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AF Legal Group Ltd ASX:AFL

0 opened or increased1 held0 reduced or exitedlatest position by manager, past 12 months90 days: 0 increased, 0 reduced. 2 managers in total.

Position history by manager 2 managersSelect a point to see the comment

Opened or increasedHeldReduced or exited Start or end of the position not reported

20252026

31 Mar 2024 to today

Commentary Showing 2 of 9

DateManagerActionSummary

31 Aug 2026DMX Asset ManagementHeldDMX Asset Management continues to hold AF Legal Group without change, noting the company followed a very strong first half with a much reduced second-half profit, partly reflecting one-off investments in staff and growth initiatives, though management also flagged a material reduction in new business following the outbreak of the Iran war in February. The manager looks ahead to FY27 as a year with fewer distractions, as the company progresses toward its target of $50 million revenue and $5 million net profit before tax, an attractive earnings profile for a $14 million market capitalisation company.

Monthly Report, price recorded $0.15

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28 Feb 2026DMX Asset ManagementHeldThe fund manager continues to hold AF Legal after a six-plus year holding period, expressing renewed optimism following strong revenue growth (+40%), EBITDA growth (+60%) and NPBT growth (+125%). With revenue annualising at $35m, the fund manager notes progress toward the short-to-medium-term target of $50m revenue and $5m NPBT, with revenue having more than doubled over three years. NPBT margin rose 61% to 7.1%, trending toward the 10% medium-term margin target, supported by an improved high-performance culture, happier staff and higher retention. Similar to Raiz, with operating leverage clearly evident, the fund manager sees the platform in place to scale the business and profits from here.

Margin Expansion Operating LeverageMonthly Report, price recorded $0.18

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First mention by manager

Price recorded at each manager's first comment

Price at first mentionThe share price recorded when each of 2 managers first commented on AFL.

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About AF Legal Group Ltd

Industrials, Professional Services

AF Legal Group (ASX:AFL), Australia's largest family law firm, has been a long-term but challenging holding for DMX Asset Management. In August 2026, DMX reported AF Legal delivered a much weaker second-half profit after a very strong first half, partly due to one-off investments in staff and growth initiatives. In February 2026, DMX said it had held AF Legal for more than six years through a difficult journey, but was feeling very optimistic after strong revenue growth. AF Legal operates in the Industrials sector within the Professional Services industry, and Thesis Tracker has captured 9 comments from 2 fund managers, including DMX Asset Management. Founded in 1994 and headquartered in Melbourne, AF Legal provides family law services, including divorce, separation, property settlement and children's matters, through brands such as Australian Family Lawyers and Watts McCray, with offices across major Australian cities, and has grown through acquisitions of established family law practices.

Market cap: $12m
Price to earnings: 49.0x
Return on equity: 11.2%
Dividend yield: 0.0%
Price to book: 1.46x
Net margin: 1.0%
52-week range: $0.11 to $0.19

Company figures as of 15 Oct 2026. For information only.

Questions

Who is investing in AF Legal Group Ltd (ASX:AFL)?

Fund managers including DMX Asset Management and Hurdle Rate have invested in AF Legal Group Ltd (ASX:AFL).

What opportunities or catalysts do fund managers highlight for AF Legal Group Ltd?

DMX highlights strong revenue growth and investment in staff and growth initiatives that it expects to drive future earnings, describing itself as very optimistic on the outlook.

What are the key risks to the AF Legal Group Ltd investment thesis, according to fund managers?

DMX notes a sharply lower second-half profit after a strong first half, reflecting investment costs, and the business has had a long and challenging history for shareholders.

What does AF Legal Group Ltd (ASX:AFL) do?

AF Legal Group Ltd. is an Australian family law firm headquartered in Melbourne. Founded on February 2, 1994, the company provides comprehensive legal services including divorce, separation, and children’s matters. Key practice areas encompass child support, spousal maintenance, and property settlement. As a specialized legal service provider, AF Legal Group focuses on navigating complex family law proceedings for its clients.

General information only. Thesis Tracker reports what named fund managers have published about ASX companies. It does not take into account your objectives, financial situation or needs, and is not financial product advice or a recommendation to buy, sell or hold any security.

11,356 comments from 164 managers on 761 companies, snapshot 15 Oct 2026.

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