TRIM CAPITAL: AI-powered money-making machine - 20 Feb. 2026

Read Trim Capital Group's research report below on Harmoney Corp (ASX:HMY): AI-powered money-making machine.

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SOURCE: AI-powered money-making machine

The forecasted growth/improvements arrived sooner-than-expected, leading to exceptional 1H26 results where Cash NPAT and Cash ROE reached record levels. We updated our forecasts and upgraded our valuation to $2.90.

Key Takeaways

Monumental performance: 1H26 Cash NPAT of $6.1m was ahead of our expectations and surpassed the FY25 Cash NPAT of $5.7m. This led to an exceptional 1H26 cash ROE of 31%. Loans grew +9% to $857m as the Australian book sustained double-digit growth (+17%) while the NZ book rebounded in its originations (+49%). The NIM improvement also came sooner-than-expected and outweighed the slight increase in credit losses. The company is now reaping the benefits of its new platform (Stellare 2.0) and is poised to generate exceptional cash returns as long as they sustain exceptional margins, manage their costs and losses, and maintain quality service that attracts new and returning customers.

Improved outlook and guidance:

FY26 Cash NPAT guidance was again increased from $12m to $13m, broadly in-line with our prior forecast of $12.9m. More growth is expected in FY26-27 from implementation of Agentic AI capabilities, introduction of a mobile app, development of new products (revolving credit line), and pursuit of finance partnerships (auto marketplaces).

Valuation & Forecasts

Valuation suggests 237% upside: Our primary valuation method is a general residual income model and produces a valuation of $2.90, up by +6.5% from the prior $2.72 due to our forecast revisions. Our diluted cash EPS changes are FY26: +2%, FY27: +2%, FY28: +4%.