QUALITAS LIMITED (QAL)
Share Price Analysis and Chart

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QAL

QAL - QUALITAS LIMITED

FNArena Sector : Wealth Management & Investments
Year End: June
GICS Industry Group : Real Estate
Debt/EBITDA: 1.08
Index: ALL-ORDS

LAST PRICE CHANGE +/- CHANGE % VOLUME

$3.43

02 Oct
2025

-0.040

OPEN

$3.45

-1.15%

HIGH

$3.47

154,302

LOW

$3.41

TARGET
$3.99 16.3% upside
Franking for last dividend paid out: 100%
OTHER COMPANIES IN THE SAME SECTOR
AEF . AMP . ASX . BVS . CGF . CVW . DJW . ENN . GDG . GQG . HMC . HUB . IFL . IFT . IRE . KAM . KSL . MAF . MFG . MQG . NGI . NWL . PAC . PNI . PPS . PPT . RPL . RZI . WHF .
FNARENA'S MARKET CONSENSUS FORECASTS
QAL: 1
Title FY24
Actual		 FY25
Actual		 FY26
Forecast		 FY27
Forecast
EPS (cps) xxx 11.4 14.9 xxx
DPS (cps) xxx 10.0 11.8 xxx
EPS Growth xxx 27.1% 29.8% xxx
DPS Growth xxx 25.0% 17.5% xxx
PE Ratio xxx N/A 22.9 xxx
Dividend Yield xxx N/A 3.5% xxx
Div Pay Ratio(%) xxx 87.4% 79.1% xxx

Dividend yield today if purchased 3 years ago: 4.17%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 2.94

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: 11/09 - ex-div 5.75c (franking 100%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2025 FactSet UK Limited. All rights reserved
Title 202020212022202320242025
EPS Basic xxxxxxxxxxxxxxx11.4
DPS All xxxxxxxxxxxxxxx10.0
Sales/Revenue xxxxxxxxxxxxxxx116.3 M
Book Value Per Share xxxxxxxxxxxxxxx129.6
Net Operating Cash Flow xxxxxxxxxxxxxxx21.5 M
Net Profit Margin xxxxxxxxxxxxxxx28.73 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202020212022202320242025
Return on Capital Employed xxxxxxxxxxxxxxx8.94 %
Return on Invested Capital xxxxxxxxxxxxxxx6.75 %
Return on Assets xxxxxxxxxxxxxxx5.62 %
Return on Equity xxxxxxxxxxxxxxx8.94 %
Return on Total Capital xxxxxxxxxxxxxxx8.69 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx-8.8 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 202020212022202320242025
Short-Term Debt xxxxxxxxxxxxxxx2 M
Long Term Debt xxxxxxxxxxxxxxx52 M
Total Debt xxxxxxxxxxxxxxx54 M
Goodwill - Gross xxxxxxxxxxxxxxx-
Cash & Equivalents - Generic xxxxxxxxxxxxxxx149 M
Price To Book Value xxxxxxxxxxxxxxx2.66

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202020212022202320242025
Capex xxxxxxxxxxxxxxx5.6 M
Capex % of Sales xxxxxxxxxxxxxxx4.85 %
Cost of Goods Sold xxxxxxxxxxxxxxx11 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx58 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx161 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

0.8

No. Of Recommendations

2
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Macquarie

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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Morgans

26/08/2025

2

Accumulate

$4.00

16.62%

Qualitas achieved FY25 net profit after tax growth of 36% against the prior year, with committed FUM up 6.5% to $9.5bn and base management fees advancing by 31%. Morgans views these as another "great" set of results, and the company has seen its share price re-rate in recent months.

Morgans believes Qualitas is well positioned to retain its share of the growing market for private credit-funded multi-unit metro residential developments, as the big four banks move back from this sector.

Management has a FUM target of $18bn by FY28, with a lower reliance on performance fees and build-to-rent underpinning future growth.

The analyst tweaks EPS forecasts up 1.2% for FY26 and 0.5% for FY27. Target price rises to $4 from $3.80. No change in Accumulate rating.

FORECAST
Morgans forecasts a full year FY26 dividend of 12.00 cents and EPS of 15.00 cents.
Morgans forecasts a full year FY27 dividend of 13.00 cents and EPS of 17.00 cents.
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

23/09/2025

1

Buy

$4.26

24.20%

Jarden notes recent downgrades of Metrics Master Income Trust ((MXT)) and Metrics Income Opportunities Trust ((MOT)) highlight conflicts of interest, reduced transparency, and governance concerns.

This prompted Macquarie Group ((MQG)) to freeze new super allocations to four Metrics funds. 

The broker notes Qualitas' wholesale fund, launched in 2023, is already on BT, Netwealth ((NWL)), Mason Stevens and soon Hub24 ((HUB)), positioning it to capture flows from investors shifting away from Metrics.

The broker believes Qualitas' best-practice approach via strict lending limits, transparency, and conservative leverage positions it as a long-term winner.

Buy. Target unchanged at $4.26.

FORECAST
Jarden forecasts a full year FY26 dividend of 12.90 cents and EPS of 13.80 cents.
Jarden forecasts a full year FY27 dividend of 15.70 cents and EPS of 16.90 cents.
Access Extra Coverage Research History >

QAL STOCK CHART

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