Hearts and Minds Investments Limited (HM1.AX)

Industry: Asset Management Sector: Financial Services Currency Used: AU Live Price: $3.23

Enterprise Value

Metric	2024	2023	2022	2021	2020	2019	2018
Stock Price	2.85	2.34	2.15	4.15	3.78	3.07	2.44
Market Capitalization	651.45M	533.46M	489.22M	935.31M	840.02M	588.23M	193.15M
(-) Cash & Equivalents	60.94M	44.12M	120.08M	136.13M	93.77M	34.75M	376.76M
(+) Total Debt	3.50M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Enterprise Value	594.01M	489.34M	369.14M	799.18M	746.25M	553.48M	-183.61M

Income Statement

Metric	TTM	TTM-1	2025-06-30	2024-06-30	2023-06-30	2022-06-30	2021-06-30	2020-06-30	2019-06-30
Revenue	246M	-198M	165M	84M	-64M	-7M	-5M	5M	4M
Cost of Revenue	0M	-5M	0M	0M	0M	0M	0M	0M	0M
Gross Profit	246M	-193M	165M	84M	-64M	-7M	-5M	5M	4M
Gross Profit Margin	100.0%	97.4%	100.0%	100.0%	100.0%	100.8%	100.1%	99.9%	100.0%
R&D Expenses	0M	0M	0M	0M	0M	0M	0M	0M	0M
SG&A Expenses	2M	1M	1M	1M	1M	1M	1M	0M	0M
Operating Expenses	2M	8M	13M	1M	12M	14M	14M	0M	7M
Operating Income (EBIT)	244M	-201M	152M	83M	-76M	-20M	-19M	5M	-2M
Operating Income Margin	99.0%	101.7%	92.1%	98.9%	118.6%	308.0%	356.2%	99.5%	-47.5%
Interest Income	0M	0M	0M	0M	0M	0M	0M	0M	0M
Interest Expense	0M	0M	0M	0M	0M	0M	0M	0M	0M
Net Interest Income	0M	0M	0M	0M	0M	0M	0M	0M	0M
Unusual Items	-20M	65M	0M	-12M	122M	-116M	0M	-10M	0M
EBT Excluding Unusual Items	244M	-201M	152M	83M	-76M	-20M	-19M	5M	-2M
Pre-Tax Income	224M	-136M	152M	72M	46M	-136M	-19M	-5M	-2M
Pre-Tax Margin	90.9%	69.0%	92.1%	84.9%	-71.2%	2,061.1%	356.1%	-109.1%	-50.6%
Income Tax Expense	57M	42M	45M	21M	13M	-42M	-7M	-2M	1M
Net Income	136M	362M	107M	51M	33M	-95M	-12M	-3M	-1M
Net Income Margin	55.2%	-182.9%	64.7%	60.3%	-51.1%	1,433.4%	232.4%	-56.5%	-20.1%
Depreciation & Amortization	-140M	181M	-160M	-12M	-54M	135M	0M	-6M	-4M
EBITDA	104M	-20M	-7M	72M	-130M	115M	-19M	-1M	-6M
EBITDA Margin	42.1%	10.2%	-4.5%	84.9%	202.4%	-1,736.6%	356.2%	-20.7%	-130.6%
NOPAT	182M	-159M	107M	59M	-54M	-16M	-15M	4M	-2M
NOPAT Margin	74.0%	80.3%	64.7%	70.2%	85.0%	243.4%	281.4%	78.6%	-37.5%
Owner's Earnings	-4M	543M	-53M	39M	-21M	40M	-12M	-8M	-5M
Owner's Earnings Margin	-1.7%	-274.5%	-31.9%	46.4%	32.7%	-611.2%	232.4%	-176.7%	-103.2%
EPS (Basic)	0.59	456,524,589.59	0.47	0.22	0.14	-0.42	-0.06	-0.01	-0.01
EPS (Diluted)	0.59	1.59	0.47	0.22	0.14	-0.42	-0.06	-0.01	-0.01
Shares (Basic)	229M	227M	229M	229M	228M	226M	225M	213M	160M
Shares (Diluted)	229M	227M	229M	229M	228M	226M	225M	213M	160M

Balance Sheet

Metric	MRQ	MRQ-1	2025-06-30	2024-06-30	2023-06-30	2022-06-30	2021-06-30	2020-06-30	2019-06-30	2018-10-31
Cash & Cash Equivalents	36.01M	55.95M	36.01M	65.92M	539.20M	122.03M	123.59M	52.26M	7.05M	500.00M
Short-Term Investments	0.00M	698.11M	0.00M	553.56M	0.00M	187.55M	0.00M	0.00M	0.00M	0.00M
Cash & Short-Term Investments	36.01M	754.06M	36.01M	619.48M	539.20M	309.58M	123.59M	52.26M	7.05M	500.00M
Net Receivables	0.24M	0.35M	0.24M	0.23M	0.86M	0.17M	0.28M	0.40M	0.00M	0.00M
Inventory	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Current Assets	0.00M	0.00M	0.00M	6.97M	0.00M	0.00M	0.00M	0.00M	0.05M	0.00M
Total Current Assets	36.25M	754.41M	36.25M	626.68M	540.06M	309.75M	123.86M	52.66M	7.11M	500.00M
Property, Plant & Equipment	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Goodwill	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Long-Term Investments	54.07M	107.71M	54.07M	94.08M	129.23M	284.41M	861.44M	779.31M	593.09M	0.00M
Tax Assets	0.00M	0.00M	0.00M	9.74M	12.06M	38.11M	1.75M	2.48M	0.00M	0.00M
Other Non-Current Assets	767.64M	0.00M	767.64M	-84.34M	-12.06M	-38.11M	-1.75M	-2.48M	1.29M	0.00M
Other Assets	0.00M	0.00M	857.95M	84.34M	12.06M	52.94M	1.75M	2.71M	0.00M	0.00M
Total Non-Current Assets	821.70M	107.71M	1,679.66M	103.82M	141.29M	337.35M	863.19M	782.02M	594.38M	0.00M
Total Assets	857.95M	862.13M	1,715.91M	730.51M	681.35M	647.09M	987.05M	834.68M	601.48M	500.00M
Accounts Payable	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Short-Term Debt	0.00M	0.00M	0.00M	6.99M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Tax Payables	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Deferred Revenue	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Current Liabilities	16.36M	11.04M	16.36M	6.58M	5.73M	5.88M	35.71M	33.50M	1.93M	0.00M
Total Current Liabilities	16.36M	11.04M	16.36M	13.58M	5.73M	5.88M	35.71M	33.50M	1.93M	0.00M
Long-Term Debt	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Capital Lease Obligations	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Deferred Tax Liabilities	54.89M	0.00M	54.89M	19.52M	0.00M	0.00M	65.34M	50.67M	0.00M	0.00M
Other Non-Current Liabilities	54.89M	55.56M	54.89M	19.52M	5.91M	5.96M	65.34M	0.00M	0.00M	0.00M
Total Non-Current Liabilities	109.78M	55.56M	109.78M	39.05M	5.91M	5.96M	130.68M	50.67M	0.00M	0.00M
Total Liabilities	126.14M	66.60M	126.14M	52.62M	11.64M	11.84M	166.39M	84.17M	1.93M	0.00M
Preferred Stock	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Common Stock	574.94M	574.94M	574.94M	574.94M	574.48M	572.28M	567.04M	562.50M	500.00M	500.00M
Retained Earnings	65.78M	205.57M	65.78M	-11.18M	-62.11M	-94.84M	166.68M	70.05M	3.43M	0.00M
Accumulated OCI	145.98M	15.01M	145.98M	133.65M	163.16M	163.69M	318.96M	188.01M	67.02M	0.00M
Minority Interest	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Total Shareholders’ Equity	786.70M	795.52M	786.70M	697.41M	675.52M	641.13M	1,052.68M	820.55M	570.45M	500.00M
Total Equity	786.70M	795.52M	786.70M	697.41M	675.52M	641.13M	1,052.68M	820.55M	570.45M	500.00M
Total Liabilities & Equity	912.84M	862.13M	912.84M	750.03M	687.16M	652.97M	1,219.08M	904.73M	572.38M	500.00M
Tangible Assets	857.95M	862.13M	1,715.91M	730.51M	681.35M	647.09M	987.05M	834.68M	601.48M	500.00M
Tangible Equity	786.70M	795.52M	786.70M	697.41M	675.52M	641.13M	1,052.68M	820.55M	570.45M	500.00M
Tangible Book Value	786.70M	795.52M	786.70M	697.41M	675.52M	641.13M	1,052.68M	820.55M	570.45M	500.00M
Total Investments	54.07M	805.82M	54.07M	647.64M	129.23M	471.96M	861.44M	779.31M	593.09M	0.00M
Net Debt	-36.01M	-55.95M	-36.01M	-58.93M	-539.20M	-122.03M	-123.59M	-52.26M	-7.05M	-500.00M

Capital Metrics

Metric	MRQ	MRQ-1	2025-06-30	2024-06-30	2023-06-30	2022-06-30	2021-06-30	2020-06-30	2019-06-30	2018-10-31
Working Capital	19.9M	743.4M	19.9M	613.0M	534.2M	303.8M	88.2M	19.2M	4.8M	500.0M
Total Capital	786.7M	795.5M	786.7M	704.4M	675.5M	641.1M	886.0M	750.5M	570.5M	500.0M
Capital Employed	841.6M	851.1M	841.6M	716.8M	675.5M	641.1M	951.3M	801.2M	599.2M	500.0M
Invested Capital	750.7M	739.6M	750.7M	638.5M	136.3M	519.1M	762.4M	698.3M	563.4M	0.0M

Cash Flow Statement

Metric	TTM	TTM-1	2025-06-30	2024-06-30	2023-06-30	2022-06-30	2021-06-30	2020-06-30	2019-06-30
Net Income	157.75M	-62.11M	106.82M	50.93M	32.73M	-94.84M	-12.46M	-2.68M	-0.90M
Depreciation & Amortization	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Deferred Income Tax	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Stock-Based Compensation	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Change in Working Capital	3.05M	26.70M	1.71M	22.13M	27.09M	-60.69M	1.60M	-0.35M	-0.06M
Accounts Receivable	0.62M	-0.59M	0.00M	0.62M	-0.70M	0.11M	0.13M	-0.35M	-0.06M
Inventory	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Accounts Payable	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Working Capital	2.43M	27.29M	1.71M	21.51M	27.79M	-60.80M	1.48M	0.00M	0.00M
Other Non-Cash Items	-166.64M	-17.18M	-111.08M	-76.36M	-52.22M	94.64M	-46.05M	1.84M	-1.41M
Net Cash from Operating Activities	-5.85M	-53.29M	-2.55M	-3.30M	7.60M	-60.89M	-56.91M	-1.20M	-2.37M
Capital Expenditures (PPE)	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Acquisitions (Net)	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Purchases of Investments	-289.96M	-488.27M	-407.86M	-289.96M	-488.27M	-392.48M	-513.15M	501.36M	0.00M
Sales / Maturities of Investments	332.52M	444.41M	412.18M	332.52M	444.41M	466.05M	674.47M	-515.81M	0.00M
Other Investing Activities	4.32M	51.64M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-589.65M
Net Cash from Investing Activities	46.89M	29.72M	4.32M	42.57M	-43.86M	73.57M	161.32M	-14.45M	-589.65M
Net Debt Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Long-Term Debt Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Short-Term Debt Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Stock Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	62.50M	0.00M
Common Stock Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	62.50M	0.00M
Common Stock Repurchased	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Preferred Stock Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Dividends Paid	-67.06M	-53.84M	-35.49M	-31.57M	-28.56M	-25.28M	-22.46M	0.00M	0.00M
Common Dividends Paid	-59.05M	-39.56M	-35.49M	-31.57M	-28.56M	-25.28M	-22.46M	0.00M	0.00M
Preferred Dividends Paid	-8.01M	-14.28M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Financing Activities	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	600.00M
Net Cash from Financing Activities	-67.06M	-53.84M	-35.49M	-31.57M	-28.56M	-25.28M	-22.46M	62.50M	600.00M
Effect of FX on Cash	2.78M	12.05M	3.80M	-1.02M	2.04M	11.03M	-10.62M	-1.65M	0.48M
Net Change in Cash	42.68M	-63.56M	-29.92M	6.68M	-62.78M	-1.56M	71.33M	45.20M	8.46M
Cash at Beginning of Period	144.20M	376.28M	65.92M	59.25M	122.03M	123.59M	52.26M	7.05M	0.00M
Cash at End of Period	186.89M	312.72M	36.01M	65.92M	59.25M	122.03M	123.59M	52.26M	8.46M
Operating Cash Flow	-5.85M	-53.29M	-2.55M	-3.30M	7.60M	-94.84M	-56.91M	-1.20M	-2.37M
Capital Expenditure	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Free Cash Flow	-5.85M	-53.29M	-2.55M	-3.30M	7.60M	-94.84M	-56.91M	-1.20M	-2.37M

Free Cash Flow

Metric	TTM	TTM-1	2025-06-30	2024-06-30	2023-06-30	2022-06-30	2021-06-30	2020-06-30	2019-06-30
EBITDA	103.47M	-12.96M	4.22M	71.68M	-118.75M	127.83M	-5.91M	-1.46M	0.75M
(-) Tax Adjustment	26.16M	0.00M	1.26M	20.75M	-33.63M	38.93M	-2.05M	-0.51M	0.00M
(-) Change In Working Capital	3.05M	26.70M	1.71M	22.13M	27.09M	-60.69M	1.60M	-0.35M	-0.06M
(-) Capital Expenditure	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Unlevered Free Cash Flow	74.26M	-39.66M	1.26M	28.80M	-112.21M	149.59M	-5.46M	-0.60M	0.82M
(-) Net Interest Income After Taxes	0.00M	0.05M	0.00M	0.00M	0.00M	-0.04M	0.00M	0.03M	0.14M
Net Debt Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Levered Free Cash Flow	74.26M	-39.71M	1.26M	28.80M	-112.21M	149.63M	-5.46M	-0.63M	0.68M