Why Is OFX (ASX: OFX) #1 on the FMP ASX 300 Momentum List?

Christopher Hall
1 hour ago
8 min read

Written by Christopher Hall, AdvDipFP | Authorised Representative, AFSL 526688 | July 2026

OFX Group Limited (ASX: OFX) ranks #1 on the Finer Market Points ASX 300 momentum list as at 28 July 2026, carrying a momentum score of 0.3174, the strongest weekly move in the ASX 300 universe at +54.76% and a quarterly gain of 50.38% — third-best in that universe. OFX is an ASX-listed cross-border payments company, and the move follows a company announcement that it has agreed terms on an all-cash takeover proposal. OFX closed at A$0.795 on 28 July 2026.

The Catalyst Is Company-Disclosed and Conditional

On 23 July 2026, OFX announced it had entered into a Transaction Process Deed with Alakazam Holdings Bidco Limited ("Equals"), the direct owner of UK-based international payments company Equals Group Limited, covering an all-cash acquisition of 100% of OFX's issued share capital.

The stated consideration is A$1.00 cash per OFX share, which OFX said values its equity at approximately A$247 million and its enterprise value at approximately A$233 million — an implied multiple of 9.2x EV/EBITDA on FY26. The company disclosed the consideration may be adjusted by up to A$0.04 per share, up or down, depending on OFX's available cash balance closer to implementation, and put the premium at 108% against its undisturbed closing price of A$0.480 on 4 February 2026, the day before the Strategic Review was announced.

Critically, the Transaction Process Deed is a pathway to a Scheme Implementation Deed, not a binding transaction. OFX stated that entry into a SID is conditional on Equals finalising confirmatory due diligence and entering into debt financing arrangements, and that Equals has four weeks of exclusivity — an Exclusivity Period ending 19 August 2026, extendable in steps to 25 September 2026 at the latest. OFX's Directors said they intend to unanimously recommend the Scheme subject to financing, an agreed SID, no superior proposal emerging and an Independent Expert's conclusion, while stating plainly that this "does not constitute a formal or final recommendation at this time."

Where the Market Price Sits

OFX's 28 July 2026 close of A$0.795 sits below the A$1.00 consideration. That gap is not a judgement on the company — it reflects the conditions OFX itself has disclosed: the SID is unsigned, Equals' debt financing is not yet in place, and the company's own announcement states there is "no certainty that the current proposal will lead to a binding transaction or the implementation of a Scheme." A momentum-list appearance measures the price move that has already occurred; it says nothing about whether those conditions will be satisfied.

The Operating Business Behind the Bid

The 9.2x multiple is struck on FY26 earnings, and FY26 was a down year: net operating income of A$196.6 million, down 8.5%, and underlying EBITDA of A$25.2 million, down 56.4%, on turnover of A$38.4 billion. OFX attributed the decline to softer client activity, low business confidence and a roughly 50% fall in currency volatility.

The 1Q27 trading update released alongside the takeover announcement showed stabilisation rather than recovery: net operating income of A$43.9 million, up 1.0% on 4Q26 but down 20.0% on the prior corresponding period. Non-FX revenue — cards, pay-by-card and subscriptions — reached A$0.8 million, up 195.3% on the prior corresponding period, and migration of existing Corporate clients onto the new client platform is now complete across all major markets. These are company-reported figures for a single quarter, not audited full-year results.

Why a Large-Cap Name Leads an ASX 300 Momentum List

The ASX 300 and the ASX as a whole are two distinct universes producing two measurements that are not interchangeable. A whole-of-market momentum ranking is normally dominated by the smallest listed companies, because a business of BHP, Commonwealth Bank or CSL scale rarely out-moves one with a fraction of its market capitalisation — the strongest percentage moves concentrate in the bottom 50 to 100 names, which is the nature of markets rather than a defect in either list. Finer Market Points has documented that the leading percentage movers in commodity cycles consistently emerge from outside the ASX 300.

Restricting the field to the 300 largest companies removes those micro-caps and measures something different: which large and mid-cap companies are re-rating fastest against their own peer group. OFX at #1 is that narrower measurement. A company can also enter a large-cap universe and lead it quickly, as the rewritten Nasdaq-100 inclusion rule around the SpaceX listing illustrated — examined in Finer Market Points' research on index inclusion.

The Calendar Overlay

OFX's 50.38% quarterly figure is measured across a window straddling the Australian end of financial year, a period with a documented seasonal pattern. The foundational study by Brown, Keim, Kleidon and Marsh (1983), published in the Journal of Financial Economics, used Australia as its test case precisely because a July–June tax year predicts a July effect where the US calendar tax year predicts the January effect. Finer Market Points covers the mechanics in the FY2026 Dogs of the ASX and EOFY tax-loss selling article. This is context for reading any quarterly figure spanning June and July; the catalyst OFX itself disclosed is the takeover proposal.

The ASX 300 Momentum Leaders — 28 July 2026

Rank	Code	Company	Momentum score	Quarterly perf.	Weekly perf.
1	OFX	OFX Group Limited	0.3174	+50.38%	+54.76%
2	AMP	AMP Limited	0.2458	+49.65%	+1.42%
3	TLG	Talga Group Ltd	0.1726	+22.80%	+2.33%
4	WEB	Web Travel Group Limited	0.1596	+17.84%	+34.32%
5	SGR	The Star Entertainment Group Limited	0.1467	+4.35%	0.00%

Momentum scores measure recent price performance within the ASX 300 universe only. The table is not a ranking of company quality, valuation or investment merit, and no comparison between these companies on those grounds is intended.

Key Metrics

Metric	Value
Rank (FMP ASX 300 momentum list, 28 July 2026)	#1
Momentum score	0.3174
Quarterly performance	+50.38% (ASX 300 rank #3)
Weekly performance	+54.76% (ASX 300 rank #1)
Sessions on the ASX 300 momentum Top 30	3
Launch Pad entry	42 trading sessions ago
Gain since entering the Launch Pad	+37.41%
Share price, 28 July 2026 close	A$0.795
Scheme consideration (company-disclosed, conditional)	A$1.00 cash per share
Sector (plain English)	Cross-border payments — international money transfer, global business accounts and currency risk management
Data source	FMP Momentum Research, 28 July 2026

All ranks above are measured within the ASX 300 universe and are not comparable with the whole-of-market figures in the weekly ASX momentum leaders list, which ranks the full ASX and counts list tenure separately. Remember that past performance is no guarantee of future results, and all trading involves risk.

Frequently Asked Questions

What does OFX Group Limited (ASX: OFX) do?

OFX Group Limited is an ASX-listed cross-border payments and financial operations company, listed since 2013 and formerly known as OzForex. It provides international money transfers, global business accounts, corporate cards with spend management and currency risk management tools to corporate, enterprise and consumer clients. The company reports moving money in more than 50 currencies to over 180 countries, is headquartered in Sydney with approximately 700 employees, and is licensed in around 50 jurisdictions. It is an established operating business, not a pre-revenue or early-stage company.

Why is OFX #1 on the FMP ASX 300 momentum list?

OFX ranks #1 on the Finer Market Points ASX 300 momentum list as at 28 July 2026 with a momentum score of 0.3174. It leads on both measured windows within that universe: a +54.76% weekly move ranking #1, and a +50.38% quarterly gain ranking #3. The score weighs price performance across more than one time window. A momentum-list appearance measures recent price performance only.

Why has OFX's share price gone up so much?

OFX announced to the ASX on 23 July 2026 that it had agreed terms on an all-cash proposal from Alakazam Holdings Bidco Limited, the owner of UK payments company Equals Group Limited, to acquire 100% of OFX at A$1.00 cash per share. The company put that consideration at a 108% premium to its undisturbed closing price of A$0.480 on 4 February 2026. The quarterly gain of 50.38% is measured to 28 July 2026 and is a historical figure, not a guide to future returns.

Who is buying OFX Group and what happens next?

Alakazam Holdings Bidco Limited, the direct owner of UK-based Equals Group Limited, has entered a Transaction Process Deed with OFX. It is not a binding agreement: entry into a Scheme Implementation Deed remains conditional on Equals completing confirmatory due diligence and securing debt financing. Equals has exclusivity until 19 August 2026, extendable in steps to 25 September 2026 at the latest. OFX's directors have stated they intend to recommend the Scheme subject to those conditions, an Independent Expert's conclusion and no superior proposal emerging, and that this is not a formal or final recommendation.

Is OFX a top ASX 300 stock?

A momentum-list ranking is not an assessment of company quality, valuation or investment merit. OFX is one of several ASX 300 companies showing strong recent price momentum, and its #1 position reflects price performance across the measured windows only. In OFX's case that performance is tied to a corporate transaction that remains conditional. This is general educational information, not a recommendation.

How is the FMP ASX 300 momentum list different from the FMP ASX momentum top 10?

The two lists draw on different universes and are not interchangeable. The weekly Finer Market Points momentum list ranks the full ASX, where micro-cap and exploration companies typically produce the largest percentage moves. The ASX 300 list ranks only the 300 largest listed companies against one another, surfacing large and mid-cap re-ratings that a whole-of-market list rarely shows. Ranks, quarterly ranks and list-tenure counters are calculated within each universe separately.

Access the Research

Finer Market Points members access the weekly Top 30 ASX momentum data — the same proprietary research that flagged OFX — 19 hours before the Gary Glover weekly session goes live. Join the Finer Market Points membership.

Sources

#	Source	Type
1	OFX Group Limited (ASX: OFX), 23 July 2026, "OFX agrees terms of recommended 100% cash offer from Equals and provides 1Q FY27 Trading Update"	ASX Announcement
2	OFX Group Limited (ASX: OFX), 30 June 2026, "Update on Strategic Review"	ASX Announcement
3	OFX Group Limited (ASX: OFX), 19 May 2026, "FY26 financial results & outlook" investor presentation	ASX Announcement
4	Finer Market Points, FMP ASX 300 Momentum Research, 28 July 2026; ASX market data, OFX close 28 July 2026	Company Disclosures
5	Brown, Keim, Kleidon and Marsh, 1983, "Stock Return Seasonalities and the Tax-Loss Selling Hypothesis", Journal of Financial Economics	Academic Study

Related Finer Market Points Educational Resources

Educational Disclaimer: This content is for educational purposes only and does not constitute financial advice. Past performance is no guarantee of future results. Consider your financial situation and seek professional advice before making investment decisions.

Finer Market Points Pty Ltd, CAR 1304002, AFSL 526688, ABN 87 645 284 680. This general information is educational only and not financial advice, recommendation, forecast or solicitation. Consider your objectives, financial situation and needs before acting. Seek appropriate professional advice. We accept no liability for any loss or damages arising from use. Authors and presenters may hold positions in discussed companies and investment products.