# Aristocrat Leisure (ALL.AU)

Canonical: https://gigainvestors.com/s/ALL.AU

Analysis as of: 2026-10-16T07:34:30.264Z. Financial observations: FY1996–FY2025.

Listing currency: AUD. Reporting currency: AUD.

## Verdict

A wonderful business at too high a price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: AUD 62.60 per share; close as of 2026-10-15.

Estimated value: low AUD 30.49 per share, central AUD 44.08 per share, high AUD 51.66 per share. Buy at or below the central value AUD 44.08 per share. Valuation as of 2026-10-16T07:34:30.264Z; scenarios are not confidence intervals.

Expected annual return: 8.0% at the stated quote. About 8.0% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; AU 10-year bond 5.2% + 4 points).

## Checklist

### understandable: pass

- 2 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.20×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.28×

- FY2017: 0.32×

- FY2018: 0.26×

- FY2019: 0.25×

- FY2020: 0.12×

- FY2021: 0.23×

- FY2022: 0.26×

- FY2023: 0.27×

- FY2024: 0.30×

- FY2025: 0.32×

### moat: pass

- ROIC, median of available years: 43.9%

- ROIC, second-lowest year: 36.1%

- Typical minus recent gross margin: -2.9 pp

- Typical gross margin (annual median): 55.7%

- Recent gross margin (lower of latest and 3-year median): 58.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 5.6%

- ROIC including acquisitions, ten-year median: 18.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 36.1%

- FY2017: 52.1%

- FY2018: 40.8%

- FY2019: 50.0%

- FY2020: 22.9%

- FY2021: 45.1%

- FY2022: 43.7%

- FY2023: 50.4%

- FY2024: 44.1%

- FY2025: 39.9%

### economics: pass

- Owner earnings / net income, 5-yr: 1.02×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: AUD 6.1B

- Net income, five-year total: AUD 6.0B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.0 pp

- Working capital / revenue, change between three-year averages: -0.2 pp

- Working capital / revenue, final three-year average: 18.1%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.11×

- FY2022: 1.04×

- FY2023: 0.95×

- FY2024: 0.96×

- FY2025: 1.08×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2025 (8 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 40.8% vs 44.1%

- Per-share earnings: 0.55 to 2.22 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.2%

- Ordinary dilution, 5-year annual growth: -0.5%

- Market cap gain: AUD 30B

- Cumulative retained earnings: AUD 6.1B

- Diluted shares, 10-year annual growth: -0.2%

- Diluted shares, 5-year annual growth: -0.5%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 19.1%

- Per-share value change: AUD 1.67

- Per-share value, starting three-year median: AUD 0.55

- Per-share value, ending three-year median: AUD 2.22

- Buybacks concentrated in cheaper years (correlation): 0.08

- Average buyback yield: 1.1%

- Buyback history: 9 years

- Debt-funded buybacks: No

- Acquisition spending: AUD 6.7B

- Cumulative net income, 10 years: AUD 9.4B

- ROIC, first three-year median: 40.8%

- ROIC, last three-year median: 44.1%

Chart: Earnings per share; fiscal year observations.

- FY2016: AUD 0.55

- FY2017: AUD 0.77

- FY2018: AUD 0.85

- FY2019: AUD 1.10

- FY2020: AUD 2.15

- FY2021: AUD 1.28

- FY2022: AUD 1.42

- FY2023: AUD 2.22

- FY2024: AUD 2.05

- FY2025: AUD 2.29

### accounting: pass

- Sloan accruals: -4.8%

- Receivables to sales index (DSRI): 1.35×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.35×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.75×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -11.0%

- FY2017: -9.2%

- FY2018: -6.7%

- FY2019: -6.1%

- FY2020: 4.5%

- FY2021: -5.9%

- FY2022: 0.0%

- FY2023: -3.2%

- FY2024: -4.5%

- FY2025: -4.8%

## Holders

## Price story

Price needs cash profits to grow 11.9% a year for ten years · sales -4.6%

Story as of 2026-10-16T10:00:00.882Z; price observation 2026-10-15.

Price needs cash profits to grow 11.9% a year for ten years

### Sales · FY2024–2025

sales -4.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: AUD 2.1B 

- FY2017: AUD 2.5B 

- FY2018: AUD 3.5B 

- FY2019: AUD 4.4B 

- FY2020: AUD 4.1B 

- FY2021: AUD 4.7B 

- FY2022: AUD 5.6B 

- FY2023: AUD 6.3B 

- FY2024: AUD 6.6B 

- FY2025: AUD 6.3B 

### Gross margin · FY2025

gross margin 58.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 59.0% 

- FY2017: 60.6% 

- FY2018: 56.2% 

- FY2019: 55.2% 

- FY2020: 43.5% 

- FY2021: 49.2% 

- FY2022: 53.0% 

- FY2023: 54.7% 

- FY2024: 58.6% 

- FY2025: 58.7% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in gambling; annual sales are AUD 6.3 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:30.264Z); FY2025: revenue 6297000000; grossProfit 3697700000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ALL.AU: Aristocrat Leisure Limited, together with its subsidiaries, operates as a gaming content and technology company in Australia and internationally. It operates through three segments: Aristocrat Gaming, Product Madness, and Aristocrat Interactive. The company designs, develops, assembles, distributes, sells, and services gaming content, platforms, and systems, including electronic gaming machines, casino management systems, and iLottery and free-to-play mobile games. It also offers product madness, a publisher in the social casino genre of free-to-play mobile games; aristocrat gaming, a regulated land-based gaming; and Aristocrat Interactive, a regulated online real money gaming. Aristocrat Leisure Limited was founded in 1950 and is headquartered in North Ryde, Australia.

### Why customers stay

Margins ranged from 54.7% to 58.7% during 2023–25; it earns 43.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:30.264Z); FY2023: grossProfit / revenue = 54.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:30.264Z); FY2024: grossProfit / revenue = 58.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:30.264Z); FY2025: grossProfit / revenue = 58.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:30.264Z); 10-year return on capital observations [[2016,0.36059461567407264],[2017,0.5214963372543557],[2018,0.408362880073701],[2019,0.5003874263511511],[2020,0.22904653345849538],[2021,0.4508736196822898],[2022,0.4366906696219709],[2023,0.5040199450142536],[2024,0.4410484897639382],[2025,0.3988637841369623]]; median 0.43886957969295454. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back AUD 977 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:30.264Z); FY2016: growth capex 0; upkeep 182500000; owner earnings 372600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:30.264Z); FY2017: growth capex 0; upkeep 123900000; owner earnings 577600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:30.264Z); FY2018: growth capex 0; upkeep 198100000; owner earnings 683000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:30.264Z); FY2019: growth capex 0; upkeep 247900000; owner earnings 864320000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:30.264Z); FY2020: growth capex 0; upkeep 247800000; owner earnings 1513800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:30.264Z); FY2021: growth capex 0; upkeep 227700000; owner earnings 908920000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:30.264Z); FY2022: growth capex 0; upkeep 268800000; owner earnings 984640000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:30.264Z); FY2023: growth capex 70700000; upkeep 382000000; owner earnings 1386100000. Growth capex / owner earnings = 0.05100642089315345.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:30.264Z); FY2024: growth capex 0; upkeep 419200000; owner earnings 1252080000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:30.264Z); FY2025: growth capex 0; upkeep 351000000; owner earnings 1549280000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:30.264Z); Dividend observations: [[2016,121000000],[2017,185200000],[2018,249000000],[2019,312400000],[2020,217100000],[2021,159400000],[2022,347800000],[2023,367400000],[2024,447700000],[2025,538400000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:30.264Z); FY2025: cash repurchases 977000000 AUD.

### Are managers owners

Insiders own 11.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ALL.AU SharesStats.PercentInsiders = 11.423 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 11.9% yearly over ten years; actual growth was 22.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:30.264Z); Ten-year compound average after fade. Initial solved rate 0.211180693357507. Price 62.6; FX 1; discount 0.1; same compounder ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.3259994972068352 → FY2025 2.480803667146885. Closing-price date 2026-10-15.

## Monthly share-price history (AUD per share)

- 2016-10: AUD 15.28 per share

- 2016-11: AUD 14.94 per share

- 2016-12: AUD 15.44 per share

- 2017-01: AUD 15.22 per share

- 2017-02: AUD 16.53 per share

- 2017-03: AUD 17.90 per share

- 2017-04: AUD 19.56 per share

- 2017-05: AUD 21.71 per share

- 2017-06: AUD 22.47 per share

- 2017-07: AUD 20.17 per share

- 2017-08: AUD 21.09 per share

- 2017-09: AUD 20.92 per share

- 2017-10: AUD 23.46 per share

- 2017-11: AUD 21.90 per share

- 2017-12: AUD 23.61 per share

- 2018-01: AUD 23.80 per share

- 2018-02: AUD 24.55 per share

- 2018-03: AUD 23.96 per share

- 2018-04: AUD 26.71 per share

- 2018-05: AUD 29.92 per share

- 2018-06: AUD 30.78 per share

- 2018-07: AUD 32.07 per share

- 2018-08: AUD 31.46 per share

- 2018-09: AUD 28.33 per share

- 2018-10: AUD 26.39 per share

- 2018-11: AUD 23.57 per share

- 2018-12: AUD 21.75 per share

- 2019-01: AUD 24.53 per share

- 2019-02: AUD 24.52 per share

- 2019-03: AUD 24.41 per share

- 2019-04: AUD 25.98 per share

- 2019-05: AUD 29.00 per share

- 2019-06: AUD 30.60 per share

- 2019-07: AUD 30.53 per share

- 2019-08: AUD 29.63 per share

- 2019-09: AUD 30.48 per share

- 2019-10: AUD 31.49 per share

- 2019-11: AUD 33.78 per share

- 2019-12: AUD 33.54 per share

- 2020-01: AUD 36.06 per share

- 2020-02: AUD 32.98 per share

- 2020-03: AUD 21.26 per share

- 2020-04: AUD 25.39 per share

- 2020-05: AUD 25.62 per share

- 2020-06: AUD 25.40 per share

- 2020-07: AUD 26.08 per share

- 2020-08: AUD 28.26 per share

- 2020-09: AUD 29.85 per share

- 2020-10: AUD 28.52 per share

- 2020-11: AUD 31.93 per share

- 2020-12: AUD 30.88 per share

- 2021-01: AUD 30.94 per share

- 2021-02: AUD 30.24 per share

- 2021-03: AUD 34.21 per share

- 2021-04: AUD 37.02 per share

- 2021-05: AUD 40.89 per share

- 2021-06: AUD 42.92 per share

- 2021-07: AUD 41.47 per share

- 2021-08: AUD 45.49 per share

- 2021-09: AUD 46.76 per share

- 2021-10: AUD 46.68 per share

- 2021-11: AUD 44.11 per share

- 2021-12: AUD 43.57 per share

- 2022-01: AUD 40.35 per share

- 2022-02: AUD 37.27 per share

- 2022-03: AUD 36.70 per share

- 2022-04: AUD 33.66 per share

- 2022-05: AUD 33.79 per share

- 2022-06: AUD 34.38 per share

- 2022-07: AUD 35.30 per share

- 2022-08: AUD 35.70 per share

- 2022-09: AUD 32.92 per share

- 2022-10: AUD 37.07 per share

- 2022-11: AUD 35.03 per share

- 2022-12: AUD 30.52 per share

- 2023-01: AUD 33.96 per share

- 2023-02: AUD 36.54 per share

- 2023-03: AUD 37.20 per share

- 2023-04: AUD 37.91 per share

- 2023-05: AUD 37.15 per share

- 2023-06: AUD 38.66 per share

- 2023-07: AUD 39.33 per share

- 2023-08: AUD 40.90 per share

- 2023-09: AUD 40.85 per share

- 2023-10: AUD 38.53 per share

- 2023-11: AUD 40.59 per share

- 2023-12: AUD 40.82 per share

- 2024-01: AUD 44.50 per share

- 2024-02: AUD 46.63 per share

- 2024-03: AUD 43.00 per share

- 2024-04: AUD 39.92 per share

- 2024-05: AUD 44.93 per share

- 2024-06: AUD 49.76 per share

- 2024-07: AUD 54.22 per share

- 2024-08: AUD 54.71 per share

- 2024-09: AUD 58.60 per share

- 2024-10: AUD 61.52 per share

- 2024-11: AUD 67.75 per share

- 2024-12: AUD 68.36 per share

- 2025-01: AUD 75.57 per share

- 2025-02: AUD 72.10 per share

- 2025-03: AUD 64.15 per share

- 2025-04: AUD 66.84 per share

- 2025-05: AUD 62.40 per share

- 2025-06: AUD 65.17 per share

- 2025-07: AUD 70.04 per share

- 2025-08: AUD 72.71 per share

- 2025-09: AUD 69.98 per share

- 2025-10: AUD 63.35 per share

- 2025-11: AUD 58.34 per share

- 2025-12: AUD 58.18 per share

- 2026-01: AUD 53.56 per share

- 2026-02: AUD 48.08 per share

- 2026-03: AUD 45.33 per share

- 2026-04: AUD 47.28 per share

- 2026-05: AUD 50.10 per share

- 2026-06: AUD 61.27 per share

- 2026-07: AUD 64.09 per share

- 2026-08: AUD 60.92 per share

- 2026-09: AUD 59.52 per share

- 2026-10: AUD 62.17 per share

## Annual estimated value (AUD per share)

- FY2016: low AUD 5.35 per share, central AUD 6.22 per share, high AUD 7.18 per share

- FY2017: low AUD 6.62 per share, central AUD 7.76 per share, high AUD 8.91 per share

- FY2018: low AUD 11.82 per share, central AUD 14.29 per share, high AUD 16.57 per share

- FY2019: low AUD 17.30 per share, central AUD 22.09 per share, high AUD 25.69 per share

- FY2020: low AUD 17.22 per share, central AUD 20.29 per share, high AUD 23.22 per share

- FY2021: low AUD 21.25 per share, central AUD 25.93 per share, high AUD 29.67 per share

- FY2022: low AUD 22.05 per share, central AUD 24.48 per share, high AUD 27.73 per share

- FY2023: low AUD 25.32 per share, central AUD 28.17 per share, high AUD 31.96 per share

- FY2024: low AUD 23.10 per share, central AUD 26.10 per share, high AUD 30.10 per share

- FY2025: low AUD 29.96 per share, central AUD 42.85 per share, high AUD 50.04 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

Aristocrat Leisure

ALL · AU

S&P/ASX 200

A wonderful business at too high a price

Passes the quality tests.

Share price: AUD 62.60
Buy up to: AUD 44.08
Expected / yr: 8.0% at today's price (10.0% at central value)

The business

How it makes money
Why customers stay
Where the cash goes
Are managers owners
What the price says

1. Is this a good business?

Evidence only; not required for Buy

Margins varied 20.3% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

10y median: 26.8%
Worst year: 12.4%
Latest · 2025: 31.9%

Capital return excluding acquisitions: median 43.9% (minimum 15%), and the second-worst year 36.1% (minimum 10%).

ROIC excluding acquisitions

10y median: 43.9%
Worst year: 22.9%
Latest · 2025: 39.9%

Each $1 of profit left $1.02 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 1.02×
Annual median: 1.04×
Latest · 2025: 1.08×

Per-share value rose from 0.55 to 2.22, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: AUD 1.35
Worst year: AUD 0.55
Latest · 2025: AUD 2.29

Profits were backed by cash: accruals were -4.8% of assets (limit 10%).

Sloan accruals

10y median: -5.4%
Worst year: 4.5%
Latest · 2025: -4.8%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 26.2%, three-year average owner earnings per share 2.19 AUD.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price AUD 15.28 · Value 6.22 · Buy at or below 6.22; 2016-11 · Price AUD 14.94 · Value 6.22 · Buy at or below 6.22; 2016-12 · Price AUD 15.44 · Value 6.22 · Buy at or below 6.22; 2017-01 · Price AUD 15.22 · Value 6.22 · Buy at or below 6.22; 2017-02 · Price AUD 16.53 · Value 7.76 · Buy at or below 7.76; 2017-03 · Price AUD 17.90 · Value 7.76 · Buy at or below 7.76; 2017-04 · Price AUD 19.56 · Value 7.76 · Buy at or below 7.76; 2017-05 · Price AUD 21.71 · Value 7.76 · Buy at or below 7.76; 2017-06 · Price AUD 22.47 · Value 7.76 · Buy at or below 7.76; 2017-07 · Price AUD 20.17 · Value 7.76 · Buy at or below 7.76; 2017-08 · Price AUD 21.09 · Value 7.76 · Buy at or below 7.76; 2017-09 · Price AUD 20.92 · Value 7.76 · Buy at or below 7.76; 2017-10 · Price AUD 23.46 · Value 7.76 · Buy at or below 7.76; 2017-11 · Price AUD 21.90 · Value 7.76 · Buy at or below 7.76; 2017-12 · Price AUD 23.61 · Value 7.76 · Buy at or below 7.76; 2018-01 · Price AUD 23.80 · Value 7.76 · Buy at or below 7.76; 2018-02 · Price AUD 24.55 · Value 14.29 · Buy at or below 14.29; 2018-03 · Price AUD 23.96 · Value 14.29 · Buy at or below 14.29; 2018-04 · Price AUD 26.71 · Value 14.29 · Buy at or below 14.29; 2018-05 · Price AUD 29.92 · Value 14.29 · Buy at or below 14.29; 2018-06 · Price AUD 30.78 · Value 14.29 · Buy at or below 14.29; 2018-07 · Price AUD 32.07 · Value 14.29 · Buy at or below 14.29; 2018-08 · Price AUD 31.46 · Value 14.29 · Buy at or below 14.29; 2018-09 · Price AUD 28.33 · Value 14.29 · Buy at or below 14.29; 2018-10 · Price AUD 26.39 · Value 14.29 · Buy at or below 14.29; 2018-11 · Price AUD 23.57 · Value 14.29 · Buy at or below 14.29; 2018-12 · Price AUD 21.75 · Value 14.29 · Buy at or below 14.29; 2019-01 · Price AUD 24.53 · Value 14.29 · Buy at or below 14.29; 2019-02 · Price AUD 24.52 · Value 22.09 · Buy at or below 22.09; 2019-03 · Price AUD 24.41 · Value 22.09 · Buy at or below 22.09; 2019-04 · Price AUD 25.98 · Value 22.09 · Buy at or below 22.09; 2019-05 · Price AUD 29.00 · Value 22.09 · Buy at or below 22.09; 2019-06 · Price AUD 30.60 · Value 22.09 · Buy at or below 22.09; 2019-07 · Price AUD 30.53 · Value 22.09 · Buy at or below 22.09; 2019-08 · Price AUD 29.63 · Value 22.09 · Buy at or below 22.09; 2019-09 · Price AUD 30.48 · Value 22.09 · Buy at or below 22.09; 2019-10 · Price AUD 31.49 · Value 22.09 · Buy at or below 22.09; 2019-11 · Price AUD 33.78 · Value 22.09 · Buy at or below 22.09; 2019-12 · Price AUD 33.54 · Value 22.09 · Buy at or below 22.09; 2020-01 · Price AUD 36.06 · Value 22.09 · Buy at or below 22.09; 2020-02 · Price AUD 32.98 · Value 20.29 · Buy at or below 20.29; 2020-03 · Price AUD 21.26 · Value 20.29 · Buy at or below 20.29; 2020-04 · Price AUD 25.39 · Value 20.29 · Buy at or below 20.29; 2020-05 · Price AUD 25.62 · Value 20.29 · Buy at or below 20.29; 2020-06 · Price AUD 25.40 · Value 20.29 · Buy at or below 20.29; 2020-07 · Price AUD 26.08 · Value 20.29 · Buy at or below 20.29; 2020-08 · Price AUD 28.26 · Value 20.29 · Buy at or below 20.29; 2020-09 · Price AUD 29.85 · Value 20.29 · Buy at or below 20.29; 2020-10 · Price AUD 28.52 · Value 20.29 · Buy at or below 20.29; 2020-11 · Price AUD 31.93 · Value 20.29 · Buy at or below 20.29; 2020-12 · Price AUD 30.88 · Value 20.29 · Buy at or below 20.29; 2021-01 · Price AUD 30.94 · Value 20.29 · Buy at or below 20.29; 2021-02 · Price AUD 30.24 · Value 25.93 · Buy at or below 25.93; 2021-03 · Price AUD 34.21 · Value 25.93 · Buy at or below 25.93; 2021-04 · Price AUD 37.02 · Value 25.93 · Buy at or below 25.93; 2021-05 · Price AUD 40.89 · Value 25.93 · Buy at or below 25.93; 2021-06 · Price AUD 42.92 · Value 25.93 · Buy at or below 25.93; 2021-07 · Price AUD 41.47 · Value 25.93 · Buy at or below 25.93; 2021-08 · Price AUD 45.49 · Value 25.93 · Buy at or below 25.93; 2021-09 · Price AUD 46.76 · Value 25.93 · Buy at or below 25.93; 2021-10 · Price AUD 46.68 · Value 25.93 · Buy at or below 25.93; 2021-11 · Price AUD 44.11 · Value 25.93 · Buy at or below 25.93; 2021-12 · Price AUD 43.57 · Value 25.93 · Buy at or below 25.93; 2022-01 · Price AUD 40.35 · Value 25.93 · Buy at or below 25.93; 2022-02 · Price AUD 37.27 · Value 24.48 · Buy at or below 24.48; 2022-03 · Price AUD 36.70 · Value 24.48 · Buy at or below 24.48; 2022-04 · Price AUD 33.66 · Value 24.48 · Buy at or below 24.48; 2022-05 · Price AUD 33.79 · Value 24.48 · Buy at or below 24.48; 2022-06 · Price AUD 34.38 · Value 24.48 · Buy at or below 24.48; 2022-07 · Price AUD 35.30 · Value 24.48 · Buy at or below 24.48; 2022-08 · Price AUD 35.70 · Value 24.48 · Buy at or below 24.48; 2022-09 · Price AUD 32.92 · Value 24.48 · Buy at or below 24.48; 2022-10 · Price AUD 37.07 · Value 24.48 · Buy at or below 24.48; 2022-11 · Price AUD 35.03 · Value 24.48 · Buy at or below 24.48; 2022-12 · Price AUD 30.52 · Value 24.48 · Buy at or below 24.48; 2023-01 · Price AUD 33.96 · Value 24.48 · Buy at or below 24.48; 2023-02 · Price AUD 36.54 · Value 28.17 · Buy at or below 28.17; 2023-03 · Price AUD 37.20 · Value 28.17 · Buy at or below 28.17; 2023-04 · Price AUD 37.91 · Value 28.17 · Buy at or below 28.17; 2023-05 · Price AUD 37.15 · Value 28.17 · Buy at or below 28.17; 2023-06 · Price AUD 38.66 · Value 28.17 · Buy at or below 28.17; 2023-07 · Price AUD 39.33 · Value 28.17 · Buy at or below 28.17; 2023-08 · Price AUD 40.90 · Value 28.17 · Buy at or below 28.17; 2023-09 · Price AUD 40.85 · Value 28.17 · Buy at or below 28.17; 2023-10 · Price AUD 38.53 · Value 28.17 · Buy at or below 28.17; 2023-11 · Price AUD 40.59 · Value 28.17 · Buy at or below 28.17; 2023-12 · Price AUD 40.82 · Value 28.17 · Buy at or below 28.17; 2024-01 · Price AUD 44.50 · Value 28.17 · Buy at or below 28.17; 2024-02 · Price AUD 46.63 · Value 26.10 · Buy at or below 26.10; 2024-03 · Price AUD 43.00 · Value 26.10 · Buy at or below 26.10; 2024-04 · Price AUD 39.92 · Value 26.10 · Buy at or below 26.10; 2024-05 · Price AUD 44.93 · Value 26.10 · Buy at or below 26.10; 2024-06 · Price AUD 49.76 · Value 26.10 · Buy at or below 26.10; 2024-07 · Price AUD 54.22 · Value 26.10 · Buy at or below 26.10; 2024-08 · Price AUD 54.71 · Value 26.10 · Buy at or below 26.10; 2024-09 · Price AUD 58.60 · Value 26.10 · Buy at or below 26.10; 2024-10 · Price AUD 61.52 · Value 26.10 · Buy at or below 26.10; 2024-11 · Price AUD 67.75 · Value 26.10 · Buy at or below 26.10; 2024-12 · Price AUD 68.36 · Value 26.10 · Buy at or below 26.10; 2025-01 · Price AUD 75.57 · Value 26.10 · Buy at or below 26.10; 2025-02 · Price AUD 72.10 · Value 42.85 · Buy at or below 42.85; 2025-03 · Price AUD 64.15 · Value 42.85 · Buy at or below 42.85; 2025-04 · Price AUD 66.84 · Value 42.85 · Buy at or below 42.85; 2025-05 · Price AUD 62.40 · Value 42.85 · Buy at or below 42.85; 2025-06 · Price AUD 65.17 · Value 42.85 · Buy at or below 42.85; 2025-07 · Price AUD 70.04 · Value 42.85 · Buy at or below 42.85; 2025-08 · Price AUD 72.71 · Value 42.85 · Buy at or below 42.85; 2025-09 · Price AUD 69.98 · Value 42.85 · Buy at or below 42.85; 2025-10 · Price AUD 63.35 · Value 42.85 · Buy at or below 42.85; 2025-11 · Price AUD 58.34 · Value 42.85 · Buy at or below 42.85; 2025-12 · Price AUD 58.18 · Value 42.85 · Buy at or below 42.85; 2026-01 · Price AUD 53.56 · Value 42.85 · Buy at or below 42.85; 2026-02 · Price AUD 48.08 · Value 44.08 · Buy at or below 44.08; 2026-03 · Price AUD 45.33 · Value 44.08 · Buy at or below 44.08; 2026-04 · Price AUD 47.28 · Value 44.08 · Buy at or below 44.08; 2026-05 · Price AUD 50.10 · Value 44.08 · Buy at or below 44.08; 2026-06 · Price AUD 61.27 · Value 44.08 · Buy at or below 44.08; 2026-07 · Price AUD 64.09 · Value 44.08 · Buy at or below 44.08; 2026-08 · Price AUD 60.92 · Value 44.08 · Buy at or below 44.08; 2026-09 · Price AUD 59.52 · Value 44.08 · Buy at or below 44.08; 2026-10 · Price AUD 62.17 · Value 44.08 · Buy at or below 44.08; 2026-10 · Price AUD 62.60 · Value 44.08 · Buy at or below 44.08

AUD per share · annual estimates

Price & return math
Value range	AUD 30.49 – AUD 51.66
Buy at or below	Central value AUD 44.08
Discount to value	1 − 62.60 / 44.08 = -42.0%
Return / year	About 8.0% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash AUD 2.04/share; 12.0% growth fades over 10 years to 3.0%; excess cash AUD 0.87/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueAUD 6.3B

Revenue

Owner earningsAUD 1.5B

Owner earnings

Operating margin31.9%

Operating margin

Net cash / debtAUD -739M

Net cash / debt

Diluted shares625M

Diluted shares

Prices 15 Oct 2026 · FY2025