Highlights

  • WAM Capital reported a 60% franking level for its FY2026 final dividend.
  • The final dividend of 7.75 cents per share was payable on 21 October 2026.
  • Pre-tax net tangible assets stood at $1.21 per share on 30 September 2026.
  • The company reported $1.4bn in assets at the September reporting date.
  • Its board outlined an FY2027 full-year dividend target of 8.0 cents per share.

WAM Capital Limited (ASX:WAM) is a listed investment company that invests in a diversified portfolio of Australian equities, with particular attention to small- and medium-sized businesses and opportunities arising from market mispricing. On 30 October 2026, WAM Capital shares were priced at $0.98, with a 60% franking level recorded for the dividend. Its FY2026 final dividend of 7.75 cents per share, carrying 60% franking, was payable on 21 October 2026. The company’s latest portfolio figures and revised distribution intentions provide context for its income policy.

How the FY2026 Dividend Fits the Income Policy

WAM Capital (ASX:WAM) reported a total FY2026 dividend of 15.5 cents per share, with 60% franking. The final instalment accounted for 7.75 cents per share. Franking credits arise from Australian company tax paid and accompany eligible dividends at the stated rate. The declared dividend and the date on which it was payable are distinct from the board’s objectives for later financial years.

For FY2027, the board set a full-year target of 8.0 cents per share, divided into an intended interim payment of 4.0 cents and a final payment of 4.0 cents. The company states explicitly that the target is neither a forecast nor a commitment. Positive investment portfolio performance and additional profits would be necessary before the board could declare both payments at those levels.

Portfolio Assets and Net Tangible Asset Position

At 30 September 2026, WAM Capital (ASX:WAM) disclosed pre-tax net tangible assets, or NTA, of $1.21 per share and total assets of $1.4bn. NTA measures the underlying tangible asset position after liabilities on a per-share basis. It is reported separately from the market price of the company’s shares, which can differ from the stated value of its portfolio.

The company seeks capital growth through investments in undervalued growth businesses and also considers relative-value and market-mispricing situations. The composition and valuation of its holdings may change as portfolio managers respond to company-specific events and broader equity market conditions. These changes can affect reported NTA, realised profits and the resources available for distributions.

What the Revised Dividend Target Indicates

The FY2027 target represents a different intended annual payment level from the 15.5 cents per share distributed for FY2026. WAM Capital (ASX:WAM) described the new target as an effort to balance shareholder income with capital growth. Its statement also connects the capacity to make those distributions to future investment profits, rather than presenting the target as an already-declared dividend.

The September figures offer an additional reference point for reviewing this approach. They show the portfolio’s pre-tax asset position at a specific reporting date, whereas the dividend policy reflects board decisions and the company’s future capacity to distribute profits. The two measures serve different purposes and should be considered separately.

Key Insights

WAM Capital (ASX:WAM) entered the final months of 2026 with a 60%-franked FY2026 final dividend paid in October, a reported September pre-tax NTA of $1.21 per share and an FY2027 annual dividend target of 8.0 cents per share. The distinction between a completed distribution and a conditional target is central to understanding its 2026 disclosures. Future company reports will show how portfolio results and board decisions develop.