# Eagers Automotive (APE.AU)

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

Analysis as of: 2026-10-16T07:38:41.440Z. Financial observations: FY1996–FY2025.

Listing currency: AUD. Reporting currency: AUD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: AUD 17.92 per share; close as of 2026-10-15.

Estimated value: low AUD 8.80 per share, central AUD 9.82 per share, high AUD 10.90 per share. Buy at or below the central value AUD 9.82 per share. Valuation as of 2026-10-16T07:38:41.440Z; scenarios are not confidence intervals.

Expected annual return: 6.1% at the stated quote. About 6.1% 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: 1

- Operating margin variation: 0.24×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.04×

- FY2017: 0.04×

- FY2018: 0.04×

- FY2019: 0.02×

- FY2020: 0.05×

- FY2021: 0.05×

- FY2022: 0.06×

- FY2023: 0.06×

- FY2024: 0.05×

- FY2025: 0.05×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 8.7pp below the typical margin (limit 4pp)

- ROIC, median of available years: 10.2%

- ROIC, second-lowest year: 7.1%

- Typical minus recent gross margin: 8.7 pp

- Typical gross margin (annual median): 17.6%

- Recent gross margin (lower of latest and 3-year median): 8.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.9%

- ROIC including acquisitions, ten-year median: 3.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 10.0%

- FY2017: 7.1%

- FY2018: 8.0%

- FY2019: 3.4%

- FY2020: 11.8%

- FY2021: 15.7%

- FY2022: 14.1%

- FY2023: 13.6%

- FY2024: 10.4%

- FY2025: 9.8%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: 0.38×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: AUD 515M

- Net income, five-year total: AUD 1.3B

- Return on incremental invested capital: 22.6%

- Working capital / revenue, annual change: -0.5 pp

- Working capital / revenue, change between three-year averages: -2.0 pp

- Working capital / revenue, final three-year average: 16.8%

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

- FY2021: 0.46×

- FY2022: 0.04×

- FY2023: 0.54×

- FY2024: 0.32×

- FY2025: 0.62×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 8.0% vs 10.4%

- Per-share earnings: 0.50 to 0.85 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 3.6%

- Ordinary dilution, 5-year annual growth: 0.7%

- Market cap gain: AUD 4.8B

- Cumulative retained earnings: AUD 401M

- Diluted shares, 10-year annual growth: 3.6%

- Diluted shares, 5-year annual growth: 0.7%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 7.0%

- Per-share value change: AUD 0.36

- Per-share value, starting three-year median: AUD 0.50

- Per-share value, ending three-year median: AUD 0.85

- Buybacks concentrated in cheaper years (correlation): 0.52

- Average buyback yield: 0.6%

- Buyback history: 8 years

- Debt-funded buybacks: No

- Acquisition spending: AUD 1.7B

- Cumulative net income, 10 years: AUD 1.6B

- ROIC, first three-year median: 8.0%

- ROIC, last three-year median: 10.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: AUD 0.54

- FY2017: AUD 0.50

- FY2018: AUD 0.52

- FY2019: AUD -0.69

- FY2020: AUD 0.57

- FY2021: AUD 1.24

- FY2022: AUD 1.21

- FY2023: AUD 1.09

- FY2024: AUD 0.80

- FY2025: AUD 0.85

### accounting: pass

- Sloan accruals: -3.8%

- Receivables to sales index (DSRI): 1.09×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.03×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.56×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -0.3%

- FY2017: -2.7%

- FY2018: -0.7%

- FY2019: -6.4%

- FY2020: -9.4%

- FY2021: 5.3%

- FY2022: -2.8%

- FY2023: -2.9%

- FY2024: -2.5%

- FY2025: -3.8%

## Holders

## Price story

Down 47% since Oct 2025 · sales +16.5%

Story as of 2026-10-16T10:00:10.153Z; price observation 2026-10-15.

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

### Sales · FY2024–2025

sales +16.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: AUD 3.8B 

- FY2017: AUD 4.0B 

- FY2018: AUD 4.1B 

- FY2019: AUD 5.8B 

- FY2020: AUD 8.7B 

- FY2021: AUD 8.7B 

- FY2022: AUD 8.5B 

- FY2023: AUD 9.9B 

- FY2024: AUD 11B 

- FY2025: AUD 13B 

### Gross margin · FY2025

gross margin 8.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 17.0% 

- FY2017: 17.8% 

- FY2018: 17.3% 

- FY2019: 7.1% 

- FY2020: 9.0% 

- FY2021: 18.7% 

- FY2022: 19.2% 

- FY2023: 18.7% 

- FY2024: 17.9% 

- FY2025: 8.8% 

## Owner memo

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

### How it makes money

Operates in auto & truck dealerships; annual sales are AUD 13 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:41.440Z); FY2025: revenue 13045190000; grossProfit 1152895000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 8.8% to 18.7% during 2023–25; it earns 10.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:41.440Z); FY2023: grossProfit / revenue = 18.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:41.440Z); FY2024: grossProfit / revenue = 17.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:41.440Z); FY2025: grossProfit / revenue = 8.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:41.440Z); 10-year return on capital observations [[2016,0.10022733309586329],[2017,0.07079768717507866],[2018,0.07976683966597889],[2019,0.033639426496593954],[2020,0.11762642171234602],[2021,0.15682359535060758],[2022,0.14097117314939425],[2023,0.13601721138528713],[2024,0.1037730771906633],[2025,0.09807817279239409]]; median 0.1020002051432633. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 19% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:41.440Z); Gross margin observations: [[2021,0.18698875807385085],[2022,0.19209572274290868],[2023,0.18710989525543914]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back AUD 4.6 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:41.440Z); FY2016: growth capex 38713000; upkeep 13993000; owner earnings 103984000. Growth capex / owner earnings = 0.3722976611786429.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:41.440Z); FY2017: growth capex 12732000; upkeep 16651000; owner earnings 96027000. Growth capex / owner earnings = 0.13258770970664502.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:41.440Z); FY2018: growth capex 0; upkeep 38891000; owner earnings 106802000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:41.440Z); FY2020: growth capex 0; upkeep 42246000; owner earnings 17117200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:41.440Z); FY2021: growth capex 0; upkeep 67807000; owner earnings 145216000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:41.440Z); FY2022: growth capex 0; upkeep 208936000; owner earnings 11280000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:41.440Z); FY2023: growth capex 0; upkeep 74296000; owner earnings 152469800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:41.440Z); FY2024: growth capex 0; upkeep 111649000; owner earnings 66258200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:41.440Z); FY2025: growth capex 0; upkeep 71274000; owner earnings 139477400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:41.440Z); Dividend observations: [[2016,62787000],[2017,67983000],[2018,70245000],[2019,78368000],[2020,32001000],[2021,146304000],[2022,175296000],[2023,186801000],[2024,190872000],[2025,189274000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:41.440Z); FY2025: cash repurchases 4558000 AUD.

### Are managers owners

Insiders own 38.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); APE.AU SharesStats.PercentInsiders = 38.36 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 1.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:41.440Z); Ten-year compound average after fade. Initial solved rate 0.1584870337912595. Price 17.92; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.45996873682918893 → FY2025 0.5234074203053442. Closing-price date 2026-10-15.

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

- 2016-10: AUD 9.80 per share

- 2016-11: AUD 9.14 per share

- 2016-12: AUD 9.22 per share

- 2017-01: AUD 9.62 per share

- 2017-02: AUD 8.90 per share

- 2017-03: AUD 9.09 per share

- 2017-04: AUD 8.03 per share

- 2017-05: AUD 7.45 per share

- 2017-06: AUD 8.36 per share

- 2017-07: AUD 9.08 per share

- 2017-08: AUD 7.95 per share

- 2017-09: AUD 7.60 per share

- 2017-10: AUD 7.51 per share

- 2017-11: AUD 7.82 per share

- 2017-12: AUD 7.97 per share

- 2018-01: AUD 8.15 per share

- 2018-02: AUD 8.62 per share

- 2018-03: AUD 8.50 per share

- 2018-04: AUD 8.79 per share

- 2018-05: AUD 8.35 per share

- 2018-06: AUD 8.53 per share

- 2018-07: AUD 8.58 per share

- 2018-08: AUD 8.07 per share

- 2018-09: AUD 7.90 per share

- 2018-10: AUD 7.35 per share

- 2018-11: AUD 6.86 per share

- 2018-12: AUD 6.00 per share

- 2019-01: AUD 6.42 per share

- 2019-02: AUD 7.74 per share

- 2019-03: AUD 7.35 per share

- 2019-04: AUD 8.68 per share

- 2019-05: AUD 10.35 per share

- 2019-06: AUD 9.80 per share

- 2019-07: AUD 11.20 per share

- 2019-08: AUD 12.37 per share

- 2019-09: AUD 14.22 per share

- 2019-10: AUD 12.24 per share

- 2019-11: AUD 9.78 per share

- 2019-12: AUD 10.24 per share

- 2020-01: AUD 8.92 per share

- 2020-02: AUD 8.88 per share

- 2020-03: AUD 3.03 per share

- 2020-04: AUD 5.14 per share

- 2020-05: AUD 6.44 per share

- 2020-06: AUD 6.75 per share

- 2020-07: AUD 8.11 per share

- 2020-08: AUD 8.92 per share

- 2020-09: AUD 9.15 per share

- 2020-10: AUD 10.86 per share

- 2020-11: AUD 13.05 per share

- 2020-12: AUD 13.29 per share

- 2021-01: AUD 13.32 per share

- 2021-02: AUD 13.25 per share

- 2021-03: AUD 13.98 per share

- 2021-04: AUD 15.66 per share

- 2021-05: AUD 15.50 per share

- 2021-06: AUD 16.56 per share

- 2021-07: AUD 15.82 per share

- 2021-08: AUD 16.41 per share

- 2021-09: AUD 15.01 per share

- 2021-10: AUD 14.82 per share

- 2021-11: AUD 13.99 per share

- 2021-12: AUD 13.44 per share

- 2022-01: AUD 12.74 per share

- 2022-02: AUD 13.98 per share

- 2022-03: AUD 14.28 per share

- 2022-04: AUD 13.38 per share

- 2022-05: AUD 10.90 per share

- 2022-06: AUD 9.72 per share

- 2022-07: AUD 12.53 per share

- 2022-08: AUD 13.32 per share

- 2022-09: AUD 10.99 per share

- 2022-10: AUD 12.39 per share

- 2022-11: AUD 12.26 per share

- 2022-12: AUD 10.85 per share

- 2023-01: AUD 11.42 per share

- 2023-02: AUD 13.69 per share

- 2023-03: AUD 13.49 per share

- 2023-04: AUD 14.15 per share

- 2023-05: AUD 12.35 per share

- 2023-06: AUD 13.49 per share

- 2023-07: AUD 14.76 per share

- 2023-08: AUD 16.00 per share

- 2023-09: AUD 13.93 per share

- 2023-10: AUD 12.87 per share

- 2023-11: AUD 13.39 per share

- 2023-12: AUD 14.48 per share

- 2024-01: AUD 14.27 per share

- 2024-02: AUD 14.81 per share

- 2024-03: AUD 14.16 per share

- 2024-04: AUD 12.64 per share

- 2024-05: AUD 10.12 per share

- 2024-06: AUD 10.52 per share

- 2024-07: AUD 10.62 per share

- 2024-08: AUD 10.44 per share

- 2024-09: AUD 10.92 per share

- 2024-10: AUD 11.11 per share

- 2024-11: AUD 11.28 per share

- 2024-12: AUD 11.84 per share

- 2025-01: AUD 12.91 per share

- 2025-02: AUD 14.99 per share

- 2025-03: AUD 14.99 per share

- 2025-04: AUD 18.46 per share

- 2025-05: AUD 17.36 per share

- 2025-06: AUD 17.45 per share

- 2025-07: AUD 19.62 per share

- 2025-08: AUD 27.65 per share

- 2025-09: AUD 28.68 per share

- 2025-10: AUD 34.06 per share

- 2025-11: AUD 28.48 per share

- 2025-12: AUD 24.64 per share

- 2026-01: AUD 26.83 per share

- 2026-02: AUD 24.00 per share

- 2026-03: AUD 22.50 per share

- 2026-04: AUD 24.00 per share

- 2026-05: AUD 20.89 per share

- 2026-06: AUD 21.26 per share

- 2026-07: AUD 23.52 per share

- 2026-08: AUD 21.36 per share

- 2026-09: AUD 18.39 per share

- 2026-10: AUD 18.14 per share

## Annual estimated value (AUD per share)

- FY2016: low AUD 6.87 per share, central AUD 9.43 per share, high AUD 11.05 per share

- FY2017: low AUD 6.87 per share, central AUD 8.87 per share, high AUD 10.37 per share

- FY2018: low AUD 7.20 per share, central AUD 9.40 per share, high AUD 11.00 per share

- FY2019: low AUD 9.41 per share, central AUD 12.68 per share, high AUD 14.85 per share

- FY2020: low AUD 9.03 per share, central AUD 10.26 per share, high AUD 11.89 per share

- FY2021: low AUD 7.24 per share, central AUD 9.57 per share, high AUD 11.19 per share

- FY2022: low AUD 0.79 per share, central AUD 0.89 per share, high AUD 1.02 per share

- FY2023: low AUD 1.05 per share, central AUD 1.37 per share, high AUD 1.58 per share

- FY2024: low AUD 2.83 per share, central AUD 3.22 per share, high AUD 3.74 per share

- FY2025: low AUD 6.66 per share, central AUD 7.74 per share, high AUD 8.88 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

Prior published observations retained from 2026-10-15T06:44:25.369Z where newer inputs omit a numeric field or fiscal period.

## 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.

Eagers Automotive

APE · AU

S&P/ASX 200

Not a wonderful business

2 quality tests fail. A lower price would not fix the business.

Share price: AUD 17.92
Buy up to: AUD 9.82
Expected / yr: 6.1% at today's price (10.0% at central value)

The business

How it makes money
Why customers stay
Can it raise prices
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 23.7% around their average (limit 35%), and 1 loss years were recorded (limit 2).

Operating margin

10y median: 4.7%
Worst year: 2.1%
Latest · 2025: 4.7%

Capital return excluding acquisitions: median 10.2% (minimum 15%), and the second-worst year 7.1% (minimum 10%), and gross margin fell 8.7 percentage points (limit 4).

ROIC excluding acquisitions

10y median: 10.2%
Worst year: 3.4%
Latest · 2025: 9.8%

Each $1 of profit left $0.38 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 0.38×
Annual median: 0.46×
Latest · 2025: 0.62×

Per-share value rose from 0.5 to 0.85, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: AUD 0.69
Worst year: AUD -0.69
Latest · 2025: AUD 0.85

Profits were backed by cash: accruals were -3.8% of assets (limit 10%).

Sloan accruals

10y median: -2.8%
Worst year: 5.3%
Latest · 2025: -3.8%

Profit record · pass 1 loss year in 10 (at most 2), mean operating margin 4.5%, three-year average owner earnings per share 0.46 AUD.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price AUD 9.80 · Value 9.43 · Buy at or below 9.43; 2016-11 · Price AUD 9.14 · Value 9.43 · Buy at or below 9.43; 2016-12 · Price AUD 9.22 · Value 9.43 · Buy at or below 9.43; 2017-01 · Price AUD 9.62 · Value 9.43 · Buy at or below 9.43; 2017-02 · Price AUD 8.90 · Value 8.87 · Buy at or below 8.87; 2017-03 · Price AUD 9.09 · Value 8.87 · Buy at or below 8.87; 2017-04 · Price AUD 8.03 · Value 8.87 · Buy at or below 8.87; 2017-05 · Price AUD 7.45 · Value 8.87 · Buy at or below 8.87; 2017-06 · Price AUD 8.36 · Value 8.87 · Buy at or below 8.87; 2017-07 · Price AUD 9.08 · Value 8.87 · Buy at or below 8.87; 2017-08 · Price AUD 7.95 · Value 8.87 · Buy at or below 8.87; 2017-09 · Price AUD 7.60 · Value 8.87 · Buy at or below 8.87; 2017-10 · Price AUD 7.51 · Value 8.87 · Buy at or below 8.87; 2017-11 · Price AUD 7.82 · Value 8.87 · Buy at or below 8.87; 2017-12 · Price AUD 7.97 · Value 8.87 · Buy at or below 8.87; 2018-01 · Price AUD 8.15 · Value 8.87 · Buy at or below 8.87; 2018-02 · Price AUD 8.62 · Value 9.40 · Buy at or below 9.40; 2018-03 · Price AUD 8.50 · Value 9.40 · Buy at or below 9.40; 2018-04 · Price AUD 8.79 · Value 9.40 · Buy at or below 9.40; 2018-05 · Price AUD 8.35 · Value 9.40 · Buy at or below 9.40; 2018-06 · Price AUD 8.53 · Value 9.40 · Buy at or below 9.40; 2018-07 · Price AUD 8.58 · Value 9.40 · Buy at or below 9.40; 2018-08 · Price AUD 8.07 · Value 9.40 · Buy at or below 9.40; 2018-09 · Price AUD 7.90 · Value 9.40 · Buy at or below 9.40; 2018-10 · Price AUD 7.35 · Value 9.40 · Buy at or below 9.40; 2018-11 · Price AUD 6.86 · Value 9.40 · Buy at or below 9.40; 2018-12 · Price AUD 6.00 · Value 9.40 · Buy at or below 9.40; 2019-01 · Price AUD 6.42 · Value 9.40 · Buy at or below 9.40; 2019-02 · Price AUD 7.74 · Value 12.68 · Buy at or below 12.68; 2019-03 · Price AUD 7.35 · Value 12.68 · Buy at or below 12.68; 2019-04 · Price AUD 8.68 · Value 12.68 · Buy at or below 12.68; 2019-05 · Price AUD 10.35 · Value 12.68 · Buy at or below 12.68; 2019-06 · Price AUD 9.80 · Value 12.68 · Buy at or below 12.68; 2019-07 · Price AUD 11.20 · Value 12.68 · Buy at or below 12.68; 2019-08 · Price AUD 12.37 · Value 12.68 · Buy at or below 12.68; 2019-09 · Price AUD 14.22 · Value 12.68 · Buy at or below 12.68; 2019-10 · Price AUD 12.24 · Value 12.68 · Buy at or below 12.68; 2019-11 · Price AUD 9.78 · Value 12.68 · Buy at or below 12.68; 2019-12 · Price AUD 10.24 · Value 12.68 · Buy at or below 12.68; 2020-01 · Price AUD 8.92 · Value 12.68 · Buy at or below 12.68; 2020-02 · Price AUD 8.88 · Value 10.26 · Buy at or below 10.26; 2020-03 · Price AUD 3.03 · Value 10.26 · Buy at or below 10.26; 2020-04 · Price AUD 5.14 · Value 10.26 · Buy at or below 10.26; 2020-05 · Price AUD 6.44 · Value 10.26 · Buy at or below 10.26; 2020-06 · Price AUD 6.75 · Value 10.26 · Buy at or below 10.26; 2020-07 · Price AUD 8.11 · Value 10.26 · Buy at or below 10.26; 2020-08 · Price AUD 8.92 · Value 10.26 · Buy at or below 10.26; 2020-09 · Price AUD 9.15 · Value 10.26 · Buy at or below 10.26; 2020-10 · Price AUD 10.86 · Value 10.26 · Buy at or below 10.26; 2020-11 · Price AUD 13.05 · Value 10.26 · Buy at or below 10.26; 2020-12 · Price AUD 13.29 · Value 10.26 · Buy at or below 10.26; 2021-01 · Price AUD 13.32 · Value 10.26 · Buy at or below 10.26; 2021-02 · Price AUD 13.25 · Value 9.57 · Buy at or below 9.57; 2021-03 · Price AUD 13.98 · Value 9.57 · Buy at or below 9.57; 2021-04 · Price AUD 15.66 · Value 9.57 · Buy at or below 9.57; 2021-05 · Price AUD 15.50 · Value 9.57 · Buy at or below 9.57; 2021-06 · Price AUD 16.56 · Value 9.57 · Buy at or below 9.57; 2021-07 · Price AUD 15.82 · Value 9.57 · Buy at or below 9.57; 2021-08 · Price AUD 16.41 · Value 9.57 · Buy at or below 9.57; 2021-09 · Price AUD 15.01 · Value 9.57 · Buy at or below 9.57; 2021-10 · Price AUD 14.82 · Value 9.57 · Buy at or below 9.57; 2021-11 · Price AUD 13.99 · Value 9.57 · Buy at or below 9.57; 2021-12 · Price AUD 13.44 · Value 9.57 · Buy at or below 9.57; 2022-01 · Price AUD 12.74 · Value 9.57 · Buy at or below 9.57; 2022-02 · Price AUD 13.98 · Value 0.89 · Buy at or below 0.89; 2022-03 · Price AUD 14.28 · Value 0.89 · Buy at or below 0.89; 2022-04 · Price AUD 13.38 · Value 0.89 · Buy at or below 0.89; 2022-05 · Price AUD 10.90 · Value 0.89 · Buy at or below 0.89; 2022-06 · Price AUD 9.72 · Value 0.89 · Buy at or below 0.89; 2022-07 · Price AUD 12.53 · Value 0.89 · Buy at or below 0.89; 2022-08 · Price AUD 13.32 · Value 0.89 · Buy at or below 0.89; 2022-09 · Price AUD 10.99 · Value 0.89 · Buy at or below 0.89; 2022-10 · Price AUD 12.39 · Value 0.89 · Buy at or below 0.89; 2022-11 · Price AUD 12.26 · Value 0.89 · Buy at or below 0.89; 2022-12 · Price AUD 10.85 · Value 0.89 · Buy at or below 0.89; 2023-01 · Price AUD 11.42 · Value 0.89 · Buy at or below 0.89; 2023-02 · Price AUD 13.69 · Value 1.37 · Buy at or below 1.37; 2023-03 · Price AUD 13.49 · Value 1.37 · Buy at or below 1.37; 2023-04 · Price AUD 14.15 · Value 1.37 · Buy at or below 1.37; 2023-05 · Price AUD 12.35 · Value 1.37 · Buy at or below 1.37; 2023-06 · Price AUD 13.49 · Value 1.37 · Buy at or below 1.37; 2023-07 · Price AUD 14.76 · Value 1.37 · Buy at or below 1.37; 2023-08 · Price AUD 16.00 · Value 1.37 · Buy at or below 1.37; 2023-09 · Price AUD 13.93 · Value 1.37 · Buy at or below 1.37; 2023-10 · Price AUD 12.87 · Value 1.37 · Buy at or below 1.37; 2023-11 · Price AUD 13.39 · Value 1.37 · Buy at or below 1.37; 2023-12 · Price AUD 14.48 · Value 1.37 · Buy at or below 1.37; 2024-01 · Price AUD 14.27 · Value 1.37 · Buy at or below 1.37; 2024-02 · Price AUD 14.81 · Value 3.22 · Buy at or below 3.22; 2024-03 · Price AUD 14.16 · Value 3.22 · Buy at or below 3.22; 2024-04 · Price AUD 12.64 · Value 3.22 · Buy at or below 3.22; 2024-05 · Price AUD 10.12 · Value 3.22 · Buy at or below 3.22; 2024-06 · Price AUD 10.52 · Value 3.22 · Buy at or below 3.22; 2024-07 · Price AUD 10.62 · Value 3.22 · Buy at or below 3.22; 2024-08 · Price AUD 10.44 · Value 3.22 · Buy at or below 3.22; 2024-09 · Price AUD 10.92 · Value 3.22 · Buy at or below 3.22; 2024-10 · Price AUD 11.11 · Value 3.22 · Buy at or below 3.22; 2024-11 · Price AUD 11.28 · Value 3.22 · Buy at or below 3.22; 2024-12 · Price AUD 11.84 · Value 3.22 · Buy at or below 3.22; 2025-01 · Price AUD 12.91 · Value 3.22 · Buy at or below 3.22; 2025-02 · Price AUD 14.99 · Value 7.74 · Buy at or below 7.74; 2025-03 · Price AUD 14.99 · Value 7.74 · Buy at or below 7.74; 2025-04 · Price AUD 18.46 · Value 7.74 · Buy at or below 7.74; 2025-05 · Price AUD 17.36 · Value 7.74 · Buy at or below 7.74; 2025-06 · Price AUD 17.45 · Value 7.74 · Buy at or below 7.74; 2025-07 · Price AUD 19.62 · Value 7.74 · Buy at or below 7.74; 2025-08 · Price AUD 27.65 · Value 7.74 · Buy at or below 7.74; 2025-09 · Price AUD 28.68 · Value 7.74 · Buy at or below 7.74; 2025-10 · Price AUD 34.06 · Value 7.74 · Buy at or below 7.74; 2025-11 · Price AUD 28.48 · Value 7.74 · Buy at or below 7.74; 2025-12 · Price AUD 24.64 · Value 7.74 · Buy at or below 7.74; 2026-01 · Price AUD 26.83 · Value 7.74 · Buy at or below 7.74; 2026-02 · Price AUD 24.00 · Value 9.82 · Buy at or below 9.82; 2026-03 · Price AUD 22.50 · Value 9.82 · Buy at or below 9.82; 2026-04 · Price AUD 24.00 · Value 9.82 · Buy at or below 9.82; 2026-05 · Price AUD 20.89 · Value 9.82 · Buy at or below 9.82; 2026-06 · Price AUD 21.26 · Value 9.82 · Buy at or below 9.82; 2026-07 · Price AUD 23.52 · Value 9.82 · Buy at or below 9.82; 2026-08 · Price AUD 21.36 · Value 9.82 · Buy at or below 9.82; 2026-09 · Price AUD 18.39 · Value 9.82 · Buy at or below 9.82; 2026-10 · Price AUD 18.14 · Value 9.82 · Buy at or below 9.82; 2026-10 · Price AUD 17.92 · Value 9.82 · Buy at or below 9.82

AUD per share · annual estimates

Price & return math
Value range	AUD 8.80 – AUD 10.90
Buy at or below	Central value AUD 9.82
Discount to value	1 − 17.92 / 9.82 = -82.5%
Return / year	About 6.1% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash AUD 0.49/share; 1.3% growth for 5 years, then fades to 3.0%; excess cash AUD 3.21/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueAUD 13B

Revenue

Owner earningsAUD 139M

Owner earnings

Operating margin4.7%

Operating margin

Net cash / debtAUD -3.3B

Net cash / debt

Diluted shares266M

Diluted shares

Prices 15 Oct 2026 · FY2025