Buy Or Sell Opportunity • Apr 09
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 43% to AU$2.36. The fair value is estimated to be AU$3.02, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 35% over the last 3 years. Meanwhile, the company became loss making. Buy Or Sell Opportunity • Mar 11
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 33% to AU$2.42. The fair value is estimated to be AU$3.07, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 35% over the last 3 years. Meanwhile, the company became loss making. Declared Dividend • Feb 26
First half dividend of AU$0.06 announced Dividend of AU$0.06 is the same as last year. Ex-date: 3rd March 2026 Payment date: 9th April 2026 Dividend yield will be 4.1%, which is higher than the industry average of 3.9%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months and having no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 4.9% per year over the past 6 years. However, payments have been volatile during that time. Reported Earnings • Feb 25
First half 2026 earnings released: EPS: AU$0.041 (vs AU$0.43 in 1H 2025) First half 2026 results: EPS: AU$0.041 (down from AU$0.43 in 1H 2025). Revenue: AU$122.0m (down 20% from 1H 2025). Net income: AU$17.0m (down 90% from 1H 2025). Profit margin: 14% (down from 110% in 1H 2025). Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the Capital Markets industry in Australia. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Price Target Changed • Feb 24
Price target decreased by 8.7% to AU$4.35 Down from AU$4.77, the current price target is an average from 10 analysts. New target price is 54% above last closing price of AU$2.82. Stock is down 71% over the past year. The company is forecast to post earnings per share of AU$0.34 for next year compared to AU$0.37 last year. Buy Or Sell Opportunity • Feb 24
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 12% to AU$2.82. The fair value is estimated to be AU$3.64, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Earnings per share has grown by 35%. For the next 3 years, revenue is forecast to grow by 8.0% per annum. Earnings are also forecast to grow by 6.2% per annum over the same time period. Valuation Update With 7 Day Price Move • Feb 12
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to AU$3.32, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 16x in the Capital Markets industry in Australia. Total loss to shareholders of 24% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at AU$3.61 per share. Major Estimate Revision • Feb 07
Consensus EPS estimates increase by 11% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate increased from AU$0.301 to AU$0.334. Revenue forecast unchanged at AU$292.3m. Net income forecast to shrink 1.2% next year vs 28% growth forecast for Capital Markets industry in Australia . Consensus price target broadly unchanged at AU$4.85. Share price fell 6.7% to AU$3.92 over the past week. Announcement • Jan 20
HMC Capital Limited to Report First Half, 2026 Results on Feb 24, 2026 HMC Capital Limited announced that they will report first half, 2026 results on Feb 24, 2026 Valuation Update With 7 Day Price Move • Jan 12
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to AU$4.41, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 17x in the Capital Markets industry in Australia. Total returns to shareholders of 2.3% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at AU$4.15 per share. Valuation Update With 7 Day Price Move • Nov 28
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to AU$3.87, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 17x in the Capital Markets industry in Australia. Total loss to shareholders of 16% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at AU$4.21 per share. Valuation Update With 7 Day Price Move • Oct 15
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to AU$3.62, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 19x in the Capital Markets industry in Australia. Total loss to shareholders of 15% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at AU$4.66 per share. Announcement • Sep 24
HMC Capital Limited, Annual General Meeting, Nov 19, 2025 HMC Capital Limited, Annual General Meeting, Nov 19, 2025. Buy Or Sell Opportunity • Sep 15
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 23% to AU$3.65. The fair value is estimated to be AU$4.69, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Earnings per share has grown by 35%. For the next 3 years, revenue is forecast to grow by 9.2% per annum. Earnings are also forecast to grow by 6.1% per annum over the same time period. Valuation Update With 7 Day Price Move • Aug 26
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to AU$3.85, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 21x in the Capital Markets industry in Australia. Total loss to shareholders of 17% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at AU$4.81 per share. Major Estimate Revision • Aug 25
Consensus revenue estimates fall by 12% The consensus outlook for revenues in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from AU$334.1m to AU$293.5m. EPS estimate fell from AU$0.377 to AU$0.357 per share. Net income forecast to grow 2.8% next year vs 16% growth forecast for Capital Markets industry in Australia. Consensus price target down from AU$6.49 to AU$5.06. Share price rose 8.0% to AU$3.78 over the past week. Recent Insider Transactions • Aug 23
MD, Group CEO & Director recently bought AU$1.5m worth of stock On the 20th of August, David Di Pilla bought around 398k shares on-market at roughly AU$3.80 per share. This transaction amounted to 5.0% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was David's only on-market trade for the last 12 months. Declared Dividend • Aug 21
Final dividend of AU$0.06 announced Dividend of AU$0.06 is the same as last year. Ex-date: 26th August 2025 Payment date: 30th September 2025 Dividend yield will be 3.2%, which is lower than the industry average of 3.9%. Sustainability & Growth Dividend is covered by earnings (33% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 5.9% per year over the past 5 years. However, payments have been volatile during that time. EPS is expected to grow by 35% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Price Target Changed • Aug 20
Price target decreased by 12% to AU$5.69 Down from AU$6.49, the current price target is an average from 9 analysts. New target price is 48% above last closing price of AU$3.85. Stock is down 51% over the past year. The company is forecast to post earnings per share of AU$0.38 for next year compared to AU$0.37 last year. Reported Earnings • Aug 19
Full year 2025 earnings released: EPS: AU$0.37 (vs AU$0.19 in FY 2024) Full year 2025 results: EPS: AU$0.37 (up from AU$0.19 in FY 2024). Revenue: AU$264.7m (up 182% from FY 2024). Net income: AU$147.3m (up 123% from FY 2024). Profit margin: 56% (down from 70% in FY 2024). Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 5.9% growth forecast for the Capital Markets industry in Australia. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Announcement • Jul 31
HMC Reportedly Taps Lazard to Sell Renewables Player Advisory firm Lazard is understood to be quietly courting buyers for HMC Capital Limited's (ASX:HMC) $950 million renewable energy business it bought from Neoen, sources say. The understanding comes less than a year since the David Di Pilla-led business agreed to buy the Victoria assets of the -renewable energy provider. It is understood Lazard's pitch is that since HMC's purchase of the Neoen Victoria solar, battery and wind portfolio, which was generating about $60 million in annual earnings before interest, tax, depreciation and amortisation and had a 2.8 gigawatt renewable energy growth pipeline, it has rerated in terms of value. It could be divested at a higher price. However, the challenge for HMC Capital is that it would be footing a tax bill on the sale of the business with 558 megawatts of contracted energy. HMC Capital outbid rivals in the Bank of America-run contest for Neoen's Victoria assets last year, agreeing to pay $950 million through two instalment payments, including a payment of $750 million at financial close and the remainder in December. Lenders had agreed to underwrite about $550 million at the time. But since that time, raising the funds to own the business has been tough going. HMC Capital announced at the start of July that it had pushed back the settlement date of Neoen by one month. It had also borrowed $200 million of mezzanine debt for Neoen and merged it with its Stor-Energy battery platform, as its star infrastructure executive who was to run the business, Angela Karl, departed. The news sent its share price more than 17% lower to $4.22, wiping about $400 million from the market value. Spanish renewable energy -operator Iberdrola was the underbidder in the previous contest, along with IFM and CIP. Last year, HMC Capital worked with Macquarie Capital to buy the business. Lazard, headed in Australia by Andrew Leyden, has had a number of sell side roles for renewable energy assets, including Edify Energy, which requires billions of dollars in funding for Australian renewable energy projects. Final bids have been received, and among those in the final mix are believed to be Canadian pension fund CDPQ and Copenhagen Infrastructure Partners, while IFM had been around the hoop. HMC earlier said it was "currently evaluating a range of options" in relation to the Energy Transition portfolio, including "portfolio optimisation". The plan for HMC Capital was to buy renewable energy assets such as Neoen Victoria, then raise funds from institutional investors that want exposure to the energy transition and spin the assets off into a fund. The group said the discussions with potential investors remained ongoing. It also flagged a "strategic partnership" or merger, which would involve a partial sale. Announcement • Jul 16
HMC Capital Limited to Report Fiscal Year 2025 Results on Aug 19, 2025 HMC Capital Limited announced that they will report fiscal year 2025 results on Aug 19, 2025 Price Target Changed • Jul 09
Price target decreased by 8.1% to AU$6.71 Down from AU$7.30, the current price target is an average from 9 analysts. New target price is 77% above last closing price of AU$3.80. Stock is down 48% over the past year. The company is forecast to post earnings per share of AU$0.85 for next year compared to AU$0.19 last year. Valuation Update With 7 Day Price Move • Jul 02
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to AU$4.08, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 22x in the Capital Markets industry in Australia. Total loss to shareholders of 9.4% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at AU$5.44 per share. Buy Or Sell Opportunity • Jul 01
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 31% to AU$4.22. The fair value is estimated to be AU$5.52, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.9% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 12% per annum. Earnings are forecast to decline by 1.5% per annum over the same time period. Price Target Changed • May 21
Price target decreased by 9.3% to AU$7.76 Down from AU$8.56, the current price target is an average from 10 analysts. New target price is 47% above last closing price of AU$5.29. Stock is down 25% over the past year. The company is forecast to post earnings per share of AU$0.86 for next year compared to AU$0.19 last year. Buy Or Sell Opportunity • May 15
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 43% to AU$5.56. The fair value is estimated to be AU$7.00, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.9% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 12% per annum. Earnings are forecast to decline by 4.2% per annum over the same time period. Major Estimate Revision • May 08
Consensus EPS estimates fall by 16% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from AU$432.5m to AU$420.9m. EPS estimate also fell from AU$0.812 per share to AU$0.682 per share. Net income forecast to shrink 24% next year vs 12% growth forecast for Capital Markets industry in Australia . Consensus price target down from AU$9.00 to AU$8.56. Share price was steady at AU$5.23 over the past week. New Risk • May 06
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.07% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.07% per year for the foreseeable future. Minor Risks Large one-off items impacting financial results. Shareholders have been diluted in the past year (18% increase in shares outstanding). New Risk • Apr 22
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Cash payout ratio: 178% Dividend yield: 2.7% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (178% cash payout ratio). Large one-off items impacting financial results. Shareholders have been diluted in the past year (18% increase in shares outstanding). Recent Insider Transactions • Apr 13
Independent Non-Executive Director recently bought AU$722k worth of stock On the 9th of April, Christopher Roberts bought around 154k shares on-market at roughly AU$4.70 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Major Estimate Revision • Apr 05
Consensus EPS estimates increase by 17%, revenue downgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast fell from AU$429.9m to AU$421.0m. EPS estimate rose from AU$0.697 to AU$0.812. Net income forecast to shrink 1.8% next year vs 27% growth forecast for Capital Markets industry in Australia . Consensus price target down from AU$11.40 to AU$10.30. Share price fell 19% to AU$5.33 over the past week. Valuation Update With 7 Day Price Move • Apr 04
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to AU$5.33, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 18x in the Capital Markets industry in Australia. Total loss to shareholders of 22% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at AU$8.43 per share. Price Target Changed • Apr 01
Price target decreased by 7.3% to AU$10.70 Down from AU$11.54, the current price target is an average from 9 analysts. New target price is 78% above last closing price of AU$6.01. Stock is down 14% over the past year. The company is forecast to post earnings per share of AU$0.68 for next year compared to AU$0.19 last year. Announcement • Mar 28
Healthscope Suitors Reportedly Offered Due Diligence with Sale Afoot Suitors interested in buying Brookfield's embattled private hospital operator, Healthscope Limited, will be offered the opportunity to conduct due diligence on the business in about a fortnight, sources say. Private equity firm Brookfield Business Partners L.P. (NYSE:BBU) has called for indicative bids by the end of May to determine whether to sell the cash-strapped hospital operator. DataRoom understands that Bain Capital, LP has hired former Healthscope executives to help assess a possible offer, but is still undecided as to whether it will get involved. Healthscope's larger rival, Ramsay, is passing on the opportunity to gain control of hospitals from its competitor, sources say. Meanwhile, hospital operator Healthe Care Australia Pty Ltd., which is owned by Pacific Equity Partners, is only interested in buying one or two -assets out of Healthscope's portfolio of 38. Then there's HMC Capital Limited (ASX:HMC), which has publicly expressed its interest in buying the business, partly to protect the rents of its listed satellite HealthCo REIT, which is Healthscope's landlord. Major Estimate Revision • Mar 21
Consensus EPS estimates increase by 11% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate increased from AU$0.625 to AU$0.697. Revenue forecast steady at AU$429.9m. Net income forecast to grow 2.3% next year vs 27% growth forecast for Capital Markets industry in Australia. Consensus price target of AU$11.40 unchanged from last update. Share price was steady at AU$7.26 over the past week. Buy Or Sell Opportunity • Mar 13
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 36% to AU$7.26. The fair value is estimated to be AU$9.11, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.9% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 19% per annum. Earnings are also forecast to grow by 5.3% per annum over the same time period. Announcement • Mar 13
Brookfield Reportedly Tests Market Appetite for Healthscope Brookfield Business Partners L.P. (NYSE:BBU) will call for indicative bids for Healthscope Limited at the end of May, say sources, as Pacific Equity Partners is tipped to be lining up for the business, along with Bain Capital, LP and HMC Capital Limited (ASX:HMC). But the North American firm's move to place the country's second largest private hospital operator up for sale could be a market-testing exercise to determine how much it could net for the troubled healthcare provider, say sources. Healthscope on 11 March 2025 confirmed DataRoom reports that it was launching a sale process after striking a deal with its lenders under which its interest payments would be suspended until May. After that time, once Brookfield has offers through the door, it can determine what the best way forward is, and lenders can decide at that point whether they are prepared to refinance the business or offload the loans to buyers at a discount or place the business in receivership. PEP, which owns Australian operator Healthe Care, is taking a look at Healthscope. The Macquarie Capital-advised HMC Capital will bid, and it is likely Bain Capital, which has been assembling a team to weigh an investment, will also bid. Bupa, which operates hospitals in Europe, has been around the hoop assessing a possible role in a buyout. And it is not necessarily a given that Brookfield sells: an alternative outcome is that it retains the healthcare provider and recapitalises it or allows lenders to sell debt to buyers at a discount, and they then take control. HMC Capital is run by David Di Pilla, who has confirmed he wanted to buy Healthscope, but his challenge is HMC manages a trust that is one of Healthscope's landlords, HealthCo REIT, presenting conflicts of interest. Price Target Changed • Feb 24
Price target increased by 12% to AU$11.54 Up from AU$10.34, the current price target is an average from 9 analysts. New target price is 18% above last closing price of AU$9.78. Stock is up 43% over the past year. The company is forecast to post earnings per share of AU$0.63 for next year compared to AU$0.19 last year. Major Estimate Revision • Feb 24
Consensus revenue estimates increase by 35% The consensus outlook for revenues in fiscal year 2025 has improved. 2025 revenue forecast increased from AU$318.7m to AU$430.2m. EPS estimate increased from AU$0.413 to AU$0.625 per share. Net income forecast to grow 2.3% next year vs 14% growth forecast for Capital Markets industry in Australia. Consensus price target up from AU$10.79 to AU$11.54. Share price was steady at AU$9.78 over the past week. Declared Dividend • Feb 20
First half dividend of AU$0.06 announced Dividend of AU$0.06 is the same as last year. Ex-date: 25th February 2025 Payment date: 1st April 2025 Dividend yield will be 1.2%, which is lower than the industry average of 3.9%. Payout Ratios Payout ratio: 21%. Cash payout ratio: 178%. Reported Earnings • Feb 19
First half 2025 earnings released: EPS: AU$0.43 (vs AU$0.051 in 1H 2024) First half 2025 results: EPS: AU$0.43 (up from AU$0.051 in 1H 2024). Revenue: AU$135.5m (up 259% from 1H 2024). Net income: AU$166.9m (up AU$149.1m from 1H 2024). Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Capital Markets industry in Australia. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Announcement • Feb 18
HMC Capital Limited Announce Ordinary Dividend for the Six Months Ended December 31, 2024, Payable on April 1, 2025 HMC Capital Limited announce ordinary dividend of AUD 0.06000000 per share for the six months ended December 31, 2024. Record Date is February 26, 2025. Ex Date is February 25, 2025. Payment Date is April 1, 2025. New Risk • Feb 18
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 89% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Large one-off items impacting financial results. Shareholders have been diluted in the past year (18% increase in shares outstanding). Buy Or Sell Opportunity • Feb 17
Now 21% overvalued Over the last 90 days, the stock has fallen 15% to AU$9.90. The fair value is estimated to be AU$8.16, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 11% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 25% per annum. Earnings are also forecast to grow by 25% per annum over the same time period. Major Estimate Revision • Jan 23
Consensus EPS estimates increase by 21% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate increased from AU$0.308 to AU$0.373. Revenue forecast unchanged at AU$305.3m. Net income forecast to grow 124% next year vs 24% growth forecast for Capital Markets industry in Australia. Consensus price target up from AU$10.06 to AU$10.27. Share price was steady at AU$9.45 over the past week. Announcement • Jan 21
HMC Capital Limited to Report First Half, 2025 Results on Feb 18, 2025 HMC Capital Limited announced that they will report first half, 2025 results on Feb 18, 2025 Buy Or Sell Opportunity • Dec 20
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 27% to AU$9.94. The fair value is estimated to be AU$8.09, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 11% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 22% per annum. Earnings are also forecast to grow by 21% per annum over the same time period. Price Target Changed • Dec 19
Price target increased by 9.7% to AU$10.00 Up from AU$9.12, the current price target is an average from 8 analysts. New target price is approximately in line with last closing price of AU$9.62. Stock is up 63% over the past year. The company is forecast to post earnings per share of AU$0.31 for next year compared to AU$0.19 last year. Valuation Update With 7 Day Price Move • Dec 16
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to AU$9.73, the stock trades at a forward P/E ratio of 31x. Average forward P/E is 23x in the Capital Markets industry in Australia. Total returns to shareholders of 38% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at AU$7.56 per share. Major Estimate Revision • Dec 13
Consensus revenue estimates increase by 15% The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast increased from AU$229.6m to AU$263.6m. EPS estimate unchanged from AU$0.31 at last update. Capital Markets industry in Australia expected to see average net income growth of 27% next year. Consensus price target up from AU$9.12 to AU$9.45. Share price fell 8.7% to AU$11.27 over the past week. Announcement • Nov 27
HMC Capital Limited Appoints Fiona Jane Pak-Poy as Director HMC Capital Limited announced the appointment of Fiona Jane Pak-Poy as director. Date of appointment is 27 November 2024. Price Target Changed • Nov 22
Price target increased by 7.3% to AU$9.12 Up from AU$8.49, the current price target is an average from 8 analysts. New target price is 24% below last closing price of AU$12.04. Stock is up 155% over the past year. The company is forecast to post earnings per share of AU$0.31 for next year compared to AU$0.19 last year. Major Estimate Revision • Nov 15
Consensus EPS estimates fall by 10%, revenue upgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast increased from AU$220.2m to AU$229.6m. EPS estimate fell from AU$0.349 to AU$0.313 per share. Net income forecast to grow 78% next year vs 28% growth forecast for Capital Markets industry in Australia. Consensus price target up from AU$8.49 to AU$8.99. Share price rose 11% to AU$11.47 over the past week. Announcement • Nov 13
HMC Capital Limited (ASX:HMC) completed the acquisition of Global Switch Australia Holdings Pty Limited from Global Switch Holdings Limited. HMC Capital Limited (ASX:HMC) entered into an agreement to acquire Global Switch Australia Holdings Pty Limited from Global Switch Holdings Limited for AUD 2.1 billion on October 24, 2024. To underwrite the Global Switch acquisition HMC is undertaking a AUD 300 million fully underwritten institutional placement. For the period ending December 31, 2023, Global Switch Australia Holdings Pty Limited reported EBITDA of AUD 86 million. Transaction is subject to receipt of customary regulatory approvals in Australia. Transaction is expected to be closed in late 2024 or early 2025.
Wendy Rae, Kylie Brown, Gadi Bloch, Vincent Pang, Karla Hodgson, Vicky Paras, Madeleine Andreopoulos, William Coote, David Liao, Brianna Brown, Eugene Tan, Caitlin Blanchard, Matt Robson, Danielle Jones, Michael Ryan, Lisa Zhou, Sally Page, Simon Dewberry, Chloe Wilton, Tegan Ayling, Phoebe Drake, Tracy Lu, Nick Li and Ellen Thomas of Allens acted as the legal advisors to Global Switch Holdings Limited. David Clee of Marcus Berghouse of Clifford Chance and Brian Harley of Clifford Chance, Hong Kong acted as the legal advisors of Global Switch Holdings Limited.
HMC Capital Limited (ASX:HMC) completed the acquisition of Global Switch Australia Holdings Pty Limited from Global Switch Holdings Limited recently. Macquarie Capital (Australia) Limited acted as financial advisor to HMC Capital Limited. Announcement • Nov 11
HMC Capital Limited (ASX:HMC) agreed to acquire iseek Pty Ltd. for AUD 400 million. HMC Capital Limited (ASX:HMC) agreed to acquire iseek Pty Ltd. for AUD 400 million on November 11, 2024. A cash consideration of AUD 150 million will be paid by HMC Capital Limited. As part of consideration, AUD 400 million is paid towards common equity of iseek Pty Ltd. The transaction is subject to approval from the Department of Home Affairs. Announcement • Oct 26
HMC Capital Limited (ASX:HMC) entered into an agreement to acquire Global Switch Australia Holdings Pty Limited from Global Switch Holdings Limited for AUD 2.1 billion. HMC Capital Limited (ASX:HMC) entered into an agreement to acquire Global Switch Australia Holdings Pty Limited from Global Switch Holdings Limited for AUD 2.1 billion on October 24, 2024. To underwrite the Global Switch acquisition HMC is undertaking a AUD 300m fully underwritten institutional placement. For the period ending December 31, 2023, Global Switch Australia Holdings Pty Limited reported EBITDA of AUD 86 million. Transaction is subject to receipt of customary regulatory approvals in Australia. Transaction is expected to be closed in late 2024 or early 2025. Announcement • Oct 25
HMC Capital Limited has completed a Follow-on Equity Offering in the amount of AUD 300.000006 million. HMC Capital Limited has completed a Follow-on Equity Offering in the amount of AUD 300.000006 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 34,285,715
Price\Range: AUD 8.75
Discount Per Security: AUD 0.109375
Transaction Features: Subsequent Direct Listing Announcement • Oct 24
HMC Capital Limited has filed a Follow-on Equity Offering in the amount of AUD 300.000006 million. HMC Capital Limited has filed a Follow-on Equity Offering in the amount of AUD 300.000006 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 34,285,715
Price\Range: AUD 8.75
Discount Per Security: AUD 0.109375
Transaction Features: Subsequent Direct Listing Announcement • Oct 03
HMC Capital Limited, Annual General Meeting, Nov 27, 2024 HMC Capital Limited, Annual General Meeting, Nov 27, 2024. Announcement • Sep 06
HMC Capital Limited (ASX:HMC) acquired Market Central Lutwyche from Abacus Group (ASX:ABG) and ISPT Retail Australia Property Trust managed by ISPT Pty Ltd for approximately AUD 120 million. HMC Capital Limited (ASX:HMC) acquired Market Central Lutwyche from Abacus Group (ASX:ABG) and ISPT Retail Australia Property Trust managed by ISPT Pty Ltd for approximately AUD 120 million on September 4, 2024. A cash consideration of AUD 121 million will be paid by HMC Capital Limited.
HMC Capital Limited (ASX:HMC) acquired Market Central Lutwyche from Abacus Group (ASX:ABG) and ISPT Retail Australia Property Trust managed by ISPT Pty Ltd on September 4, 2024. Declared Dividend • Aug 23
Final dividend of AU$0.06 announced Dividend of AU$0.06 is the same as last year. Ex-date: 27th August 2024 Payment date: 2nd October 2024 Dividend yield will be 1.5%, which is lower than the industry average of 5.7%. Announcement • Aug 23
HMC Capital Limited Announces Ordinary Dividend for the Six Months Ended June 30, 2024, Payable on October 2, 2024 HMC Capital Limited announced ordinary dividend of AUD 0.06000000 per share for the six months ended June 30, 2024, payable on October 2, 2024. Ex-date is August 27, 2024. Record Date is August 28, 2024. Reported Earnings • Aug 21
Full year 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2024 results: EPS: AU$0.19 (up from AU$0.18 in FY 2023). Revenue: AU$108.8m (up 24% from FY 2023). Net income: AU$66.0m (up 16% from FY 2023). Profit margin: 61% (down from 65% in FY 2023). Revenue exceeded analyst estimates by 7.9%. Earnings per share (EPS) missed analyst estimates by 44%. Revenue is forecast to grow 20% p.a. on average during the next 3 years, while revenues in the Retail REITs industry in Australia are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 70% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Announcement • Jul 24
HMC Capital Limited to Report Fiscal Year 2024 Results on Aug 21, 2024 HMC Capital Limited announced that they will report fiscal year 2024 results on Aug 21, 2024 Announcement • Jul 02
HMC Capital Limited (ASX:HMC) completed the acquisition of Payton Capital Ltd HMC Capital Limited (ASX:HMC) agreed to acquire Payton Capital Ltd for approximately AUD 120 million on May 24, 2024. The consideration consists of AUD 87 million in cash and AUD 28.50 million in common equity as well as earnout consideration of AUD 16.5 million. As part of the consideration, AUD 115.5 million was paid towards common equity. To support the Acquisition, HMC Capital Limited is undertaking a AUD 100 million fully underwritten institutional placement and a non-underwritten Security Purchase Plan to raise up to approximately AUD 30 million. The transaction is expected to reach financial close in July 2024. Acquisition is expected to be immediately earnings accretive.
HMC Capital Limited (ASX:HMC) completed the acquisition of Payton Capital Ltd on July 2, 2024. New Risk • May 30
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 4.7% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. This is currently the only risk that has been identified for the company. Announcement • May 28
HMC Capital Limited has completed a Follow-on Equity Offering in the amount of AUD 100.000004 million. HMC Capital Limited has completed a Follow-on Equity Offering in the amount of AUD 100.000004 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 15,384,616
Price\Range: AUD 6.5
Discount Per Security: AUD 0.08125
Transaction Features: Subsequent Direct Listing Buy Or Sell Opportunity • Apr 03
Now 20% undervalued Over the last 90 days, the stock has risen 18% to AU$6.73. The fair value is estimated to be AU$8.42, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.8% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 20% per annum. Earnings are also forecast to grow by 15% per annum over the same time period. Reported Earnings • Feb 22
First half 2024 earnings released: FFO per share: AU$0.2 (vs AU$0.084 in 1H 2023) First half 2024 results: FFO per share: AU$0.2 (up from AU$0.084 in 1H 2023). Revenue: AU$37.7m (down 12% from 1H 2023). Funds from operations (FFO): AU$57.8m (up 132% from 1H 2023). Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 1.3% growth forecast for the Retail REITs industry in Australia. Over the last 3 years on average, earnings per share has increased by 92% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Price Target Changed • Feb 21
Price target increased by 8.0% to AU$6.13 Up from AU$5.68, the current price target is an average from 10 analysts. New target price is 12% below last closing price of AU$7.00. Stock is up 56% over the past year. The company is forecast to post earnings per share of AU$0.31 for next year compared to AU$0.18 last year. Major Estimate Revision • Feb 21
Consensus EPS estimates increase by 26% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from AU$145.3m to AU$157.1m. EPS estimate increased from AU$0.248 to AU$0.313 per share. Net income forecast to grow 70% next year vs 1.0% growth forecast for Retail REITs industry in Australia. Consensus price target up from AU$5.83 to AU$6.30. Share price rose 12% to AU$7.00 over the past week. Buy Or Sell Opportunity • Feb 20
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 44% to AU$6.86. The fair value is estimated to be AU$5.66, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 23% over the last 3 years. Earnings per share has grown by 82%. For the next 3 years, revenue is forecast to grow by 16% per annum. Earnings are also forecast to grow by 12% per annum over the same time period. Announcement • Jan 18
HMC Capital Limited to Report First Half, 2024 Results on Feb 20, 2024 HMC Capital Limited announced that they will report first half, 2024 results on Feb 20, 2024 
