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Wam Alternative Assets Limited
Financial Services · Asset Management
Updated just now
$1.02
MARKET CAP
$200.93M
P/E RATIO
32.1
DIV. YIELD
6.0%
FRANKING
100%
Blue Sky Alternatives Access Fund Ltd specializes in investments in venture capital, private equity, private real estate including infrastructure, commodities, farmland, agricultural water entitlements, and real assets such as water rights.
The 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.
$0.75
For 6% dividend yield
Business quality and balance-sheet durability.
Profit generated per $1 of shareholder investment
5.0% average is below the 12% threshold. This suggests the business may lack a durable competitive advantage.
Current Snapshot
10Y Avg
5.0%
Threshold
12.0%
Worst Year
2.1%
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 5.0%, meaning each $1 of shareholder equity generates $0.05 in annual profit. The threshold is 12%, and the worst single year was 2.1%.
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 5.0%, this business needs more capital to generate the same returns as competitors. Consider whether other strengths (yield, stability) compensate for weaker profitability.
Sources
Real cash left after running the business
Negative free cash flow means the company is consuming cash. May need to raise debt or equity to fund operations.
Current Snapshot
Current FCF
$-12M
Pass Rule
> $0
Status
Negative
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 $-12M in free cash flow — cash left after operating costs and capital expenditure. Negative FCF means the company is consuming more cash than it generates.
How to Interpret
Persistently negative free cash flow can force reliance on borrowing or equity issuance to maintain payouts.
Negative cash flow means dividends may require borrowing - an unsustainable situation. The company is spending more cash than it generates, which can't continue indefinitely.
Sources
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 declined 56% over 4 years. Declining revenue in a financial institution may signal shrinking market share or margin compression.
Current Snapshot
Revenue Change
-56.5%
Debt Change
N/A (financials)
Trend State
Weakening
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 -56.5% 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 declined 56% over 4 years. Declining revenue in a financial institution may signal shrinking market share or margin compression.
Sources
Annual dividends as percentage of stock price
4.39% yield is well below the 6% target. Not suitable for Barsi's income strategy.
Current Snapshot
6Y Avg Yield
4.4%
6% Requirement
6.0%
Gross Yield
6.3%
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 $0.04 and a share price of $1.02, the Barsi yield is 4.4%. The minimum requirement is 6%. Including franking credits, the gross yield is 6.3%.
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 |
|---|---|---|---|---|---|
| ~22 Apr 2026Est | ~12 June 2026 | ~$0.02 | 0% | ~$0.02 | $0.00 |
| ~23 Oct 2026Est | ~18 Nov 2026 | ~$0.03 | 0% | ~$0.03 | $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
The company is paying out more in dividends than it earns (139%). This is unsustainable long-term and often signals a dividend cut ahead. An inflated payout also distorts the price ceiling calculation used in our analysis.
Current Snapshot
Latest Ratio
138.7%
Healthy Range
30%-75%
Zone
Unsustainable
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
$0.06 dividend / $0.03 EPS equals 179.2% 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.
The company is paying out more in dividends than it earns (139%). This is unsustainable long-term and often signals a dividend cut ahead. An inflated payout also distorts the price ceiling calculation used in our analysis.
Sources
Blue Sky Alternatives Access Fund Ltd specializes in investments in venture capital, private equity, private real estate including infrastructure, commodities, farmland, agricultural water entitlements, and real assets such as water rights.
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 7.3% and institutions hold 12.9%. Look for higher insider ownership as a sign that leadership believes in the long-term value of the business.
Current Snapshot
Insider %
7.3%
Institutional %
12.9%
Float %
79.8%
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 7.3% and institutions own 12.9%, public float is 79.8%.
How to Interpret
Higher insider ownership can improve alignment of incentives, while dominant institutional concentration can amplify short-term price moves.
Insiders hold 7.3% and institutions hold 12.9%. 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 Oct 2025 | Cottier (Michael Anthony) Independent Chairman Of The Board | Other at price 0.66 per share. | 787 | $518 |
| 31 Oct 2025 | Evans (Kym) Director (Independent) | Other at price 0.66 per share. | 2K | $1K |
| 29 Oct 2025 | Baillie (John) Director (Independent) | Purchase at price 0.66 per share. | 8K | $5K |
| 10 Oct 2025 | Baillie (John) Director (Independent) | Purchase at price 0.67 per share. | 10K | $7K |
| 9 Oct 2025 | Baillie (John) Director (Independent) | Purchase at price 0.68 per share. | 20K | $14K |
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 →
3.1% earnings yield is below the 7.5% 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
3.1%
Required Yield
7.5%
Spread
-4.4pp
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 $0.03 and a share price of $1.02, earnings yield is 3.1%. 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.
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
-13.8%
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 -13.8%.
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 |
|---|---|---|---|---|---|
| 21 Oct 2025Final | 18 Nov 2025 | $0.03 | 0% | $0.03 | $0.00 |
| 15 May 2025Final | 12 June 2025 | $0.03 | 0% | $0.03 | $0.00 |
| 16 Oct 2024Final | 13 Nov 2024 | $0.03 | 0% | $0.03 | $0.00 |
| 15 May 2024Final | 12 June 2024 | $0.03 | 0% | $0.03 | $0.00 |
| 5 Oct 2023Final | 2 Nov 2023 | $0.03 | 0% | $0.03 | $0.00 |
| 17 Apr 2023Interim | 15 May 2023 | $0.03 | 0% | $0.03 | $0.00 |
| 17 Oct 2022Final | 14 Nov 2022 | $0.02 | 0% | $0.02 | $0.00 |
| 4 Apr 2022Interim | 2 May 2022 | $0.02 | 0% | $0.02 | $0.00 |
| 11 Oct 2021Final | 8 Nov 2021 | $0.02 | 0% | $0.02 | $0.00 |
| 7 Apr 2021Interim | 5 May 2021 | $0.01 | 0% | $0.01 | $0.00 |
Excellent track record. 10 years of consistent dividends through multiple market cycles.
Current Snapshot
History
10yr
Predictability
Moderate
Payout Health
High risk
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: Moderate. Payout health: High risk. The minimum requirement is 6 years.
How to Interpret
Longer uninterrupted records generally signal stronger income reliability than high yield alone.
A 10-year track record through multiple economic cycles gives confidence your income will continue. This company has proven it prioritises shareholder returns.
Sources
Current price ($1.02) is 36% above the ceiling. Wait for a drop to lock in 6% yield.
Current Snapshot
Current Price
$1.02
Max Buy Price
$0.75
Delta
-36.0%
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 $1.02 and a ceiling of $0.75, the entry is 36.0% 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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