K2 Asset Management Holdings Ltd (KAM) fair value: what the stock is really worth
As of Sep 22, 2026: fair value of K2 Asset Management Holdings Ltd A$0.04, price A$0.05, upside -23.0%, quality 66 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 23, 2026.
How to read this chart
60‑month range A$0.0282 – A$0.0950 · fair‑value band A$0.0355 – A$0.0461 · the A$0.0530 price screens above the A$0.0408 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 23, 2026.
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K2 Asset Management Holdings Ltd. is a publicly owned investment manager. The firm provides its services to retail, wholesale and institutional investors. It manages equity mutual funds for its clients. The firm invests in the public equity markets across the globe. K2 employs a top-down approach along with bottom-up stock picking approach.
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K2 Asset Management Holdings Ltd. is a publicly owned investment manager. The firm provides its services to retail, wholesale and institutional investors. It manages equity mutual funds for its clients. The firm invests in the public equity markets across the globe. K2 employs a top-down approach along with bottom-up stock picking approach. It conducts in-house research to make its investments. K2 Asset Management Holdings was founded in July 1999 and is based in Melbourne, Australia with additional office in Cottesloe, Australia, Sydney, Australia.
Stock analysis
K2 Asset Management Holdings Ltd (KAM) currently trades at A$0.0530, while our model-based Fair Value estimate is A$0.0408, implying the stock looks roughly 29.9% overvalued today.
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Valuation
How firm this estimate is: it rests on 24 models at a data quality of 95/100, which puts the evidence level at low.
Scenario range: A$0.0355 (bear) to A$0.0461 (bull), the price of A$0.0530 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 66/100 (solid quality), in the Financial Services sector.
Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.
K2 Asset Management Holdings Ltd reported revenue of A$356K in FY2025 versus A$4.5M in FY2021, a compound −46.9%/yr. Reported net income was A$345K in FY2025, compounding +12.4%/yr from FY2021.
Key figures
Market cap A$14.2M (≈ $10.0M) · P/S ratio 2.22 · Dividend yield 9.4% · Net margin 96.7% · Return on equity −0.1% · Return on assets (EBIT) −6.5% · Operating margin −10.5% · Revenue growth (YoY) +8.7%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 44% below its 52-week high and 15% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −4% fair-value upside, at −23%, KAM screens richer than that median.
Fair Value models
Bear A$0.0355Fair Value A$0.0408Bull A$0.0461
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.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.Evidence ⓘEvidence = 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.40/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−93.2%
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.
−44.8%
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.
−35.3%
Start year 2020 (pandemic). Over 10 years: −38.4% a year
Revenue growth 21 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.
−14.2%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+19.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year+10.1%
Dividend (yield on the price)9.4%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.10% vs −32%, picking up
Profit margin 2020 to 2025 ⓘ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.−26% → 97%
Start year 2020 (pandemic)
⚠ Revenue per share shrinking 26.5%/yr over ~10Y (margins eroding too) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
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).
+7.0%
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 +3.9% a year for the price.
Compare K2 Asset Management Holdings 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 · 659 stocks
Beats the industry median on 4/11 measures
Overall it trails its industry peers.
Valuation
Quality Score66 · Above median
Fair Value upside−23% · Below median
Profitability
Return on assets0% · Below median
Net margin (TTM)0% · Bottom 25%
Operating margin (TTM)−11% · Bottom 25%
Growth and dividend
Revenue growth9% · Above median
Dividend yield (TTM)9.4% · Top 25%
Valuation Multiplesvs Asset Management median · lower = cheaper
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Is K2 Asset Management Holdings Ltd (KAM) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of A$0.0408 versus a price of A$0.0530, about −23% upside (overvalued).
What is the fair value of KAM?
Our model-based fair value for K2 Asset Management Holdings Ltd is A$0.0408 (as of Sep 23, 2026), built from audited fundamentals. The current price: A$0.0530.
What is the quality score of KAM?
K2 Asset Management Holdings Ltd has a Quality Score of 66/100. 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 K2 Asset Management Holdings Ltd (KAM)?
Our model-based price target is the fair value of A$0.0408 (as of Sep 23, 2026) from 2 valuation models. Cautious scenario A$0.0355, optimistic scenario A$0.0461. It is a calculation from audited fundamentals, not an analyst target.
What is the K2 Asset Management Holdings Ltd stock forecast for 2026?
Our models put fair value at A$0.0408, about −23% upside versus a price of A$0.0530 (overvalued). Cautious scenario A$0.0355, optimistic scenario A$0.0461. The calculation is refreshed regularly with new filings.
Does K2 Asset Management Holdings Ltd pay a dividend?
K2 Asset Management Holdings Ltd currently shows a dividend yield of about 9.43% relative to its recent price (as of Sep 23, 2026).
What growth is priced into K2 Asset Management Holdings Ltd (KAM)?
For today's price to be fair in a discounted-cash-flow model, K2 Asset Management Holdings Ltd would have to grow free cash flow by +7.0 % per year for five years (discount rate 8.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -35.3 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of KAM use?
Our models discount K2 Asset Management Holdings Ltd at 8.3 %: a base by market capitalisation (nano), damped by beta 0.28, 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 K2 Asset Management Holdings Ltd that is +7.0 % per year a year over ten years, using the same discount rate (8.3 %) and the same formula as our fair value.
How much growth has K2 Asset Management Holdings Ltd (KAM) delivered so far?
Over the past 5 years revenue at K2 Asset Management Holdings Ltd grew -35.3 % a year. The price currently implies +7.0 % per year free-cash-flow growth a 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 K2 Asset Management Holdings Ltd (KAM) growing?
The median revenue growth in the sector is +8.4 % a year. That is the yardstick for the growth priced into K2 Asset Management Holdings Ltd (+7.0 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of K2 Asset Management Holdings Ltd (KAM)?
The free-cash-flow yield on the price is 1.52 %: that much free cash flow K2 Asset Management Holdings Ltd produces per unit of market value. When it exceeds the discount rate of our models (8.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of K2 Asset Management Holdings Ltd (KAM)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For K2 Asset Management Holdings Ltd it is A$0.0408 per share (as of Sep 23, 2026), against a price of A$0.0530. It is the blended result of 2 valuation models (cash flow, earnings, asset, dividend).
Is K2 Asset Management Holdings Ltd stock overvalued or undervalued in 2026?
As of Sep 23, 2026, KAM trades above its calculated fair value: price A$0.0530, fair value A$0.0408, a gap of about −23% (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 KAM?
No. The price is what the market pays today (A$0.0530); the fair value is what the company's own numbers justify (A$0.0408). For K2 Asset Management Holdings Ltd the two are A$0.0122 per share apart. That gap is exactly why we show both numbers side by side.
How much is K2 Asset Management Holdings Ltd worth?
The market values K2 Asset Management Holdings Ltd at about A$14.2M (market capitalisation, as of Sep 23, 2026). Per share that is A$0.0530; our models calculate a fair value of A$0.0408 per share.
What do the bullish and bearish scenarios say about KAM?
Our models span a range for K2 Asset Management Holdings Ltd: cautious scenario A$0.0355, base A$0.0408, optimistic A$0.0461 per share (as of Sep 23, 2026, price A$0.0530). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of K2 Asset Management Holdings Ltd (KAM)?
Balance-sheet figures for K2 Asset Management Holdings Ltd (as of Sep 23, 2026): return on equity −0.1%. They feed the Quality Score of 66/100, which measures business quality independently of the share price.
How far is KAM from its 52-week high?
K2 Asset Management Holdings Ltd trades at A$0.0530, about 44% below its 52-week high of A$0.0950 and 15% above the low of A$0.0460 (as of Sep 22, 2026). Distance from the high says nothing about value: that is what the fair value of A$0.0408 is for.
Which stocks are comparable to K2 Asset Management Holdings Ltd?
From the same area (Financial Services) we also value Blackstone Inc, Brookfield Corporation, 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 K2 Asset Management Holdings Ltd stock attractive at the current price?
The data as of Sep 23, 2026: price A$0.0530, calculated fair value A$0.0408 (−23%), Quality Score 66/100, from 2 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 KAM calculated?
We run K2 Asset Management Holdings Ltd through 2 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of A$0.0408, 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 14.1 % above its aggregate fair value. K2 Asset Management Holdings 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 K2 Asset Management Holdings Ltd (KAM)?
The closing price on Sep 22, 2026 was A$0.0530. Our model-based fair value is A$0.0408, about −23% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with K2 Asset Management Holdings Ltd right now?
The price sits above even our optimistic bull case (A$0.0461). The favourable scenario is already priced in. Solid but not exceptional quality (66/100) and above fair value, neither a clear bargain nor a standout compounder. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual. 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 K2 Asset Management Holdings Ltd
How large is the market capitalisation of K2 Asset Management Holdings Ltd (KAM)?
The market capitalisation of K2 Asset Management Holdings Ltd is A$14.2M (≈ $10.0M). 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 K2 Asset Management Holdings Ltd (KAM)?
The price-to-sales ratio of K2 Asset Management Holdings Ltd is 2.22 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What is the dividend yield of K2 Asset Management Holdings Ltd (KAM)?
The dividend yield of K2 Asset Management Holdings Ltd is 9.4%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of K2 Asset Management Holdings Ltd (KAM)?
The net margin of K2 Asset Management Holdings Ltd is 96.7% (fiscal year 2025). 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 K2 Asset Management Holdings Ltd (KAM)?
The return on equity (ROE) of K2 Asset Management Holdings Ltd is −0.1% (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 K2 Asset Management Holdings Ltd (KAM)?
On an EBIT basis the return on assets of K2 Asset Management Holdings Ltd is −6.5% (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 K2 Asset Management Holdings Ltd (KAM)?
The operating margin of K2 Asset Management Holdings Ltd is −10.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at K2 Asset Management Holdings Ltd (KAM)?
Revenue at K2 Asset Management Holdings Ltd is growing +8.7% versus a year earlier (3y avg −44.8%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much net cash does K2 Asset Management Holdings Ltd (KAM) hold?
K2 Asset Management Holdings Ltd holds more cash than debt, A$7.6M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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