WAM Capital Limited (WAM) Fair Value & Analysis

Financial Services · AU · Market cap A$1.8B

A solid business, screening 46% undervalued on our models.

What matters now

• The price is below even our cautious bear case (A$1.73). The market is more pessimistic than our downside scenario.
• Solid quality (65/100) at a price below fair value, the discount is the argument here, not the business quality.
• 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 Jul 11, 2026.

How to read this chart

60‑month range A$1.05 – A$1.78 · fair‑value band A$1.73 – A$2.88 · the A$1.58 price screens below the A$2.31 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 11, 2026.

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Analysis

WAM Capital Limited (WAM) currently trades at A$1.58, while our model-based Fair Value estimate is A$2.31, implying the stock looks roughly 46.2% undervalued today. The Quality Score stands at 65/100 (solid quality), in the Financial Services sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, WAM Capital Limited generated revenue of A$115M at a net margin of 81.4%. Revenue declined 88.2% year over year. It earns a return on equity of 5.1%. The balance sheet holds a net cash position of A$168M. Fundamentals as of Jul 11, 2026

Our scenario range runs from A$1.73 (bear case) to A$2.88 (bull case); at A$1.58, the current price sits below 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 about 12% below its 52-week high and 13% above its 52-week low, currently below its 200-day average. For context, the median of 10 Financial Services peers we cover trades at -12% fair-value upside, at 46%, WAM screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted 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.

Widest divergence: Earnings-Based (A$6.75) versus Asset-Based (A$1.10). Highest evidence: Growth DCF (80).

Key figures & financial health

Quality Score breakdown

About the company

WAM Capital Limited is a close-ended equity mutual fund launched and managed by Wilson Asset Management (International) Pty Limited. The fund invests in public equity markets of Australia. It makes its investments in companies primarily engaged in the industrial sector. The fund invests in value and growth stocks of small to medium-cap companies.

Full company description

WAM Capital Limited is a close-ended equity mutual fund launched and managed by Wilson Asset Management (International) Pty Limited. The fund invests in public equity markets of Australia. It makes its investments in companies primarily engaged in the industrial sector. The fund invests in value and growth stocks of small to medium-cap companies. It seeks to invest in short-term arbitrage and mispricing opportunities. The fund has absolute returns focus. It employs fundamental and quantitative analysis with a focus on bottom-up approach to make its investments. The fund benchmarks the performance of its portfolio against the S&P/ASX All Ordinaries Accumulation Index. It conducts in-house research to create its portfolio. WAM Capital Limited was formed on March 8, 1999 and is domiciled in Australia.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

WAM Capital Limited reported revenue of A$324M in FY2025 versus A$358M in FY2021, a compound −2.5%/yr. Reported net income was A$220M in FY2025, compounding −4.7%/yr from FY2021.

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Peer Group

Asset Management · 973 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

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.

Insider activity: 40/100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

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Frequently asked questions

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.