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MyState Limited
Financial Services · Banks - Regional
Updated just now
$4.45
MARKET CAP
$758.36M
P/E RATIO
18.9
DIV. YIELD
5.2%
FRANKING
100%
MyState Limited, through its subsidiaries, provides banking, trustee, equipment finance, and managed fund products and services in Australia. It operates in three segments: MyState Bank, Auswide Bank, and Wealth Management Division.
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.
$3.58
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
$11M
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 $11M 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 been largely flat over 4 years. For a mature financial institution, look at ROE and dividend consistency for a clearer picture.
Current Snapshot
Revenue Change
+8.7%
Debt Change
N/A (financials)
Trend State
Mixed
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 +8.7% 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 been largely flat over 4 years. For a mature financial institution, look at ROE and dividend consistency for a clearer picture.
Sources
Annual dividends as percentage of stock price
4.82% yield is well below the 6% target. Not suitable for Barsi's income strategy.
Current Snapshot
6Y Avg Yield
4.8%
6% Requirement
6.0%
Gross Yield
6.9%
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 $0.21 and a share price of $4.45, the Barsi yield is 4.8%. The minimum requirement is 6%. Including franking credits, the gross yield is 6.9%.
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 |
|---|---|---|---|---|---|
| ~27 Aug 2026Est | ~21 Sept 2026 | ~$0.15 | 100% | ~$0.11 | $0.05 |
| ~26 Feb 2027Est | ~22 Mar 2027 | ~$0.15 | 100% | ~$0.11 | $0.05 |
Highest price to lock in 6% yield
Industry category of the business
Banking is an essential service sector with stable, predictable cash flows - ideal for dividend investing.
Current Snapshot
Industry
Banks - Regional
BESST Match
Yes
Score Impact
+3 points
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 Banks - Regional (Financial Services sector). It matches the Banking category — an essential service sector with stable demand, earning a +3 point scoring advantage.
How to Interpret
Sources
How much of a company's earnings are paid out as dividends
A 86% payout means the company distributes most of its earnings as dividends — more income per share now, but less room for growth. Around 67% is often considered “normal” for established companies. This level feeds directly into the price ceiling calculation.
Current Snapshot
Latest Ratio
85.9%
Healthy Range
30%-75%
Zone
Elevated
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
$0.21 dividend / $0.24 EPS equals 91.1% 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 86% payout means the company distributes most of its earnings as dividends — more income per share now, but less room for growth. Around 67% is often considered “normal” for established companies. This level feeds directly into the price ceiling calculation.
Sources
MyState Limited, through its subsidiaries, provides banking, trustee, equipment finance, and managed fund products and services in Australia. It operates in three segments: MyState Bank, Auswide Bank, and Wealth Management Division. The company offers savings accounts and fixed term deposits; home loans, personal, overdraft, line of credit, and commercial products; and insurance products. It also provides easing and commercial hire purchase; and wealth management services comprising managed fund investments, and portfolio administration and advisory services.
In addition, the company offers banking services, including transactional and internet banking, insurance and other alliances, investments, personal and business lending, and business banking and agribusiness; and trustee services, such as estate planning, estate and trust administration, power of attorney, corporate and custodial trustee. The company was incorporated in 2008 and is based in Hobart, Australia.
Who owns the company's shares and how much leadership has at stake
Management's wealth moves with yours
A handful of professional investors are watching
Shares freely traded on the ASX by individual investors like you
Insiders hold 5.8% and institutions hold 11.1%. Look for higher insider ownership as a sign that leadership believes in the long-term value of the business.
Current Snapshot
Insider %
5.8%
Institutional %
11.1%
Float %
83.1%
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 5.8% and institutions own 11.1%, public float is 83.1%.
How to Interpret
Higher insider ownership can improve alignment of incentives, while dominant institutional concentration can amplify short-term price moves.
Insiders hold 5.8% and institutions hold 11.1%. Look for higher insider ownership as a sign that leadership believes in the long-term value of the business.
Sources
| Date | Insider | Type | Shares | Value |
|---|---|---|---|---|
| 31 Mar 2026 | Korhonen (Jacqueline) Independent Non-Executive Director | Purchase at price 3.02 per share. | 2K | $7K |
| 20 Mar 2026 | Morgan (Brett Alexander) Chief Executive Officer | Acquisition at price 3.07 per share. | 2K | $6K |
| 20 Mar 2026 | Waters (Andrea) Independent Non-Executive Director | Acquisition at price 3.07 per share. | 1K | $4K |
| 29 Sept 2025 | Korhonen (Jacqueline) Independent Non-Executive Director | Purchase at price 2.76 per share. | 5K | $12K |
| 16 Sept 2025 | Morgan (Brett Alexander) Chief Executive Officer | Acquisition at price 2.80 per share. | 28K | $79K |
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 →
8.6% average is below the 12% threshold. This suggests the business may lack a durable competitive advantage.
Current Snapshot
10Y Avg
8.6%
Threshold
12.0%
Worst Year
5.8%
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 8.6%, meaning each $1 of shareholder equity generates $0.09 in annual profit. The threshold is 12%, and the worst single year was 5.8%.
How to Interpret
Higher and steadier ROE generally supports stronger long-term compounding. Large drawdowns in weak years can point to fragility.
Lower ROE means your investment compounds more slowly. At 8.6%, this business needs more capital to generate the same returns as competitors. Consider whether other strengths (yield, stability) compensate for weaker profitability.
Sources
5.3% earnings yield is below the 7.0% threshold. You'd earn nearly as much from safer government bonds, which means the extra risk of owning shares isn't being compensated.
Current Snapshot
Current Yield
5.3%
Required Yield
7.0%
Spread
-1.7pp
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 $0.24 and a share price of $4.45, earnings yield is 5.3%. The required yield for this industry is 7.0% (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.
Returns don't justify the added risk compared to safe bonds. Consider whether the dividend yield alone compensates, or wait for a better price.
Sources
10/4 positive EPS years. Limited data - full evaluation requires 8+ years. Monitor closely for consistency.
Current Snapshot
Positive Years
10/4
Allowed Losses
0 (limited)
EPS CAGR
-3.3%
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 10 of the last 4 years. With only 4 years of data, every year must be positive. EPS growth rate (CAGR) is -3.3%.
How to Interpret
Fewer loss years and stronger EPS continuity generally improve confidence in future dividend and valuation assumptions.
So far so good, but limited history means we haven't seen how this company handles a full economic cycle. Monitor closely for continued consistency.
Sources
| Ex-Date | Pay Date | Gross | Franking | Net | Credit |
|---|---|---|---|---|---|
| 25 Feb 2026Interim | 20 Mar 2026 | $0.17 | 100% | $0.12 | $0.05 |
| 22 Aug 2025Final | 19 Sept 2025 | $0.11 | 0% | $0.11 | $0.00 |
| 4 Mar 2025Interim | 1 Apr 2025 | $0.10 | 0% | $0.10 | $0.00 |
| 22 Aug 2024Final | 19 Sept 2024 | $0.12 | 0% | $0.12 | $0.00 |
| 28 Feb 2024Interim | 27 Mar 2024 | $0.12 | 0% | $0.12 | $0.00 |
| 23 Aug 2023Final | 20 Sept 2023 | $0.12 | 0% | $0.12 | $0.00 |
| 28 Feb 2023Interim | 28 Mar 2023 | $0.12 | 0% | $0.12 | $0.00 |
| 18 Aug 2022Final | 15 Sept 2022 | $0.12 | 0% | $0.12 | $0.00 |
| 23 Feb 2022Interim | 23 Mar 2022 | $0.13 | 0% | $0.13 | $0.00 |
| 25 Aug 2021Final | 22 Sept 2021 | $0.13 | 0% | $0.13 | $0.00 |
11 years of consistent dividends. A dividend cut during a systemic event was excused. Dividends recovered to 81% of pre-event levels.
Current Snapshot
History
11yr
Predictability
Moderate
Payout Health
Elevated
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 11 years of dividend history (2016–2026). No suspensions detected — 11 consecutive years of payments. Predictability: Moderate. Payout health: Elevated. 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 ($4.45) is 24% above the ceiling. Wait for a drop to lock in 6% yield.
Current Snapshot
Current Price
$4.45
Max Buy Price
$3.58
Delta
-24.3%
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 $4.45 and a ceiling of $3.58, the entry is 24.3% 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.
Essential services maintain demand regardless of economic conditions - people always need electricity, banking, and telecommunications. Your income is protected by inelastic demand.
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