The Washington H. Soul Pattinson and Co. Ltd (ASX: SOL) (Soul Patts) share price is under the spotlight after the investment house announced its FY26 result.
Soul Patts, or WHSP, is an investment house with assets spread across a number of areas including listed companies, fixed income, private companies, credit, emerging companies and real assets.
FY26 result
Below are some of the financial highlights for the 12 months to 31 July 2026:
- Pre-tax net asset value (NAV) up 10.4% to $13.7 billion
- Post-tax NAV grew 31.4% to $14.5 billion
- Net cashflow from investments increased 11.5% to $572 million
- Final dividend up 6.8% to $0.63 per share
- Full-year dividend up 7.8% to $1.11 per share
What drove these numbers?
The company said that its post-tax NAV grew so much because of portfolio performance and the transformation of its tax position through the Brickworks merger, “from a constraint into an asset”.
Cashflow grew by a larger average credit book and increased distributions from cash generating businesses in the private companies asset class.
Within the Brickworks building products business, it has repaid debt and certain legacy operating leases, and delivered a cost reduction program, with annualised savings set to impact FY27 onwards. The new board and refocused management team are incentivised to grow the business and capitalise when the economic cycle turns.
During the year, Soul Patts divested its stake in industrial property assets following a process activated by the Brickworks merger and pre-existing rights held by Goodman Group (ASX: GMG). The $1.9 billion cash from the sale has been deployed to fixed income.
Following that divestment, $0.4 billion of Brickworks-related property remains in ‘real assets’, including a 50.1% interest in the Brickworks Manufacturing Trust, with 13 long-leased manufacturing plants tenanted by building products businesses. It also includes wholly-owned surplus and development land with re-zoning potential.
The company highlighted total commitments of $2.65 billion for FY27 for global private partnerships, with credit, private companies and real assets making up the vast majority of that. Offshore is attractive to Soul Patts because of a deeper opportunity set, high-quality deal flow and the risk is managed through a spread of managers, industries and geographies.
Outlook for the Soul Patts share price
I like the move by the business to target overseas investment opportunities, including through partnerships – it’s getting more asset exposure without having to hire capabilities itself.
Soul Patts is one of the best ASX share options for long-term wealth creation, in my view, though it’s not cheap as its share price trades noticeably above the NAV.
I like the unique asset base it provides to Aussie investors. I’d be willing to buy a few shares today, but I think there are better value ASX dividend shares.
