CUSCAL LIMITED (CCL)
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CCL

CCL - CUSCAL LIMITED

FNArena Sector : Diversified Financials
Year End: June
GICS Industry Group : Diversified Financials
Debt/EBITDA: 3.26
Index: ALL-ORDS | ALL-TECH

Cuscal is an Australian business-to-business payments infrastructure and regulated data-services provider. It supplies the technology, licences and processing capabilities that allow banks, credit unions, fintechs and other companies to offer card issuing, mobile payments, real-time payments, BPAY, merchant acquiring, fraud monitoring and Consumer Data Right services.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$5.92

21 Aug
2026

0.300

OPEN

$5.65

5.34%

HIGH

$6.02

1,154,907

LOW

$5.65

TARGET
$6.213

-0.03 change from previous day

 5.0% upside
Franking for last dividend paid out: 100%
OTHER COMPANIES IN THE SAME SECTOR
B4P . BFG . CCR . CNI . CPU . CVC . EQT . EZL . FID . HMY . LFG . OBL . OFX . PGL . SGH . SOL .
FNARENA'S MARKET CONSENSUS FORECASTS
CCL: 1
Title FY25
Actual		 FY26
Actual		 FY27
Forecast		 FY28
Forecast
EPS (cps) xxx 22.1 28.9 xxx
DPS (cps) xxx 11.5 13.9 xxx
EPS Growth xxx 47.5% 30.8% xxx
DPS Growth xxx 100.0% 20.6% xxx
PE Ratio xxx N/A 19.9 xxx
Dividend Yield xxx N/A 2.4% xxx
Div Pay Ratio(%) xxx 52.0% 48.0% xxx

Dividend yield today if purchased 3 years ago: 0.86%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 2.00

Estimated Dividend Growth
(Average Of Past Three Years)

  %

Amount Invested

 $ 

Tell Me The Dividend After This Many Years
Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages

Last ex-div: 03/03 - ex-div 4.50c (franking 100%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2026 FactSet UK Limited. All rights reserved
Title 2023202420252026
EPS Basic xxxxxxxxx22.1
DPS All xxxxxxxxx11.5
Sales/Revenue xxxxxxxxx475.0 M
Book Value Per Share xxxxxxxxx217.1
Net Operating Cash Flow xxxxxxxxx793.1 M
Net Profit Margin xxxxxxxxx8.99 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 2023202420252026
Return on Capital Employed xxxxxxxxx10.54 %
Return on Invested Capital xxxxxxxxx9.97 %
Return on Assets xxxxxxxxx1.00 %
Return on Equity xxxxxxxxx10.54 %
Return on Total Capital xxxxxxxxx8.68 %
Free Cash Flow ex dividends xxxxxxxxx769.4 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 2023202420252026
Short-Term Debt xxxxxxxxx201 M
Long Term Debt xxxxxxxxx30 M
Total Debt xxxxxxxxx231 M
Goodwill - Gross xxxxxxxxx89 M
Cash & Equivalents - Generic xxxxxxxxx2,979 M
Price To Book Value xxxxxxxxx2.32

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 2023202420252026
Capex xxxxxxxxx8.0 M
Capex % of Sales xxxxxxxxx1.68 %
Cost of Goods Sold xxxxxxxxx144 M
Selling, General & Admin. Exp & Other xxxxxxxxx277 M
Research & Development xxxxxxxxx-
Investments - Total xxxxxxxxx1,700 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

0.7

No. Of Recommendations

3
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Macquarie

xx/xx/xxxx

3

xxxxxxxxx xx xxxxxxx xxxx xxxxxxxxxx

$xx.xx

xx.xx%

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Ord Minnett

21/08/2026

1

Buy

$6.44

8.78%

Says Ord Minnett: "If you buy Cuscal shares today, you are buying a defensive 3-year forward earnings growth story".

In response to FY26 financials, Ord Minnett maintains its Buy rating and raises its target to $6.44 from $5.51, up 16.9%, after FY26 underlying NPAT increased 20% to $46.2m and exceeded expectations.

The broker forecasts a three-year EPS CAGR of 22%, with ASX300 inclusion and Indue synergies providing catalysts, although commentary does acknowledge the valuation now requires successful delivery.

FY27 EPS rises 1% and FY28 EPS falls -0.5%. Execution and possible shareholder sell-downs have been identified as the main risks.

FORECAST
Ord Minnett forecasts a full year FY27 dividend of 13.50 cents and EPS of 29.60 cents.
Ord Minnett forecasts a full year FY28 dividend of 17.00 cents and EPS of 35.50 cents.

Bell Potter

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

1

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Canaccord Genuity

24/08/2026

1

Buy

$6.70

13.18%

Canaccord Genuity maintains its Buy recommendation for Cuscal with its target price increased to $6.70 from $6.00 following a strong FY26 result, reporting underlying net profit after tax of $46m, representing a 20% year-on-year increase that surpassed expectations.

Profit growth was underpinned by a transaction volume increase of 12%, driving net operating income up 20% to $346m, aided by contributions from the acquisition of Indue and a one-month contribution from Paymark.

Management is guiding to FY27 underlying net profit after tax growth in the mid-twenties range, driven by ongoing low double-digit organic growth alongside full-year Indue and Paymark contributions.

The broker's estimates incorporate upward forecast revisions for FY27 through FY29 net profit after tax by 14%, 10%, and 9% respectively, despite accounting for Paymark's Switch Technology investment program.

The analyst highlights the investment thesis relies on double-digit net profit after tax growth to FY29 followed by Indue cost synergies rolling on and Paymark investments rolling off, positioning the stock on an attractive forward multiple.

FORECAST
Canaccord Genuity forecasts a full year FY27 dividend of 14.00 cents and EPS of 29.00 cents.
Canaccord Genuity forecasts a full year FY28 dividend of 15.00 cents and EPS of 32.00 cents.
Access Extra Coverage Research History >

CCL STOCK CHART

FNArena News on CCL

1
Australian Broker Call *Extra* Edition – Aug 24, 2026

10:30 AM - Daily Market Reports
2
FNArena Corporate Results Monitor – 21-08-2026

Aug 21 2026 - Australia
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Rudi’s View: That’s The Way Markets Crumble

Aug 06 2026 - Rudi's View
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Jul 23 2026 - Rudi's View

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