Associate Global Partners Ltd (APL) fair value: what the stock is really worth
As of Oct 14, 2026: fair value (intrinsic value) of Associate Global Partners Ltd stock A$0.17, price A$0.30, that is 42.4% below the price, quality 54 out of 100. Rating: strongly overvalued. Calculated from audited financials with 3 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 7, 2026.
How to read this chart
60‑month range A$0.0700 – A$1.01 · fair‑value band A$0.1400 – A$0.2200 · the A$0.2950 price screens above the A$0.1700 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 7, 2026.
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Associate Global Partners Limited is a publicly owned investment manager. It manages large cap, mid cap, small cap, micro cap, and income focused mandates for its institutional clients.
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The company was formerly known as Contango Asset Management Limited and changed its name to Associate Global Partners Limited in November 2022. Associate Global Partners Limited is based in Sydney, Australia.
Stock analysis
Associate Global Partners Ltd (APL) currently trades at A$0.2950, while our model-based Fair Value estimate is A$0.1700, 42% below the price, so the stock looks overvalued today.
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Valuation
How firm this estimate is: it rests on 3 models at a data quality of 96/100, which puts the data coverage at low.
Scenario range: A$0.1400 (bear) to A$0.2200 (bull), the price of A$0.2950 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 54/100 (solid quality), in the Financial Services sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Associate Global Partners Ltd reported revenue of A$7.2M in FY2026 versus A$6.2M in FY2022, a compound +3.6%/yr. Reported net income was −A$681K in FY2026.
Key figures
Market cap A$17.0M (≈ $11.7M) Micro · P/S ratio 2.45 · EPS (TTM) A$−0.0100 · Net margin −9.5% · Return on equity −9.1% · Return on assets (EBIT) −5.7% (5-year average) · Operating margin −6.8% · Revenue (TTM) A$7.2M.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 12 out of 100 (low confidence).
What moves the price
The share trades about 6% below its 52-week high and 168% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −16% fair-value upside, at −42%, APL screens richer than that median.
Fair Value models
BearA$0.1400Fair Value A$0.1700BullA$0.2200
Price A$0.2950 · Downside -42.4%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.38/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+7.4%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+8.1%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+5.2%
Start year 2021 (pandemic)
Revenue growth 25 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+1.9%
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Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
−15.7% (2021) → −7.6% (2026)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2026 is a loss year, no rate is defined from a loss
not computed
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+13.1%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Australia: IMF forecast 3.0% a year to 2030, 2.9% from 2016 to 2025) that is about +9.9% a year for the price.
Compare Associate Global Partners Ltd with another stock
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Asset Management · 587 stocks
Beats the industry median on 1/10 measures
Overall it trails its industry peers.
Valuation
Quality Score54 · Below median
Fair Value upside−42.4% · Bottom 25%
Profitability
Return on assets−5.3% · Bottom 25%
Net margin (12 months)−9.5% · Bottom 25%
Operating margin (12 months)−6.8% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY)−1.8% · Below median
Balance sheet
Debt / equity0.13× · Above median
Valuation Multiplesvs Asset Management median · lower = cheaper
P/B2.35× · Priciest 25%
P/S (12 months)2.37× · Cheaper than median
Price / free cash flow (fiscal year)27.7× · Pricier than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 57
FUTURE (revenue growth)0· sector 38
PAST (return on equity)0· sector 29
HEALTH (low debt)94· sector 96
DIVIDEND (yield)0· sector 80
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Associate Global Partners Ltd Fair Value". https://www.fairvalue-calculator.com/stock/APL
Frequently asked questions
Is Associate Global Partners Ltd (APL) overvalued or undervalued?
As of Nov 7, 2026, our model estimates a fair value of A$0.1700 versus the last price from Oct 14, 2026 of A$0.2950, about 42% lower (overvalued).
What is the fair value of APL?
Our model-based fair value for Associate Global Partners Ltd is A$0.1700 (as of Nov 7, 2026), built from audited fundamentals. Last price (from Oct 14, 2026): A$0.2950.
What is the quality score of APL?
Associate Global Partners Ltd has a Quality Score of 54/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Associate Global Partners Ltd (APL)?
Our model-based price target is the fair value of A$0.1700 (as of Nov 7, 2026) from 3 valuation models. Cautious scenario A$0.1400, optimistic scenario A$0.2200. It is a calculation from audited fundamentals, not an analyst target.
What is the Associate Global Partners Ltd stock forecast for 2026?
Our models put fair value at A$0.1700, about 42% lower versus the last price from Oct 14, 2026 of A$0.2950 (overvalued). Cautious scenario A$0.1400, optimistic scenario A$0.2200. The calculation is refreshed regularly with new filings.
What is the revenue of Associate Global Partners Ltd (APL)?
Associate Global Partners Ltd reported trailing-twelve-month revenue of about A$7.2M (latest available figure, as of Nov 7, 2026).
What growth is priced into Associate Global Partners Ltd (APL)?
For today's price to be fair in a discounted-cash-flow model, Associate Global Partners Ltd would have to grow free cash flow by +13.1 % per year for five years (discount rate 9.5 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +5.3 % per year. As of Nov 7, 2026.
What discount rate (WACC) does the fair value of APL use?
Our models discount Associate Global Partners Ltd at 9.5 %: a base by market capitalisation (nano), country premium for Australia. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Associate Global Partners Ltd that is +13.1 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (9.5 %) and the same formula as our fair value.
How much growth has Associate Global Partners Ltd (APL) delivered so far?
Over the past 5 years revenue at Associate Global Partners Ltd grew +5.3 % a year. The price currently implies free-cash-flow growth of +13.1 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Associate Global Partners Ltd (APL) growing?
The median revenue growth in the sector is +9.2 % a year. That is the yardstick for the growth priced into Associate Global Partners Ltd (+13.1 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Associate Global Partners Ltd (APL)?
The free-cash-flow yield on the price is 3.61 %: that much free cash flow Associate Global Partners Ltd produces per unit of market value. When it exceeds the discount rate of our models (9.5 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Associate Global Partners Ltd (APL)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Associate Global Partners Ltd it is A$0.1700 per share (as of Nov 7, 2026), against a price of A$0.2950. It is the blended result of 3 valuation models in 2 families (Asset-Based, Growth DCF).
Is Associate Global Partners Ltd stock overvalued or undervalued in 2026?
As of Nov 7, 2026, APL trades above its calculated fair value: price A$0.2950, fair value A$0.1700, a gap of about −42% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of APL?
No. The price is what the market pays today (A$0.2950); the fair value is what the company's own numbers justify (A$0.1700). For Associate Global Partners Ltd the two are A$0.1250 per share apart. That gap is exactly why we show both numbers side by side.
How much is Associate Global Partners Ltd worth?
The market values Associate Global Partners Ltd at about A$17.0M (market capitalisation, as of Nov 7, 2026). Per share that is A$0.2950; our models calculate a fair value of A$0.1700 per share.
What do the bullish and bearish scenarios say about APL?
Our models span a range for Associate Global Partners Ltd: cautious scenario A$0.1400, base A$0.1700, optimistic A$0.2200 per share (as of Nov 7, 2026, price A$0.2950). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Associate Global Partners Ltd (APL)?
Balance-sheet figures for Associate Global Partners Ltd (as of Nov 7, 2026): return on equity −9.1%, debt of 0.13 per unit of equity. They feed the Quality Score of 54/100, which measures business quality independently of the share price.
How far is APL from its 52-week high?
Associate Global Partners Ltd trades at A$0.2950, about 6% below its 52-week high of A$0.3150 and 168% above the low of A$0.1100 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of A$0.1700 is for.
Which stocks are comparable to Associate Global Partners Ltd?
From the same area (Financial Services) we also value Blackstone Inc, Brookfield Asset Management Ltd, KKR & Co, Apollo Global Management, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Associate Global Partners Ltd stock attractive at the current price?
The data as of Nov 7, 2026: price A$0.2950, calculated fair value A$0.1700 (−42%), Quality Score 54/100, from 3 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of APL calculated?
We run Associate Global Partners Ltd through 3 models from 2 families: Asset-Based, Growth DCF. Every model gets the same audited fundamentals; the fair value of A$0.1700 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. Associate Global Partners Ltd itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Associate Global Partners Ltd (APL)?
The latest price we hold is from Oct 14, 2026 and stands at A$0.2950. Our model-based fair value is A$0.1700, about 42% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Associate Global Partners Ltd right now?
The price sits above even our optimistic bull case (A$0.2200). The favourable scenario is already priced in. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid but not exceptional quality (54/100) and above fair value, neither a clear bargain nor a standout compounder. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Key figures of Associate Global Partners Ltd
How large is the market capitalisation of Associate Global Partners Ltd (APL)?
The market capitalisation of Associate Global Partners Ltd is A$17.0M (≈ $11.7M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Associate Global Partners Ltd (APL)?
The price-to-sales ratio of Associate Global Partners Ltd is 2.45 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Associate Global Partners Ltd (APL)?
Earnings per share at Associate Global Partners Ltd are A$−0.0100. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Associate Global Partners Ltd (APL)?
The net margin of Associate Global Partners Ltd is −9.5% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Associate Global Partners Ltd (APL)?
The return on equity (ROE) of Associate Global Partners Ltd is −9.1% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Associate Global Partners Ltd (APL)?
On an EBIT basis the return on assets of Associate Global Partners Ltd is −5.7% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Associate Global Partners Ltd (APL)?
The operating margin of Associate Global Partners Ltd is −6.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Associate Global Partners Ltd (APL)?
Revenue at Associate Global Partners Ltd is growing −1.8% versus a year earlier (3y avg +8.1%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Associate Global Partners Ltd (APL)?
Earnings per share at Associate Global Partners Ltd are growing +241% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Associate Global Partners Ltd (APL) hold?
Associate Global Partners Ltd holds more cash than debt, A$1.7M net (fiscal year 2026). The company holds more cash than debt, a safety cushion.
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Thin data
Nov 7, 2026