WAM Microcap Ltd. (AU:WMI)
ASX:WMI
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WAM Microcap Ltd.
(Sydney:WMI)
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Rating:69Neutral
Price Target:
AU$1.50
▼(-6.83% Downside)
Action:Downgraded
Date:12/30/25
The score is driven primarily by strong financial quality (high profitability in the latest year and a debt-free balance sheet), tempered by meaningful cash flow and earnings volatility. Valuation is a positive contributor due to the low P/E and high dividend yield, while technicals are neutral with limited momentum.
Positive Factors
Debt-free Balance Sheet
WMI's zero-debt balance sheet is a durable financial strength: it lowers insolvency risk, preserves flexibility to hold or opportunistically add to microcap positions during downturns, and reduces financing costs. Over 2-6 months this supports resilience versus leveraged peers.
Negative Factors
Earnings and Revenue Volatility
WMI's returns and revenue are materially cyclical: prior negative revenue and loss years show portfolio-driven swings. This volatility undermines predictability of income and NAV for shareholders and complicates planning for distributions and capital allocation over months.
Read all positive and negative factors
Positive Factors
Negative Factors
Debt-free Balance Sheet
WMI's zero-debt balance sheet is a durable financial strength: it lowers insolvency risk, preserves flexibility to hold or opportunistically add to microcap positions during downturns, and reduces financing costs. Over 2-6 months this supports resilience versus leveraged peers.
Read all positive factors
WAM Microcap Ltd. (WMI) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$393.87M
Dividend Yield6.58%
Average Volume (3M)185.66K
Price to Earnings (P/E)9.3
Beta (1Y)0.51
Revenue Growth-36.87%
EPS Growth-33.05%
CountryAU
EmployeesN/A
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)0.16
Shares Outstanding281,337,340
10 Day Avg. Volume152,588
30 Day Avg. Volume185,658
Financial Highlights & Ratios
PEG Ratio1.39
Price to Book (P/B)1.02
Price to Sales (P/S)5.81
P/FCF Ratio29.20
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 Microcap Ltd. Business Overview & Revenue Model
Company Description
WAM Microcap Limited operates as a closed-end equity investment vehicle, overseen by MAM Pty Limited. Its strategy involves allocating capital to publicly traded Australian companies across diverse sectors. The fund focuses on micro-capitalization...
How the Company Makes Money
WMI makes money primarily through investment returns generated by its portfolio of Australian microcap shares. The key economic drivers are (1) capital gains: increases in the market value of its equity holdings, which may be realised when investm...
WAM Microcap Ltd. Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
88
Very Positive
Cash Flow
46
Neutral
| Breakdown | TTM | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 | Jun 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 57.37M | 69.36M | 50.38M | 43.23M | -49.95M | 119.44M |
| Gross Profit | 47.58M | 60.42M | 40.59M | 35.99M | -54.13M | 107.55M |
| EBITDA | 46.92M | 59.71M | 46.92M | 35.36M | -53.88M | 107.01M |
| Net Income | 34.21M | 43.58M | 34.21M | 26.32M | -36.10M | 76.10M |
Balance Sheet | ||||||
| Total Assets | 400.27M | 411.54M | 400.27M | 287.99M | 273.05M | 371.29M |
| Cash, Cash Equivalents and Short-Term Investments | 60.12M | 410.41M | 60.12M | 35.97M | 49.60M | 65.65M |
| Total Debt | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Liabilities | 23.12M | 16.67M | 23.12M | 12.18M | 4.84M | 43.65M |
| Stockholders Equity | 377.15M | 394.87M | 377.15M | 275.82M | 268.21M | 327.63M |
Cash Flow | ||||||
| Free Cash Flow | -43.01M | 13.80M | -43.01M | 4.35M | 16.05M | -63.82M |
| Operating Cash Flow | -43.01M | 13.80M | -43.01M | 4.35M | 16.05M | -63.82M |
| Investing Cash Flow | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Financing Cash Flow | 66.84M | -25.87M | 66.84M | -18.71M | -23.33M | 70.06M |
WAM Microcap Ltd. Technical Analysis
Negative
1.61
Price Trends
1.48
Negative
1.50
Negative
1.54
Negative
Market Momentum
-0.02
Negative
42.16
Neutral
77.78
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:WMI, the sentiment is Negative. The current price of 1.61 is above the 20-day moving average (MA) of 1.41, above the 50-day MA of 1.48, and above the 200-day MA of 1.54, indicating a bearish trend. The MACD of -0.02 indicates Negative momentum. The RSI at 42.16 is Neutral, neither overbought nor oversold. The STOCH value of 77.78 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:WMI.
WAM Microcap Ltd. Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | AU$54.87M | 6.04 | 35.99% | 6.39% | 0.11% | 21.50% | |
69 Neutral | AU$393.87M | 9.34 | 10.42% | 6.58% | -36.87% | -33.05% | |
69 Neutral | AU$21.80M | 26.15 | 4.65% | ― | 286.79% | -74.76% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
61 Neutral | AU$44.98M | 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$23.08M | 23.78 | 4.11% | 2.03% | 35.83% | ― |
* Financial Sector Average
AU:WMI
WAM Microcap Ltd.
1.40
0.04
3.09%
AU:LCE
London City Equities Ltd
0.85
0.01
1.19%
AU:CIW
Clime Investment Management Ltd
0.28
-0.08
-23.29%
AU:MAM
Microequities Asset Management Group Ltd.
0.42
-0.04
-9.29%
AU:PVL
Powerhouse Ventures Ltd.
0.14
0.04
35.00%
AU:SB2
Salter Brothers Emerging Companies Ltd.
0.54
-0.14
-20.62%
WAM Microcap Ltd. Corporate Events
WAM Microcap lifts portfolio returns and dividends on Kogan and Tourism Holdings gains
Jun 9, 2026
WAM Microcap reported that its investment portfolio rose in May 2026, with net tangible assets per share ex‑dividend at 124.10 cents and total assets of $349.6 million, while its portfolio has returned 14.1% per annum since inception versus ...
WAM Microcap updates market on incremental DRP-based increase in CEO shareholding
Jun 1, 2026
WAM Microcap has disclosed a modest change in managing director Kate Thorley’s holdings in the company, reflecting additional shares received through the dividend reinvestment plan. Following the issue of 598 new ordinary shares at a DRP pri...
WAM Microcap lifts portfolio, keeps fully franked dividends flowing
May 13, 2026
WAM Microcap Limited reported that its investment portfolio continued to outperform the SP/ASX Small Ordinaries Accumulation Index in April, with net tangible assets before tax at 128.99 cents per share and assets of $361.9 million. The company hi...
Wilson Asset Management Exits Substantial Holder Position in Gentrack
May 7, 2026
Wilson Asset Management Group has filed a notice stating it has ceased to be a substantial holder in Gentrack Group Limited as of 30 January 2026. The change in relevant interest, lodged under Australia’s Corporations Act disclosure rules, s...
WAM Microcap Beats Benchmark in Volatile March and Lifts Dividend Outlook
Apr 10, 2026
WAM Microcap reported that its investment portfolio declined in March 2026 but still outperformed the SP/ASX Small Ordinaries Accumulation Index amid heightened global volatility and investor risk aversion. The company highlighted its strong divid...
WAM Group Ceases to Be Substantial Holder in Autosports Group After New Share Issue
Apr 7, 2026
Wilson Asset Management Group has lodged a notice that it has ceased to be a substantial holder in Autosports Group Limited. The change in substantial holding status arises from a decrease in WAM’s voting power following the issue of new ASG...
Wilson Asset Management ceases to be substantial holder in Mayfield Group
Apr 2, 2026
Wilson Asset Management Group has notified Mayfield Group Holdings that it has ceased to be a substantial holder in the company as of 5 February 2026, following changes in its relevant interest and voting power. The reduction stems from the issuan...
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.