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MFF Capital Investments Limited
Financial Services · Asset Management
Updated just now
$4.58
MARKET CAP
$2.70B
P/E RATIO
6.2
DIV. YIELD
4.1%
FRANKING
100%
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.
View full descriptionThe Warsi Rating combines two proven approaches: value investing principles and dividend strategy. A stock must score 70+ on both to be rated Solid or higher.
$23.27
Discounted cash flow estimate
$2.11
For 6% dividend yield
Business quality and balance-sheet durability.
Real cash left after running the business
Positive cash generation. Company produces real cash after capital expenditures - can fund dividends, buybacks, or growth.
Current Snapshot
Current FCF
$337M
Pass Rule
> $0
Status
Positive
Why It Matters
Free cash flow is the cash available after core operating and capital needs. It is central to dividend capacity.
Formula
Operating Cash Flow - Capital ExpendituresMethod
Review whether free cash flow is consistently positive and whether it is sufficient relative to dividends and debt needs.
Worked Example
This company generated $337M in free cash flow — cash left after operating costs and capital expenditure. Positive FCF means dividends are funded by real cash generation.
How to Interpret
Persistently negative free cash flow can force reliance on borrowing or equity issuance to maintain payouts.
Positive cash flow means dividends are funded by actual money, not accounting profits. As Buffett says, "Cash is fact, profit is opinion." Your income is backed by real cash generation.
Sources
Profit generated per $1 of shareholder investment
Price versus estimated intrinsic value and required return thresholds.
What percentage of the stock price comes back as earnings each year
Consistency of profits over time
Is the business growing or shrinking over time?
Revenue has grown steadily at 31% over 3 years — consistent growth in a financial institution is a positive sign for dividend sustainability.
Current Snapshot
Revenue Change
+30.8%
Debt Change
N/A (financials)
Trend State
Improving
Why It Matters
Revenue trend shows whether the business is expanding or contracting. Debt trend adds context on whether growth is being funded conservatively.
Formula
Revenue Change (%) = (Latest Revenue - Earliest Revenue) / |Earliest Revenue| x 100; Debt Change (%) = (Latest Debt - Earliest Debt) / |Earliest Debt| x 100Method
Map annual revenue history and, where relevant, annual debt history. For financial companies, debt is excluded because deposits and reserves distort this signal.
Worked Example
Revenue changed by +30.8% across the displayed period.
How to Interpret
Rising revenue with stable or falling debt is typically stronger than rising revenue funded by rapidly rising leverage.
Revenue has grown steadily at 31% over 3 years — consistent growth in a financial institution is a positive sign for dividend sustainability.
Sources
Annual dividends as percentage of stock price
2.77% yield is well below the 6% target. Not suitable for Barsi's income strategy.
Current Snapshot
6Y Avg Yield
2.8%
6% Requirement
6.0%
Gross Yield
4.0%
Why It Matters
Yield translates dividend income into a percentage of the price paid, which is central to income-first screening.
Formula
Annual Dividends per Share / Stock Price x 100Method
Use the 6-year average annual dividend for consistency and compare the result with the 6% framework requirement.
Worked Example
With a 6-year average annual dividend of $0.13 and a share price of $4.58, the Barsi yield is 2.8%. The minimum requirement is 6%. Including franking credits, the gross yield is 4.0%.
How to Interpret
Higher sustainable yield improves upfront income, but unusually high yields may reflect elevated risk or weak coverage.
Low yield means you need significant capital to generate meaningful income. Barsi's strategy focuses on stocks that provide substantial cash flow from day one.
Sources
Track record of consistent dividend payments
| Ex-Date | Pay Date | Gross | Franking | Net | Credit |
|---|---|---|---|---|---|
| ~15 Apr 2026Est | ~20 May 2026 | ~$0.07 | 0% | ~$0.07 | $0.00 |
| ~12 Oct 2026Est | ~5 Nov 2026 | ~$0.06 | 0% | ~$0.06 | $0.00 |
Highest price to lock in 6% yield
Industry category of the business
Financial Services is not a BESST sector. Non-BESST stocks receive a lower base score but can still qualify with exceptional dividend metrics.
Current Snapshot
Industry
Asset Management
BESST Match
No
Score Impact
No bonus
Why It Matters
Sector classification helps contextualise risk and demand durability, which can materially affect dividend stability.
Formula
BESST Match = Sector in {Banks, Energy, Sanitation, Insurance, Telecom}Method
Match company sector or industry against BESST categories. A match adds scoring support but does not replace core dividend checks.
Worked Example
This company operates in Asset Management (Financial Services sector). It does not match a BESST sector, so it receives the standard base score. Non-BESST stocks can still qualify with strong dividend metrics.
How to Interpret
Sources
How much of a company's earnings are paid out as dividends
A 38% payout is in the sustainable range (30–75%) — the company balances rewarding shareholders with reinvesting for growth. This gives the price ceiling calculation a stable base, which is a healthy sign for long-term dividend investors.
Current Snapshot
Latest Ratio
38.4%
Healthy Range
30%-75%
Zone
Healthy
Why It Matters
Payout ratio links dividends to earnings capacity and helps evaluate whether current distributions are likely to remain supportable.
Formula
Payout Ratio (%) = (Annual Dividend per Share / Earnings per Share) x 100Method
Calculate year-by-year payout ratios where EPS is positive, classify each year by sustainability zone, and compare with the current TTM ratio.
Worked Example
$0.17 dividend / $0.74 EPS equals 22.9% payout ratio.
How to Interpret
Ratios in the middle range are usually more sustainable than very high ratios. Values above 100% indicate dividends exceeded earnings in that period.
A 38% payout is in the sustainable range (30–75%) — the company balances rewarding shareholders with reinvesting for growth. This gives the price ceiling calculation a stable base, which is a healthy sign for long-term dividend investors.
Sources
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.
Who owns the company's shares and how much leadership has at stake
When leaders own 20%+, they win when you win and lose when you lose
Few fund managers own this — expect less research and analyst coverage
Shares freely traded on the ASX by individual investors like you
Leadership owns a solid 25.5% of the company, which is encouraging. However, professional fund managers aren’t heavily involved (5.3%), so there may be less analyst coverage and research available. This can mean the stock is overlooked — a potential opportunity if the fundamentals are strong.
Current Snapshot
Insider %
25.5%
Institutional %
5.3%
Float %
69.2%
Why It Matters
Ownership mix affects governance incentives, liquidity, and share-price behaviour under large portfolio rebalancing flows.
Formula
Public Float (%) = 100 - Insider Ownership (%) - Institutional Ownership (%)Method
Use reported ownership percentages, convert to percentage terms, and compute remaining public float as the residual.
Worked Example
If insiders own 25.5% and institutions own 5.3%, public float is 69.2%.
How to Interpret
Higher insider ownership can improve alignment of incentives, while dominant institutional concentration can amplify short-term price moves.
Leadership owns a solid 25.5% of the company, which is encouraging. However, professional fund managers aren’t heavily involved (5.3%), so there may be less analyst coverage and research available. This can mean the stock is overlooked — a potential opportunity if the fundamentals are strong.
Sources
| Date | Insider | Type | Shares | Value |
|---|---|---|---|---|
| 24 Mar 2026 | MacKay (Christopher John) Managing Director | Unknown | 103K | — |
| 19 Mar 2026 | MacKay (Christopher John) Managing Director | Purchase at price 3.21 per share. | 64K | $206K |
| 13 Mar 2026 | MacKay (Christopher John) Managing Director | Purchase at price 3.25 per share. | 394K | $1.3M |
| 6 Mar 2026 | MacKay (Christopher John) Managing Director | Purchase at price 3.33 per share. | 244K | $810K |
| 24 Feb 2026 | MacKay (Christopher John) Managing Director | Purchase at price 3.35 per share. | 99K | $333K |
Company insiders have been net buyers of shares over the past 12 months. This may indicate management confidence in future prospects.
Value analysis may be affected by missing data.
Market data sourced from third-party financial data providers. Analysis generated using Warsi Criteria — proprietary scoring algorithms for value investing and dividend income analysis. Not financial advice. Learn how we analyse stocks →
12.2% average ROE meets the threshold, but dropped to -12.0% in a weak year. Consistency matters in this framework. Note: COVID-19 Pandemic year(s) excluded — ROE recovered to 270% of target.
Current Snapshot
10Y Avg
12.2%
Threshold
12.0%
Worst Year
-12.0%
Why It Matters
ROE shows how effectively management turns shareholder capital into profit. High and stable ROE can signal pricing power, cost discipline, or both.
Formula
Net Income / Shareholders' Equity x 100Method
Use the 10-year average ROE and review the weakest year to check whether returns stayed resilient across cycles.
Worked Example
This company's 10-year average ROE is 12.2%, meaning each $1 of shareholder equity generates $0.12 in annual profit. The threshold is 12%, and the worst single year was -12.0%.
How to Interpret
Higher and steadier ROE generally supports stronger long-term compounding. Large drawdowns in weak years can point to fragility.
The average is solid, but the dip shows some vulnerability. At 12.2% ROE, every $1 retained generates $0.12 in annual profit — monitor whether the weak year was a one-off or a recurring pattern.
Sources
Strong value. 16.2% earnings yield exceeds the threshold, and multiple valuation checks confirm it's attractively priced.
Current Snapshot
Current Yield
16.2%
Required Yield
7.5%
Spread
+8.7pp
Why It Matters
Earnings yield reframes valuation as return on price paid. It helps compare equity earnings power against lower-risk alternatives.
Formula
(Earnings per Share / Stock Price) x 100Method
Calculate current earnings yield, then compare it to the required yield for the stock's industry setting.
Worked Example
With EPS of $0.74 and a share price of $4.58, earnings yield is 16.2%. The required yield for this industry is 7.5% (based on 4.5% government bond rate plus a risk premium).
How to Interpret
A yield above the required level suggests better valuation support; below it indicates thinner compensation for equity risk.
Multiple ways of measuring value agree: you're getting a fair deal. The stock offers solid returns compared to what you'd earn from safe bonds.
Sources
How current price compares with estimated intrinsic value
Exceptional discount: 72% BELOW the fair-value threshold (includes 30% margin of safety).
Current Snapshot
Current Margin
80.3%
Industry Threshold
30%
Status
72% Undervalued
Why It Matters
Margin of safety provides a valuation buffer against modelling uncertainty and adverse business outcomes.
Formula
(Estimated Intrinsic Value per Share - Current Price) / Estimated Intrinsic Value per Share x 100Method
Estimate intrinsic value using a two-stage DCF (10-year projection plus terminal value), then compare with current price.
Worked Example
For this stock now: intrinsic value is $23.27 per share, current price is $4.58, and margin of safety is 80.3%.
How to Interpret
Positive margin indicates price below modelled value; negative margin indicates price above modelled value. Compare against the industry's required buffer.
The market price sits far below your required entry threshold, providing a substantial valuation buffer if assumptions prove optimistic.
Sources
2 loss year(s) found with only 4 years of data. Limited data requires 100% positive EPS - industry exemptions don't apply.
Current Snapshot
Positive Years
8/4
Allowed Losses
0 (limited)
EPS CAGR
13.2%
Why It Matters
Consistency in EPS helps distinguish resilient earnings power from one-off performance spikes.
Formula
Positive EPS Years / Available EPS YearsMethod
For 8+ years of data, apply industry-specific loss tolerance. For limited data, every available year must be positive.
Worked Example
This company reported positive earnings in 8 of the last 4 years, with 2 loss years. With only 4 years of data, every year must be positive. EPS growth rate (CAGR) is 13.2%.
How to Interpret
Fewer loss years and stronger EPS continuity generally improve confidence in future dividend and valuation assumptions.
Loss years signal unpredictable earnings. During loss periods, companies often cut dividends to preserve cash. Your income could be at risk in the next downturn.
Sources
| Ex-Date | Pay Date | Gross | Franking | Net | Credit |
|---|---|---|---|---|---|
| 8 Oct 2025Final | 5 Nov 2025 | $0.09 | 0% | $0.09 | $0.00 |
| 22 Apr 2025Interim | 20 May 2025 | $0.08 | 0% | $0.08 | $0.00 |
| 8 Oct 2024Final | 5 Nov 2024 | $0.07 | 0% | $0.07 | $0.00 |
| 22 Apr 2024Interim | 20 May 2024 | $0.06 | 0% | $0.06 | $0.00 |
| 6 Oct 2023Final | 3 Nov 2023 | $0.05 | 0% | $0.05 | $0.00 |
| 21 Apr 2023Interim | 19 May 2023 | $0.04 | 0% | $0.04 | $0.00 |
| 7 Oct 2022Final | 4 Nov 2022 | $0.04 | 0% | $0.04 | $0.00 |
| 22 Apr 2022Interim | 20 May 2022 | $0.04 | 0% | $0.04 | $0.00 |
| 8 Oct 2021Final | 5 Nov 2021 | $0.04 | 0% | $0.04 | $0.00 |
| 23 Apr 2021Interim | 21 May 2021 | $0.03 | 0% | $0.03 | $0.00 |
10 years of consistent dividends. A dividend cut during a systemic event was excused. Dividends have since grown to 271% of pre-event levels.
Current Snapshot
History
10yr
Predictability
Variable
Payout Health
Sustainable
Why It Matters
Payment consistency is a direct test of dividend reliability. Large cuts or skips often appear before confidence recovers.
Formula
Consecutive Years = count of years with dividend payments and no disqualifying skip/cut eventsMethod
Require at least 6 years of history, then check for skipped years and large cuts, allowing approved systemic-event exceptions.
Worked Example
This company has 10 years of dividend history (2016–2025). No suspensions detected — 10 consecutive years of payments. Predictability: Variable. Payout health: Sustainable. The minimum requirement is 6 years.
How to Interpret
Longer uninterrupted records generally signal stronger income reliability than high yield alone.
The dividend cut occurred during a systemic event, and the company demonstrated resilience by recovering dividends. This suggests management remains committed to shareholder income.
Sources
Current price ($4.58) is 117% above the ceiling. Wait for a drop to lock in 6% yield.
Current Snapshot
Current Price
$4.58
Max Buy Price
$2.11
Delta
-117.1%
Why It Matters
The price ceiling links valuation discipline to income targets by defining the price that aligns with a 6% yield target.
Formula
6-Year Average Annual Dividend / 0.06Method
Use the 6-year average dividend (not one year) and divide by 0.06 to estimate the maximum entry price for target yield.
Worked Example
With a current price of $4.58 and a ceiling of $2.11, the entry is 117.1% above the ceiling.
How to Interpret
Prices below the ceiling imply a historical yield above 6%; prices above it imply a lower historical yield at entry.
At this price, you won't achieve Barsi's target 6% yield. Consider waiting for a pullback — market volatility often creates more favourable valuations for patient investors.
Sources
BESST alignment is a positive context signal. Non-BESST stocks can still qualify with strong yield and dividend consistency.
Non-essential businesses face demand drops during recessions — discretionary spending is first to be cut. This increases cyclical risk for dividends, but companies with decades of consistent payments can still demonstrate durability.
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