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MFF Capital Investments Ltd (MFF) Fair Value & Analysis

Financial Services · AU · Market cap A$3.0B (≈ $2.2B) · ISIN AU000000MFF6

What is MFF Capital Investments Ltd really worth?

MC MFF Capital Investments Ltd MFF · AU
PriceA$5.43
Fair ValueA$9.53
Upside+75.5%
Quality66/100

A solid business, trading 43% below our fair value of A$9.53.

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Strengths

Highly profitable · 69.6% net margin
generates free cash flow
Ranks above peers (8/13)
Wide moat 74/100

Risks

!Weak Growth (revenue YoY −6.9 %/yr)
!The models disagree: range A$7.15 to A$35.67

For context

·3.50% dividend yield
Evidence: High Range A$7.15 – A$35.67

Fair value as of: Aug 13, 2026

From 13 valuation models · updated 22 days ago

Fair value updated Aug 13, 2026, revised from A$5.80 to A$9.53 (+64.3%) since Jul 18, 2026. Share price +4.2% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The price is below even our cautious bear case (A$7.15). The market is more pessimistic than our downside scenario.
  • The model range is unusually wide (A$7.15 to A$35.67). The outcome hinges heavily on assumptions, so read the point estimate with caution.
  • Solid quality (66/100) 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)

A$5.45 A$1.83 Fair Value A$9.53 Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range A$1.83 – A$5.45 · fair‑value band A$7.15 – A$35.67 · the A$5.43 price screens below the A$9.53 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

MFF Capital Investments Ltd (MFF) currently trades at A$5.43, while our model-based Fair Value estimate is A$9.53, implying the stock looks roughly 43.0% undervalued today. The Quality Score stands at 66/100 (solid quality), in the Financial Services sector. Bull case: the Earnings-Based group reads highest at a median of A$25.66 per share, and 10 of the 13 models we run sit above the A$5.43 price. Bear case: the Dividend Discount group reads lowest at A$1.58, and 3 of the 13 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, MFF Capital Investments Ltd generated revenue of A$374M at a net margin of 69.6%. Revenue declined 45.7% year over year. It earns a return on equity of 10.3%. The balance sheet holds a net cash position of A$193M. Fundamentals as of Aug 13, 2026

Our scenario range runs from A$7.15 (bear case) to A$35.67 (bull case); at A$5.43, 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 near its 52-week high and 33% 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 76%, MFF screens cheaper 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$0.2500 per share, which is 2.6 % of the fair value. 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.

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
Highest evidence
Growth DCF best evidence A$8.87 A$16.58 A$29.00 70
Rev-Margin DCF A$4.41 A$6.52 A$10.58 67
Owner Earnings A$11.38 A$24.80 A$51.95 66
All 13 models by family
DCF Models
Owner Earnings A$11.38 A$24.80 A$51.95 66
5Y P/E Exit A$8.21 A$17.45 A$29.94 63
10Y P/E Exit A$8.70 A$18.22 A$33.66 56
Earnings-Based
Graham-Dodd A$4.99 A$34.77 A$48.79 61
Lynch FV A$17.96 A$25.66 A$33.36 59
Dividend Discount
Gordon GGM A$0.9200 A$1.83 A$2.77 64
DDM Multi-Stage A$0.9200 A$1.58 A$1.93 65
Multiples
P/E Multiple A$7.15 A$9.53 A$11.91 63
P/B Multiple A$4.35 A$5.80 A$7.25 55
Asset-Based
NCAV (Graham) A$2.07 A$2.78 A$4.14 51
Growth DCF
Growth DCF best evidence A$8.87 A$16.58 A$29.00 70
Rev-Margin DCF A$4.41 A$6.52 A$10.58 67
Economic Profit
Residual Income A$4.71 A$6.48 A$26.04 61

Widest divergence: Earnings-Based (A$25.66) versus Dividend Discount (A$1.58). Highest evidence: Growth DCF (70).

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Key figures & financial health

P/E ratio 12.3
P/S ratio 8.68 P/E × margin
EPS (TTM) A$0.4400 price ÷ EPS = P/E 12.3
Dividend yield 3.5% payout 43.2%
Net margin 70.3% FY2025
Return on equity 10.3% TTM
More key figures
Profitability
Return on assets (EBIT) 14.5% avg 5y
Operating margin 96.6% TTM
Growth
Revenue (TTM) A$374M TTM
Revenue growth (YoY) −45.7%
EPS growth (YoY) −45.6%
Balance sheet & cash flow
Free cash flow A$337M FY2025
Net cash A$193M FY2025

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 66/100

Of which business quality 65 · Market factors (momentum, volatility) 75

Profitability 59
Margins and returns on capital today
Quality Growth 23
Are margins and returns improving?
Cashflow 80
Earnings quality: real cash, not paper profit
Fin. Strength 81
Balance sheet, leverage, solvency risk
Investment 44
Disciplined investing over empire-building
Low Volatility 97
Calm price path (market factor)
Momentum 59
Price trend over the last 3–12 months (market factor)
52W Momentum 78
Distance to the 52-week high (market factor)
Net Issuance 88
Buybacks instead of dilution

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

MFF Capital Investments Limited is an investment firm manager. The firm is an internally managed listed public company incorporated in Australia. The firm ceased to be externally managed by Magellan Asset Management in 2013. The principal activity of the company is the investment in a minimum of 20 exchange-listed international or Australian companies.

Full company description

MFF Capital Investments Limited is an investment firm manager. The firm is an internally managed listed public company incorporated in Australia. The firm ceased to be externally managed by Magellan Asset Management in 2013. The principal activity of the company is the investment in a minimum of 20 exchange-listed international or Australian companies. Value (acquisitions at attractive prices) and Quality (compounding growth) underpin MFF's medium to longer-term analytical focus. MFF Capital Investments Limited was formed on November 10, 2006 and is domiciled in Australia.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

MFF Capital Investments Ltd reported revenue of A$614M in FY2025 versus A$313M in FY2021, a compound +18.4%/yr. Reported net income was A$432M in FY2025, compounding +18.7%/yr from FY2021.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
A$614M
Latest YoY
−6.9%
Avg. revenue growth/yr (15Y) 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.
+18.3%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
+17.4% (13.9 + 3.5)
Revenue +18.4%/yr
FY21 A$313M
FY22 −A$242M
FY23 A$465M
FY24 A$660M
FY25 A$614M
Net income +18.7%/yr
FY21 A$218M
FY22 −A$171M
FY23 A$324M
FY24 A$447M
FY25 A$432M
Character of growth · EPS growth decomposed (2014-2025) +12.5 % p.a.
Revenue per share +12.5 %

of which total revenue +13.8 % · buybacks/dilution −1.1 %

EBIT margin +0.1 %
Tax rate −0.1 %
Residual (interest, one-offs) −0.1 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "MFF Capital Investments Ltd Fair Value". https://www.fairvalue-calculator.com/stock/MFF

Peer Group

Asset Management · 697 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.

Quality Score 65 · Above median
Fair Value upside +76% · Top 25%
Return on equity (TTM) 10% · Above median
Return on assets 7% · Top 25%
Net margin (TTM) 70% · Top 25%
Operating margin (TTM) 97% · Top 25%
Revenue growth −46% · Bottom 25%
Dividend yield (TTM) 3.5% · Below median

Valuation Multiples vs Asset Management median · lower = cheaper

P/E (TTM) 12.3× · Cheaper than median
P/B 0.90× · Pricier than median
P/S (TTM) 5.87× · Pricier than median
P/FCF 6.5× · Cheaper than median
EV/EBITDA 3.2× · Cheaper than 75% of peers

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.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE100 · sector 40
FUTURE0 · sector 14
PAST41 · sector 24
HEALTH0 · sector 95
DIVIDEND70 · sector 81

Values & ESG

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

None of the checked exposures detected

Similar stocks

10 more Asset Management stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
Blackstone Inc BX $142.39 $52.88 −63%
Investor AB INVEB kr 417.20 kr 824.66 +98%
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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Frequently asked questions

Is MFF Capital Investments Ltd (MFF) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of A$9.53 versus a price of A$5.43, about +76% upside (undervalued).
What is the fair value of MFF?
Our model-based fair value for MFF Capital Investments Ltd is A$9.53 (as of Aug 13, 2026), built from audited fundamentals. The current price: A$5.43.
What is the quality score of MFF?
MFF Capital Investments 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 revenue of MFF Capital Investments Ltd (MFF)?
MFF Capital Investments Ltd reported trailing-twelve-month revenue of about A$374M (latest available figure, as of Aug 13, 2026).
What is the net profit margin of MFF?
The net profit margin of MFF Capital Investments Ltd is about 69.6%, meaning it keeps roughly 69.6% of revenue as net income. Based on the latest reported figures.
Does MFF Capital Investments Ltd pay a dividend?
MFF Capital Investments Ltd currently shows a dividend yield of about 3.50% relative to its recent price (as of Aug 13, 2026).
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