QUALITAS LIMITED (QAL)
Share Price Analysis and Chart

Broker commentary and detailed analysis is available for Full Members Only.
Login above or Get a Free Trial

26/02/2025

1

Outperform

$3.10

1.64%

Qualitas' 1H EPS of 5.4c came in ahead of Macquarie and consensus forecasts for 5.2c and 5.3c, respectively, in an overall strong set of results reflecting growth, depth and maturity of the platform.

Funds under management (FUM) deployment momentum remained strong, in the broker's view, with a record $2.4bn deployed in private credit during the first half.

Management reaffirmed FY25 guidance, expecting pre-tax profit of $49m-$55m and EPS of 11.50c-12.91c, reflecting 34% growth at the midpoint, observes the analyst.

Macquarie raises the target price to $3.10 from $2.93 and retains an Outperform rating.

FORECAST
Macquarie forecasts a full year FY25 dividend of 8.40 cents and EPS of 12.50 cents.
Macquarie forecasts a full year FY26 dividend of 8.70 cents and EPS of 14.10 cents.

13/05/2025

1

Buy

$3.95

29.51%

Qualitas' 3Q trading update confirmed strong deployment momentum and a $2.85bn pipeline, significantly ahead of Jarden’s 2H25 deployment forecast of $2.21bn.

The pipeline includes $950m in near-close deals, almost double the same time last year, and $1.4bn in mandated deals awaiting investment committee approval, explains the broker.

The pipeline is considered a strong signal that FY25 profit (PBT) guidance of $49-55m (in line with consensus) is achievable or beatable, despite broader concerns around deployment risk.

The broker sees valuation support from strong operating leverage, rising distributions, and growing investor demand for private credit exposure. 

Jarden retains a Buy rating on Qualitas and maintains its $3.95 target price.

FORECAST
Jarden forecasts a full year FY25 dividend of 11.10 cents and EPS of 11.80 cents.
Jarden forecasts a full year FY26 dividend of 13.60 cents and EPS of 14.50 cents.