L1 Long Short Fund Ltd (LSF) Fair Value & Analysis
Financial Services · AU · Market cap A$3.0B (≈ $2.2B) · ISIN AU0000002339
What is L1 Long Short Fund Ltd really worth?
A solid business, but trading 95% above our fair value of A$2.51.
As of Sep 2, 2026, the fair value of L1 Long Short Fund Ltd is A$2.51 per share against a price of A$4.90, so the fair value sits 49% below the price. A model estimate blended from multiple valuation models, recalculated regularly.
Strengths
Risks
For context
Fair value as of: Sep 2, 2026
From 12 valuation models · updated 4 days ago
Share price +5.2% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- A high-quality business (quality 71/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety.
- The price sits above even our optimistic bull case (A$2.55). The favourable scenario is already priced in.
- The models converge in a tight band (A$2.44 to A$2.55), unusually little disagreement for a valuation.
- For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 2, 2026.
How to read this chart
60‑month range A$1.97 – A$4.98 · fair‑value band A$2.44 – A$2.55 · the A$4.90 price screens above the A$2.51 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 2, 2026.
Analysis
L1 Long Short Fund Ltd (LSF) currently trades at A$4.90, while our model-based Fair Value estimate is A$2.51, implying the stock looks roughly 95.2% overvalued today. The Quality Score stands at 71/100 (solid quality), in the Financial Services sector. Bull case: the DCF Models group reads highest at a median of A$6.70 per share, and 6 of the 12 models we run sit above the A$4.90 price. Bear case: the Dividend Discount group reads lowest at A$1.38, and 6 of the 12 models stay below the price. Evidence for this calculation is medium.
Over the trailing twelve months, L1 Long Short Fund Ltd generated revenue of A$1.1B at a net margin of 52.1%. It earns a return on equity of 28.4%. The balance sheet holds a net cash position of A$1.4B. The stock trades on a trailing P/E of 30.6. Fundamentals as of Sep 2, 2026
Our scenario range runs from A$2.44 (bear case) to A$2.55 (bull case); at A$4.90, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades near its 52-week high and 84% above its 52-week low, currently above its 200-day average. For context, the median of 10 Financial Services peers we cover trades at −28% fair-value upside, at −49%, LSF screens richer than that median.
Fair Value models
This estimate rests on fiscal year 2025 figures, and about 12 months have passed since. In that time the company retained roughly A$0.0240 per share. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 12 models by family
Widest divergence: DCF Models (A$6.70) versus Dividend Discount (A$1.38). Highest evidence: Residual Income (74).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Sep 2, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 67 · Market factors (momentum, volatility) 83
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
L1 Long Short Fund Limited is a equity fund launched and managed by L1 Capital Pty Ltd. The fund investments predominantly in Australian and New Zealand securities. It employs long and short strategy to make its investments. The fund employs bottom up approach to make its investments. It is was formed in September 2014 and is domiciled in Australia.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
L1 Long Short Fund Ltd reported revenue of A$404M in FY2025 versus A$77.4M in FY2021, a compound +51.1%/yr. Reported net income was A$99.5M in FY2025, compounding −33.7%/yr from FY2021.
LSF screens 95% overvalued. Compare with Blackstone Inc →
Peer Group
Asset Management · 695 stocks
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.
Valuation Multiples vs Asset Management median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Asset Management stocks, each showing price versus our Fair Value estimate (as of Sep 2, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Blackstone Inc BX | $142.39 | $52.88 | −63% |
| Investor AB INVEB | kr 408.05 | kr 827.56 | +103% |
| Brookfield Corporation BN | C$55.74 | C$10.67 | −81% |
| KKR & Co KKR | $108.68 | $19.97 | −82% |
| Apollo Global Management, Inc APO | $135.04 | $101.04 | −25% |
| State Street Corporation STT | $193.33 | $138.33 | −28% |
| Ameriprise Financial, Inc AMP | $559.32 | $515.24 | −8% |
| Ares Management Corporation ARES | $143.10 | $30.88 | −78% |
| Northern Trust Corporation NTRS | $186.79 | $122.02 | −35% |
| Raymond James Financial, Inc RJF | $181.10 | $142.42 | −21% |
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