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WAM Microcap Ltd.
(Sydney:WMI)
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Rating:59Neutral
Price Target:
AU$1.50
â–²(3.45% Upside)
Action:Reiterated
Date:08/24/26
The score is held back primarily by the severe 2026 operating reversal (revenue collapse and losses) despite strong balance-sheet safety. Weak technical momentum (below key moving averages with negative MACD) further weighs on the outlook, while the low P/E and high dividend yield provide a partial offset on valuation.
Positive Factors
Debt-free balance sheet
A zero-debt balance sheet materially reduces financial risk and preserves flexibility for capital allocation. This gives management room to weather microcap market drawdowns, maintain or resume distributions without refinancing pressure, and pursue opportunistic purchases from a position of strength.
Negative Factors
Earnings and revenue volatility
Material swings in revenues and earnings—including a negative year—reflect the portfolio-driven nature of results. That volatility undermines predictability of returns and distributions, making it harder for investors to rely on steady income or for management to plan multi-period capital allocations.
Read all positive and negative factors
Positive Factors
Negative Factors
Debt-free balance sheet
A zero-debt balance sheet materially reduces financial risk and preserves flexibility for capital allocation. This gives management room to weather microcap market drawdowns, maintain or resume distributions without refinancing pressure, and pursue opportunistic purchases from a position of strength.
Read all positive factors
WAM Microcap Ltd. (WMI) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$399.50M
Dividend Yield7.5%
Average Volume (3M)185.66K
Price to Earnings (P/E)9.5
Beta (1Y)0.56
Revenue Growth-95.35%
EPS Growth-99.87%
CountryAU
EmployeesN/A
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)N/A
Shares Outstanding281,337,340
10 Day Avg. Volume152,588
30 Day Avg. Volume185,658
Financial Highlights & Ratios
PEG Ratio28.41
Price to Book (P/B)1.10
Price to Sales (P/S)124.98
P/FCF Ratio16.07
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 from managing its portfolio of Australian micro-cap shares. Its earnings are driven by (1) dividends and other distributions received from portfolio companies, which contribute to inve...
WAM Microcap Ltd. Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
88
Very Positive
Cash Flow
55
Neutral
| Breakdown | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 57.37M | 3.23M | 69.36M | 50.38M | 43.23M | -49.95M |
| Gross Profit | 47.58M | -1.66M | 60.42M | 40.59M | 35.99M | -54.13M |
| EBITDA | 46.92M | -2.40M | 59.71M | 46.92M | 35.36M | -53.88M |
| Net Income | 34.21M | -141.97K | 43.58M | 34.21M | 26.32M | -36.10M |
Balance Sheet | ||||||
| Total Assets | 400.27M | 380.38M | 411.54M | 400.27M | 287.99M | 273.05M |
| Cash, Cash Equivalents and Short-Term Investments | 60.12M | 364.29M | 410.41M | 60.12M | 35.97M | 49.60M |
| Total Debt | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Liabilities | 23.12M | 12.11M | 16.67M | 23.12M | 12.18M | 4.84M |
| Stockholders Equity | 377.15M | 368.27M | 394.87M | 377.15M | 275.82M | 268.21M |
Cash Flow | ||||||
| Free Cash Flow | -43.01M | 25.09M | 13.80M | -43.01M | 4.35M | 16.05M |
| Operating Cash Flow | -43.01M | 25.09M | 13.80M | -43.01M | 4.35M | 16.05M |
| Investing Cash Flow | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Financing Cash Flow | 66.84M | -26.46M | -25.87M | 66.84M | -18.71M | -23.33M |
WAM Microcap Ltd. Technical Analysis
Negative
1.45
Price Trends
1.45
Negative
1.47
Negative
1.51
Negative
Market Momentum
-0.01
Positive
44.82
Neutral
10.71
Positive
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 1.45 is above the 20-day moving average (MA) of 1.45, above the 50-day MA of 1.45, and below the 200-day MA of 1.51, indicating a bearish trend. The MACD of -0.01 indicates Positive momentum. The RSI at 44.82 is Neutral, neither overbought nor oversold. The STOCH value of 10.71 is Positive, 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 |
|---|---|---|---|---|---|---|---|
73 Outperform | AU$220.54M | -205.88 | -0.49% | 9.30% | -101.91% | -102.42% | |
72 Outperform | AU$140.86M | 9.15 | 10.54% | 6.21% | 4.64% | 86.75% | |
71 Outperform | AU$97.19M | 6.37 | 10.18% | 4.05% | -19.12% | -9.38% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
63 Neutral | AU$578.22M | 44.31 | 2.07% | 4.06% | 45.10% | 44.28% | |
61 Neutral | AU$51.29M | -33.15 | -1.84% | 6.31% | -26.20% | -112.45% | |
59 Neutral | AU$399.50M | 9.49 | -0.04% | 7.34% | -95.35% | -99.87% |
* Financial Sector Average
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WAM Microcap Ltd. Corporate Events
WAM Microcap lifts dividend despite FY2026 portfolio setback
Aug 20, 2026
WAM Microcap Ltd. is an Australian listed investment company specialising in micro-cap equities, with a particular emphasis on smaller industrial firms rather than resource companies. Since its 2017 listing, it has combined a profits reserve with ...
WAM Microcap Profit Slides but Dividend Strategy Holds Firm
Aug 20, 2026
WAM Microcap reported a sharp deterioration in results for the year to 30 June 2026, with revenue from ordinary activities plunging 95.3 per cent to $3.23 million and a loss before tax more than doubling compared with the prior year. Net loss afte...
WAM Microcap Declares Six-Month Dividend for June 2026 Period
Aug 19, 2026
WAM Microcap Ltd., an Australian listed investment company focused on micro-cap equities and trading on the ASX under the code WMI, offers investors exposure to smaller, high-growth potential companies through an actively managed portfolio of ordi...
WAM Microcap lodges ASX corporate governance statement for 2026
Aug 19, 2026
WAM Microcap Limited has lodged its corporate governance statement for the year ended 30 June 2026 with the ASX, confirming compliance with Listing Rules requiring disclosure of adherence to the ASX Corporate Governance Council’s principles....
WAM Microcap boosts income appeal as July portfolio shift underscores credit risk caution
Aug 11, 2026
WAM Microcap reported a July 2026 pre-tax net tangible asset backing of 116.31 cents per share and an after-tax NTA of 115.73 cents, following a $1.6 million tax provision for the financial year. Based on a month-end share price of $1.465, the ann...
WAM Microcap boosts returns with AI and industrial micro-cap bets
Jul 7, 2026
WAM Microcap reported a June 2026 net tangible asset value of 128.08 cents per share before tax, up from 124.10 cents in May, and a month-end share price of $1.435. The investment company highlighted an annualised fully franked interim dividend of...
Wilson Asset Management exits substantial holding in SPC Global
Jun 19, 2026
Wilson Asset Management Group has lodged a notice stating it has ceased to be a substantial holder in SPC Global Holdings Limited as of 15 June 2026. The change reflects a reduction in Wilson Asset Management’s voting interest below the subs...
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...
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.