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HMY Peer Comparison - 2025 09 17 vF.pdf

Read Trim Capital Group's research report below on Harmoney Corp (HMY.ASX): Comparison vs peers, September 2025

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Source: Comparison of Harmoney vs peers, September 2025, TRIM CAPITAL

Harmoney Corp (HMY.AX): Comparison vs peers

Price $0.865 | Valuation $2.53 | Market Cap $90.5m

We compared Harmoney’s performance and valuation metrics against ASX-listed non-bank lenders (peers) to support our outlook on Harmoney and our target price of A$2.53 that provides a 192% upside.

HMY has the smallest loan book and the 2nd lowest market cap across non-bank lenders such as WZR, MME, PLT, SVR, HUM, LFS.

Despite this, HMY has the lowest cost-to-income ratio and one of the highest net interest margins (NIM) and risk-adjusted income (RAI) yield.

These have led HMY to have a positive cash NPAT and high cash ROE, faring better against peers like WZR and MME, and even larger firms HUM and LFS.

HMY showed the highest Cash NPAT growth (%) in FY25, leading to them having the highest share price growth over the past year.

While HMY’s stock price has significantly surged over the past year and P/B multiple is above peers, we still expect more upside for next year due to the expected Cash NPAT growth of 111% for FY26, the highest among the group.

We note that HMY is the only non-bank lender that has provided a specific guidance for cash NPAT.

Despite relatively better metrics and high expected cash NPAT growth, HMY’s valuation (RAI multiple) is still at a discount compared to peers, implying a potential re-rating.

TRIM CAPITAL: Harmoney Corp (HMY.ASX): Comparison vs peers, September 2025