.93M	0.00	0.00	22.63M
Net Income	6.23M	6.23M	6.34M	9.48M	18.05M	18.02M
Balance Sheet
Total Assets	274.92M	274.92M	277.67M	291.48M	301.31M	264.32M
Cash, Cash Equivalents and Short-Term Investments	39.81M	39.81M	61.03M	78.45M	298.76M	262.33M
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00
Total Liabilities	47.97M	47.97M	47.25M	58.09M	69.39M	43.32M
Stockholders Equity	226.96M	226.96M	230.42M	233.39M	231.92M	221.00M
Cash Flow
Free Cash Flow	-11.53M	-11.53M	-8.11M	21.53M	20.58M	4.67M
Operating Cash Flow	-11.53M	-11.53M	-8.11M	21.53M	20.58M	4.67M
Investing Cash Flow	0.00	0.00	0.00	0.00	0.00	0.00
Financing Cash Flow	-9.69M	-9.69M	-9.31M	-8.02M	-7.14M	-8.12M

WAM Alternative Assets Ltd Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 1.02
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:WMA, the sentiment is Positive. The current price of 1.02 is above the 20-day moving average (MA) of 1.01, above the 50-day MA of 1.00, and above the 200-day MA of 0.97, indicating a bullish trend. The MACD of <0.01 indicates Negative momentum. The RSI at 57.59 is Neutral, neither overbought nor oversold. The STOCH value of 66.55 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:WMA.

WAM Alternative Assets Ltd Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
MAM	72 Outperform	AU$77.74M	10.90	32.22%	6.39%	22.67%	19.47%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
WTL	61 Neutral	AU$49.62M	10.66	15.13%	5.00%	16.64%	19.30%
SB2	61 Neutral	AU$63.90M	21.05	3.57%	6.89%	30.36%	-31.47%
WMA	57 Neutral	―	32.08	2.72%	5.70%	1.20%	-1.85%
CIW	53 Neutral	AU$31.77M	56.62	2.42%	2.03%	18.17%	―

WAM Alternative Assets Ltd Corporate Events

WAM Alternative Assets Lifts Portfolio Value on Inflation-Linked Infrastructure and Renewables

WAM Alternative Assets reported an increase in its investment portfolio value in December 2025, largely driven by strong performance in its infrastructure and private equity holdings, including significant exposure to Palisade Investment Partners’ diversified infrastructure and renewable energy funds. The company highlighted the benefits of long-term, inflation-linked contracts underpinning many of these assets, which supported valuations amid higher-than-expected inflation, and noted continued growth through new energy transition investments such as the Limestone Coast North Battery Energy Storage System; together with a fully franked dividend yield of 5.9% and a solid profits reserve per share, the update underscores WAM Alternative Assets’ positioning as a provider of stable, inflation-resilient income and exposure to the energy transition for its shareholders.

The most recent analyst rating on (AU:WMA) stock is a Hold with a A$1.00 price target. To see the full list of analyst forecasts on WAM Alternative Assets Ltd stock, see the AU:WMA Stock Forecast page.

WAM Alternative Assets Sees Growth in Private Equity Portfolio

WAM Alternative Assets Limited reported an increase in its investment portfolio for November 2025, driven by the private equity component, particularly through its co-investment in TEN Group. TEN Group, a distributor in Australia’s energy sector, has shown significant sales and earnings growth since its acquisition by WAM’s investment partner, Fortitude Investment Partners, in May 2023. This growth is attributed to operational enhancements and strategic expansions, positioning TEN for long-term value creation. The investment in TEN is currently valued at a premium, reflecting its strong cash generation and potential for further growth through international expansion and increased domestic market share.

WAM Alternative Assets Boosts Portfolio with Strategic Investments

WAM Alternative Assets Limited reported an increase in its investment portfolio for October 2025, driven by the performance of its private equity portfolio. The company co-invested $5 million in Libertas, a business solutions provider specializing in SAP SE software, and an additional $5 million in Longreach’s Direct Lending Fund, reflecting confidence in Longreach Credit Investors as a top private debt manager. These strategic investments are expected to enhance WAM’s market position and align with its long-term portfolio allocation goals.

WAM Alternative Assets Ltd Director Increases Stake

WAM Alternative Assets Ltd announced a change in the director’s interest, with Michael Cottier acquiring 787 ordinary shares through a dividend reinvestment plan. This change reflects the director’s increased stake in the company, potentially indicating confidence in the company’s future performance and aligning with shareholder interests.

WAM Alternative Assets Director Increases Stake Through DRP

WAM Alternative Assets Limited announced a change in the director’s interest, with Kym Evans acquiring an additional 2,030 ordinary shares through a dividend reinvestment plan, bringing the total to 70,240 shares. This acquisition reflects the director’s confidence in the company’s future prospects and may positively impact investor sentiment and the company’s market positioning.

WAM Alternative Assets Ltd Announces Quotation of New Securities on ASX

WAM Alternative Assets Ltd announced the quotation of 434,478 ordinary fully paid securities on the Australian Securities Exchange (ASX) as of October 31, 2025. This move is part of a dividend or distribution plan, potentially enhancing the company’s liquidity and market presence, which could have positive implications for stakeholders by increasing the accessibility and attractiveness of its securities.

WAM Alternative Assets Director Increases Shareholding

WAM Alternative Assets Ltd announced a change in the director’s interest, with John Baillie acquiring an additional 8,000 ordinary shares through an on-market purchase. This acquisition increases his total holding to 103,000 shares, reflecting confidence in the company’s future prospects and potentially impacting stakeholder perceptions positively.

WAM Alternative Assets Updates Dividend Distribution Details

WAM Alternative Assets Ltd has updated its previous announcement regarding the dividend distribution for its ordinary fully paid securities. The update pertains to the Dividend Reinvestment Plan (DRP) price, with the distribution relating to the six-month period ending on June 30, 2025. This announcement is significant as it reflects the company’s commitment to transparency and provides stakeholders with updated financial information, potentially impacting investor decisions and market perceptions.

WAM Alternative Assets Extends Investment Management Agreement with Wilson Asset Management

WAM Alternative Assets Limited has announced the extension of its Investment Management Agreement with Wilson Asset Management, which will now expire on 13 October 2030. This extension follows the expiry of the initial term and the recent Annual General Meeting. The continued partnership with Wilson Asset Management, known for its significant investment management experience and philanthropic efforts, is expected to further solidify WAM Alternative Assets’ position in the market, offering stability and potential growth for its stakeholders.

Director Increases Stake in WAM Alternative Assets

WAM Alternative Assets Limited announced a change in the director’s interest, with John Baillie acquiring an additional 10,000 ordinary shares through an on-market purchase, increasing his total holdings to 95,000 shares. This acquisition reflects a personal investment decision by the director, potentially signaling confidence in the company’s future prospects, which may influence stakeholder perceptions positively.

WAM Alternative Assets Director Increases Shareholding

WAM Alternative Assets Ltd has announced a change in the director’s interest, with John Baillie acquiring an additional 20,000 ordinary shares, bringing his total to 85,000 shares. This on-market purchase, valued at $20,800, reflects the director’s increased stake in the company, potentially signaling confidence in the company’s future performance and stability.

WAM Alternative Assets Enhances Portfolio with New Treasury Solution

WAM Alternative Assets Limited has announced a strategic enhancement to its investment portfolio by introducing a new treasury solution aimed at maximizing revenue from excess cash holdings. This initiative involves the appointment of Fortlake Asset Management to manage the treasury allocation through the Fortlake Real Income Fund’s investment-grade credit strategy, which targets a conservative annual return above current term deposit rates. This move underscores the company’s commitment to disciplined capital management and is expected to positively impact the investment portfolio’s performance, benefiting shareholders.