Executive Summary
MyState Limited, through its subsidiaries, provides a range of financial products and services in Australia.
Rewards
Risk Analysis
Snowflake Analysis
Excellent balance sheet established dividend payer.
Similar Companies
Share Price & News
How has MyState's share price performed over time and what events caused price changes?
Latest Share Price and Events
Stable Share Price: MYS's share price has been volatile over the past 3 months.
Market Performance
7 Day Return
12.1%
MYS
15.6%
AU Mortgage
5.0%
AU Market
1 Year Return
-9.5%
MYS
-15.1%
AU Mortgage
-19.2%
AU Market
Return vs Industry: MYS exceeded the Australian Mortgage industry which returned -15.2% over the past year.
Return vs Market: MYS exceeded the Australian Market which returned -18.9% over the past year.
Shareholder returns
| MYS | Industry | Market | |
|---|---|---|---|
| 7 Day | 12.1% | 15.6% | 5.0% |
| 30 Day | -33.4% | -32.7% | -20.3% |
| 90 Day | -23.5% | -39.1% | -25.8% |
| 1 Year | -4.4%-9.5% | -3.9%-15.1% | -15.6%-19.2% |
| 3 Year | -1.0%-16.8% | -15.7%-35.9% | -3.6%-16.8% |
| 5 Year | 0.2%-26.2% | -12.4%-48.7% | 6.6%-17.5% |
Price Volatility Vs. Market
How volatile is MyState's share price compared to the market and industry in the last 5 years?
Simply Wall St News
1 month ago | Simply Wall St
Don't Buy MyState Limited (ASX:MYS) For Its Next Dividend Without Doing These Checks2 months ago | Simply Wall St
Do Institutions Own MyState Limited (ASX:MYS) Shares?2 months ago | Simply Wall St
Is MyState Limited's (ASX:MYS) CEO Paid Enough Relative To Peers?Valuation
Is MyState undervalued compared to its fair value and its price relative to the market?
33.1%
Undervalued compared to fair value
Share Price vs. Fair Value
Below Fair Value: MYS (A$3.81) is trading below our estimate of fair value (A$5.7)
Significantly Below Fair Value: MYS is trading below fair value by more than 20%.
Price To Earnings Ratio
PE vs Industry: MYS is poor value based on its PE Ratio (11.4x) compared to the Mortgage industry average (9.7x).
PE vs Market: MYS is good value based on its PE Ratio (11.4x) compared to the Australian market (13.3x).
Price to Earnings Growth Ratio
PEG Ratio: MYS is poor value based on its PEG Ratio (3.2x)
Price to Book Ratio
PB vs Industry: MYS is overvalued based on its PB Ratio (1.1x) compared to the AU Mortgage industry average (0.9x).
Next Steps
Future Growth
How is MyState forecast to perform in the next 1 to 3 years based on estimates from 3 analysts?
3.5%
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: MYS's forecast earnings growth (3.5% per year) is above the savings rate (1.1%).
Earnings vs Market: MYS's earnings (3.5% per year) are forecast to grow slower than the Australian market (10.1% per year).
High Growth Earnings: MYS's earnings are forecast to grow, but not significantly.
Revenue vs Market: MYS's revenue (2.3% per year) is forecast to grow slower than the Australian market (4% per year).
High Growth Revenue: MYS's revenue (2.3% per year) is forecast to grow slower than 20% per year.
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: MYS's Return on Equity is forecast to be low in 3 years time (9.7%).
Next Steps
Past Performance
How has MyState performed over the past 5 years?
-0.5%
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: MYS has high quality earnings.
Growing Profit Margin: MYS's current net profit margins (24.7%) are lower than last year (25.3%).
Past Earnings Growth Analysis
Earnings Trend: MYS's earnings have declined by -0.5% per year over the past 5 years.
Accelerating Growth: MYS's earnings growth over the past year (2.5%) exceeds its 5-year average (-0.5% per year).
Earnings vs Industry: MYS earnings growth over the past year (2.5%) underperformed the Mortgage industry 11.3%.
Return on Equity
High ROE: MYS's Return on Equity (9.2%) is considered low.
Next Steps
Financial Health
How is MyState's financial position? (This company is analysed differently as a bank or financial institution)
Financial Position Analysis
Debt to Equity History and Analysis
Balance Sheet
Inventory Level: MYS has a low level of unsold assets or inventory.
Debt Coverage by Assets: MYS's debt is not covered by short term assets (assets are 0.1x debt).
Financial Institutions Analysis
Asset Level: MYS's level of assets compared to its equity is moderate.
Allowance for Bad Loans: MYS has a sufficient allowance for bad loans.
Low Risk Liabilities: MYS's liabilities are made up of primarily low risk sources of funding.
Loan Level: MYS has an acceptable proportion of non-loan assets held.
Low Risk Deposits: MYS has advanced significantly more loans than the customer deposits it holds.
Level of Bad Loans: MYS has an appropriate level of bad loans (0.01%)
Next Steps
Dividend
What is MyState's current dividend yield, its reliability and sustainability?
7.55%
Current Dividend Yield
Dividend Yield vs Market
Notable Dividend: MYS's dividend (7.55%) is higher than the bottom 25% of dividend payers in the Australian market (3.17%).
High Dividend: MYS's dividend (7.55%) is low compared to the top 25% of dividend payers in the Australian market (8%).
Stability and Growth of Payments
Stable Dividend: MYS's dividends per share have been stable in the past 10 years.
Growing Dividend: MYS's dividend payments have increased over the past 10 years.
Current Payout to Shareholders
Dividend Coverage: At its current payout ratio (85.7%), MYS's payments are covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: MYS's dividends in 3 years are forecast to be covered by earnings (81.6% payout ratio).
Next Steps
Management
How experienced are the management team and are they aligned to shareholders interests?
2.3yrs
Average management tenure
CEO
Melos Sulicich
5.75s
Tenure
AU$754,299
Compensation
Mr. Melos Anthony Sulicich, BBus(Mktg), GAICD, SA FIN serves as Chief Executive Officer, Managing Director and Executive Director at MyState Bank Limited. Mr. Sulicich has been the Chief Executive Officer, ...
CEO Compensation Analysis
Compensation vs Market: Melos's total compensation ($USD456.57K) is about average for companies of similar size in the Australian market ($USD596.57K).
Compensation vs Earnings: Melos's compensation has been consistent with company performance over the past year.
Leadership Team
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| MD, CEO & Director | 5.75yrs | AU$754.30k | 0.11% A$378.6k | |
| General Manager of Technology | 4.92yrs | AU$384.09k | 0.0069% A$24.1k | |
| General Manager of Digital & Marketing | 1.08yrs | AU$312.27k | no data | |
| General Manager of People & Culture | 2.25yrs | AU$301.66k | 0.0015% A$5.4k | |
| Chief Risk Officer | 4.33yrs | AU$417.02k | 0.0069% A$24.1k | |
| General Manager of Wealth Management | 1.75yrs | AU$392.56k | no data | |
| General Manager of Banking | 1.17yrs | AU$379.09k | no data | |
| Interim Chief Financial Officer | 0.50yr | no data | no data | |
| Investor Relation Professional | no data | no data | no data | |
| Company Secretary | 6.42yrs | AU$311.82k | no data |
2.3yrs
Average Tenure
Experienced Management: MYS's management team is considered experienced (2.3 years average tenure).
Board Members
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| MD, CEO & Director | 5.75yrs | AU$754.30k | 0.11% A$378.6k | |
| Independent Chairman of the Board | 6.5yrs | AU$220.33k | 0.82% A$2.9m | |
| Independent Non-Executive Director | 0.58yr | no data | no data | |
| Independent Non-Executive Director | 11.17yrs | AU$113.04k | 0.028% A$97.3k | |
| Independent Non-Executive Director | 2.5yrs | AU$103.09k | 0.013% A$45.9k | |
| Independent Non-Executive Director | 2.5yrs | AU$108.08k | 0.023% A$81.8k | |
| Independent Non-Executive Director | 3.33yrs | AU$105.77k | 0.028% A$96.8k |
3.3yrs
Average Tenure
64yo
Average Age
Experienced Board: MYS's board of directors are considered experienced (3.3 years average tenure).
Ownership
Who are the major shareholders and have insiders been buying or selling?
Insider Trading Volume
Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.
Recent Insider Transactions
Ownership Breakdown
Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.
Top Shareholders
Company Information
MyState Limited's company bio, employee growth, exchange listings and data sources
Key Information
- Name: MyState Limited
- Ticker: MYS
- Exchange: ASX
- Founded: 2009
- Industry: Thrifts and Mortgage Finance
- Sector: Banks
- Market Cap: AU$350.554m
- Shares outstanding: 92.01m
- Website: https://www.mystatelimited.com.au
Location
- MyState Limited
- 137 Harrington Street
- Level 2
- Hobart
- Tasmania
- 7000
- Australia
Listings
| Ticker | Exchange | Primary Security | Security Type | Country | Currency | Listed on |
|---|---|---|---|---|---|---|
| MYS | ASX (Australian Securities Exchange) | Yes | Ordinary Shares | AU | AUD | Sep 2009 |
| MYS | CHIA (Chi-X Australia) | Yes | Ordinary Shares | AU | AUD | Sep 2009 |
Biography
MyState Limited, through its subsidiaries, provides a range of financial products and services in Australia. It operates through two divisions, Banking and Wealth Management. The company offers banking products and services, including transactional savings accounts; fixed term deposits; insurance products; home loans; personal, overdraft, lines of credit, and commercial products; residential and business banking services; and Internet and mobile banking, savings and investment, and other services through its branch network, digital channels, and third party channels. It also provides trustee services, such as estate planning, estate and trust administration, power of attorney, and corporate trustee services. In addition, the company offers wealth management services, such as managed fund investment services. MyState Limited was founded in 2009 and is based in Hobart, Australia.
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2020/04/03 14:32 |
| End of Day Share Price | 2020/04/03 00:00 |
| Earnings | 2019/12/31 |
| Annual Earnings | 2019/06/30 |
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.