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Nick Scali Limited ASX:NCK

1 opened or increased8 held2 reduced or exitedlatest position by manager, past 12 months90 days: 0 increased, 0 reduced. 13 managers in total.

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20252026

14 Aug 2025 to today

Commentary Showing 2 of 33

DateManagerActionSummary

6 Oct 2026Auscap Asset ManagementHeldAuscap Asset Management continues to hold Nick Scali (ASX: NCK) because it views weakness in consumer discretionary stocks caused by softer macro conditions as a buying opportunity. Auscap notes Nick Scali has historically kept opening stores through tough environments, holding earnings flat in the short term before emerging with significantly higher profits. Its next opportunity is the UK, where the acquired business has moved from loss-making to around break-even and management is targeting roughly a tripling of the store network. Auscap's Will Mumford has been impressed by the UK progress and rising management confidence in the rollout. With the stock on around 15 times earnings, the manager believes the valuation captures neither this upside nor management's record of attractive returns on capital.

Article, price recorded $14.13

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2 Oct 2026Blackwattle Investment PartnersHeldBlackwattle Investment Partners rates Nick Scali a hold because, while it rates management highly and sees strong traction in the UK expansion, macroeconomic headwinds pose near-term earnings risk. The manager notes like-for-like sales at Nick Scali branded UK stores are up around 19%, and that best-selling products are the same in Australia and the UK, indicating consistent consumer preferences. However, furniture retail is cyclical, written sales orders declined in the second half, and Blackwattle sees downside risk to flat FY27 market expectations as housing market weakness is only beginning, potentially leading to near-term earnings downgrades.

Article, price recorded $14.06

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Articles

About Nick Scali Limited

Consumer Discretionary, Specialty Retail

Nick Scali (ASX:NCK), the furniture retailer, is valued by fund managers for its quality management and UK expansion. In October 2026, Blackwattle rated Nick Scali a hold, praising its management and noting good traction in the UK, while Perpetual rated it a buy as a high-quality retailer that has delivered strong growth through cycles. Auscap has held Nick Scali for many years, noting 110 stores in Australia and 19 in the UK, and Wilson Asset Management sees it benefiting from rate cuts in 2027 and holds it across several WAM portfolios. Nick Scali operates in the Consumer Discretionary sector within the Specialty Retail industry, and Thesis Tracker has captured 30 comments from 12 fund managers, including Blackwattle, Perpetual, Auscap and Wilson Asset Management. Founded in 1962 by Nicodemo Scali and headquartered in North Ryde, Sydney, Nick Scali sources and sells furniture under the Nick Scali and Plush brands in Australia, New Zealand and the UK.

Market cap: $1.2b
Price to earnings: 17.4x
Return on equity: 27.7%
Dividend yield: 4.6%
Price to book: 4.70x
Net margin: 14.7%
52-week range: $12.82 to $26.08

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

Questions

Who is investing in Nick Scali Limited (ASX:NCK)?

Fund managers including Airlie Funds Management, Antares Capital, Wilson Asset Management, Bennelong Australian Equity Partners, Perpetual Asset Management, Auscap Asset Management, Alliance Bernstein, Tyndall Asset Management, Infinity Asset Management, Selector Funds Management, Hyperion Asset Management, Centennial Asset Management and Blackwattle Investment Partners have invested in Nick Scali Limited (ASX:NCK).

What opportunities or catalysts do fund managers highlight for Nick Scali Limited?

Managers highlight strong management, a proven record of growth through cycles, early traction in the UK expansion and potential benefits from interest rate cuts, according to Perpetual, Blackwattle, Auscap and Wilson.

What are the key risks to the Nick Scali Limited investment thesis, according to fund managers?

Blackwattle rates Nick Scali a hold, and Wilson notes near-term consumer conditions remain tough for furniture retailers.

What does Nick Scali Limited (ASX:NCK) do?

Nick Scali Ltd. is an Australian-based retailer specializing in the sourcing and sale of household furniture and accessories. Founded in 1962 by Nicodemo Domenico Scali and headquartered in North Ryde, the company offers a diverse product range, including sofas, armchairs, rugs, and furniture for living, dining, and bedrooms. Positioned within the retail sector, Nick Scali Ltd. focuses on quality furnishings for residential use. Investors can evaluate the company based on its long-standing operational history and established market presence in the Australian furniture industry.

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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