HMC CAPITAL LIMITED (HMC)
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HMC

HMC - HMC CAPITAL LIMITED

FNArena Sector : Wealth Management & Investments
Year End: June
GICS Industry Group : Real Estate
Debt/EBITDA: N/A
Index: ASX200 | ASX300 | ALL-ORDS

LAST PRICE CHANGE +/- CHANGE % VOLUME

$3.78

22 Aug
2025

-0.010

OPEN

$3.83

-0.26%

HIGH

$3.89

2,807,440

LOW

$3.73

TARGET
$5.122 35.5% upside
OTHER COMPANIES IN THE SAME SECTOR
AEF . AMP . ASX . BVS . CGF . CVW . DJW . ENN . GDG . GQG . HUB . IFL . IFT . IRE . KAM . KSL . MAF . MFG . MQG . NGI . NWL . PAC . PNI . PPS . PPT . PTM . QAL . RPL . RZI . WHF .
FNARENA'S MARKET CONSENSUS FORECASTS
HMC: 1
Title FY24
Actual		 FY25
Actual		 FY26
Forecast		 FY27
Forecast
EPS (cps) xxx 36.8 30.5 xxx
DPS (cps) xxx 12.0 12.0 xxx
EPS Growth xxx 94.7% - 17.2% xxx
DPS Growth xxx 0.0% 0.0% xxx
PE Ratio xxx N/A 12.4 xxx
Dividend Yield xxx N/A 3.2% xxx
Div Pay Ratio(%) xxx 32.6% 39.4% xxx

Dividend yield today if purchased 3 years ago: 2.30%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 3.17

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: 27/08 - ex-div 6c (franking 70%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2025 FactSet UK Limited. All rights reserved
Title 20202021202220232024
EPS Basic xxxxxxxxxxxx18.9
DPS All xxxxxxxxxxxx12.0
Sales/Revenue xxxxxxxxxxxx81.4 M
Book Value Per Share xxxxxxxxxxxx328.0
Net Operating Cash Flow xxxxxxxxxxxx69.6 M
Net Profit Margin xxxxxxxxxxxx81.08 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 20202021202220232024
Return on Capital Employed xxxxxxxxxxxx5.85 %
Return on Invested Capital xxxxxxxxxxxx5.84 %
Return on Assets xxxxxxxxxxxx4.21 %
Return on Equity xxxxxxxxxxxx5.85 %
Return on Total Capital xxxxxxxxxxxx1.34 %
Free Cash Flow ex dividends xxxxxxxxxxxx27.8 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 20202021202220232024
Short-Term Debt xxxxxxxxxxxx200 M
Long Term Debt xxxxxxxxxxxx2 M
Total Debt xxxxxxxxxxxx202 M
Goodwill - Gross xxxxxxxxxxxx49 M
Cash & Equivalents - Generic xxxxxxxxxxxx255 M
Price To Book Value xxxxxxxxxxxx2.20

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 20202021202220232024
Capex xxxxxxxxxxxx0.0 M
Capex % of Sales xxxxxxxxxxxx0.00 %
Cost of Goods Sold xxxxxxxxxxxx-
Selling, General & Admin. Exp & Other xxxxxxxxxxxx59 M
Research & Development xxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxx733 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

0.6

No. Of Recommendations

5
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Ord Minnett

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Bell Potter

xx/xx/xxxx

3

xxxxxxxxx xx xxxx xxxx xxx

$xx.xx

xx.xx%

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Morgans

xx/xx/xxxx

1

xxxxxxx xx xxx xxxx xxxx

$xx.xx

xx.xx%

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Macquarie

19/08/2025

-1

No Rating

-

Today, HMC Capital reported FY25 pre-tax operating EPS of 56cpu, -15% below consensus, due to a Digico Infrastructure REIT ((DGT)) impairment and higher staff retention costs, explains Macquarie.

In an early take, the analyst explains funds under management (FUM) grew 47% year-on-year to $18.7bn, supported by additions in digital infrastructure, private credit and the energy transition.

The broker notes FY26 pre-tax operating EPS guidance of at least 40cpu is slightly below consensus of 43cpu.

Management's dividend guidance is flat at 12cpu, reflecting the strategy to reinvest into growth, explains Macquarie.

The broker remains restricted on research (no target or rating) but highlights the REIT's $50bn medium-term FUM target and progress across private credit, energy transition, real estate, private equity and digital infrastructure.

FORECAST
Macquarie forecasts a full year FY26 dividend of 12.00 cents and EPS of 37.20 cents.

Morgan Stanley

xx/xx/xxxx

3

xxxxx-xxxxxx

$xx.xx

xx.xx%

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UBS

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Access Stockbroker Research History >
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

Jarden

21/08/2025

2

Overweight

$5.20

37.57%

Jarden believes HMC Capital's FY25 result showed recurring fee and investment income progressing well, but the earnings and valuation outlook remains tied to raising unlisted capital.

Assets under management (AUM) have stagnated, caution the analysts. HealthCo Healthcare & Wellness REIT ((HCW)) and Digico Infrastructure REIT ((DGT)) returns are under review and the energy transition fund still seeking commitments.

The broker sees the negative current share price reaction so far this year as binary: successful fundraising would drive a sharp recovery, but without it, gearing constraints and earnings downgrades may persist.

Management's $50bn AUM target remains but the broker's medium-term growth expectations are cut to $5.5bn over three years and $12.5bn over five, reflecting difficult equity market conditions.

Fundraising for the energy fund is critical, assess the analysts, and while a Neoen sell-down is still assumed by FY26, lack of progress would weigh on both earnings and balance sheet flexibility.

Jarden reduces its target price to $5.20 from $6.85 and maintains an Overweight rating.

FORECAST
Jarden forecasts a full year FY26 dividend of 12.00 cents and EPS of 26.30 cents.
Jarden forecasts a full year FY27 dividend of 12.00 cents and EPS of 28.90 cents.
Access Extra Coverage Research History >

HMC STOCK CHART

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