# AUB Group (AUB.AU)

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

Analysis as of: 2026-10-16T07:39:52.087Z. Financial observations: FY2003–FY2026.

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 28.32 per share; close as of 2026-10-15.

Estimated value: low AUD 17.62 per share, central AUD 20.05 per share, high AUD 23.29 per share. Buy at or below the central value AUD 20.05 per share. Valuation as of 2026-10-16T07:39:52.087Z; scenarios are not confidence intervals.

Expected annual return: 7.9% at the stated quote. About 7.9% 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: fail

- 1 revenue decline in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.39×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.13×

- FY2018: 0.34×

- FY2019: 0.11×

- FY2020: 0.15×

- FY2021: 0.16×

- FY2022: 0.19×

- FY2023: 0.25×

- FY2024: 0.35×

- FY2025: 0.15×

- FY2026: 0.23×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC median below threshold

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

- Recent gross margin fell 25.8pp below the typical margin (limit 4pp)

- ROIC, median of available years: 6.8%

- ROIC, second-lowest year: 5.1%

- Typical minus recent gross margin: 25.8 pp

- Typical gross margin (annual median): 51.2%

- Recent gross margin (lower of latest and 3-year median): 25.4%

- Years with nonpositive capital: 7

- Capital spending / revenue: 0.6%

- ROIC including acquisitions, ten-year median: 17.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 7.3%

- FY2018: >100%

- FY2019: 4.7%

- FY2020: 32.4%

- FY2021: >100%

- FY2022: 5.1%

- FY2023: 6.1%

- FY2024: 12.6%

- FY2025: 5.2%

- FY2026: 6.3%

### economics: pass

- Owner earnings / net income, 5-yr: 1.39×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: AUD 775M

- Net income, five-year total: AUD 559M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -5.7 pp

- Working capital / revenue, change between three-year averages: -51.5 pp

- Working capital / revenue, final three-year average: 16.7%

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

- FY2022: 1.20×

- FY2023: 1.48×

- FY2024: 1.35×

- FY2025: 1.34×

- FY2026: 1.61×

### management: fail

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 7.3% vs 6.3%

- Per-share earnings: 0.65 to 1.17 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 7.0%

- Ordinary dilution, 5-year annual growth: 10.6%

- Market cap gain: AUD 2.8B

- Cumulative retained earnings: AUD 149M

- Diluted shares, 10-year annual growth: 7.0%

- Diluted shares, 5-year annual growth: 10.6%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 7.5%

- Per-share value change: AUD 0.52

- Per-share value, starting three-year median: AUD 0.65

- Per-share value, ending three-year median: AUD 1.17

- Buybacks concentrated in cheaper years (correlation): -1.00

- Average buyback yield: 14.5%

- Buyback history: 2 years

- Debt-funded buybacks: No

- Acquisition spending: AUD 3.8B

- Cumulative net income, 10 years: AUD 805M

- ROIC, first three-year median: 7.3%

- ROIC, last three-year median: 6.3%

Chart: Earnings per share; fiscal year observations.

- FY2017: AUD 0.51

- FY2018: AUD 0.70

- FY2019: AUD 0.64

- FY2020: AUD 0.64

- FY2021: AUD 0.92

- FY2022: AUD 0.83

- FY2023: AUD 0.60

- FY2024: AUD 1.17

- FY2025: AUD 1.54

- FY2026: AUD 0.76

### accounting: pass

- Sloan accruals: -0.5%

- Receivables to sales index (DSRI): 1.06×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.27×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.53×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -3.0%

- FY2018: -1.4%

- FY2019: -2.5%

- FY2020: -4.2%

- FY2021: -3.7%

- FY2022: -0.9%

- FY2023: -3.5%

- FY2024: 1.4%

- FY2025: -4.4%

- FY2026: -0.5%

## Holders

## Price story

Down 24% since Nov 2025 · sales +1.8%

Story as of 2026-10-16T10:00:11.051Z; price observation 2026-10-15.

Price needs cash profits to grow 5.2% a year for ten years

### Sales · FY2025–2026

sales +1.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: AUD 265M 

- FY2018: AUD 241M 

- FY2019: AUD 271M 

- FY2020: AUD 308M 

- FY2021: AUD 316M 

- FY2022: AUD 337M 

- FY2023: AUD 740M 

- FY2024: AUD 1.1B 

- FY2025: AUD 1.2B 

- FY2026: AUD 1.2B 

### Gross margin · FY2026

gross margin 77.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: 44.2% 

- FY2018: 51.3% 

- FY2019: 47.3% 

- FY2020: 51.1% 

- FY2021: 53.7% 

- FY2022: 87.6% 

- FY2023: 52.4% 

- FY2024: 24.8% 

- FY2025: 25.4% 

- FY2026: 77.6% 

## Owner memo

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

### How it makes money

Operates in insurance brokers; annual sales are AUD 1.2 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:52.087Z); FY2026: revenue 1194013000; grossProfit 926279000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); AUB.AU: AUB Group Limited engages in the insurance broking and underwriting agency businesses in Australia, the United States, the United Kingdom, Rest of Europe, New Zealand, and internationally. The company operates through five segments: Australian Broking, New Zealand Broking, Agencies, International, and Support Services. It offers insurance broking and advisory services primarily to SME clients; and broking businesses complemented by established capabilities in member services, life insurance broking, premium funding, and claims management. The company also designs, distributes, and manages insurance products and portfolios on behalf of licensed insurance companies. In addition, it is involved in wholesale and retail broking and managing general agents. Further, the company provides automated quoting and binding, white-labelling, and technological support services, as well as ExpressCover, an SME insurance platform utilizing BizCover, a digital SME insurance platform with multichannel presence and insurance offerings; and distributes ancillary products. The company was formerly known as Austbrokers Holdings Limited and changed its name to AUB Group Limited in November 2015. AUB Group Limited was incorporated in 1885 and is headquartered in North Sydney, Australia.

### Why customers stay

Margins ranged from 24.8% to 77.6% during 2024–26; it earns 6.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:52.087Z); FY2024: grossProfit / revenue = 24.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:52.087Z); FY2025: grossProfit / revenue = 25.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:52.087Z); FY2026: grossProfit / revenue = 77.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:52.087Z); 10-year return on capital observations [[2017,0.0730312594119817],[2018,6.213047980599614],[2019,0.04729479886188041],[2020,0.324175387248305],[2021,2.8282294768781253],[2022,0.05093610767214272],[2023,0.06076369425438958],[2024,0.1263316345448885],[2025,0.05238421157723546],[2026,0.06287094199926858]]; median 0.06795110070562514. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:52.087Z); FY2017: growth capex 0; upkeep 6457000; owner earnings 33560000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:52.087Z); FY2018: growth capex 0; upkeep 5733000; owner earnings 48083000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:52.087Z); FY2019: growth capex 0; upkeep 7171000; owner earnings 52342400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:52.087Z); FY2020: growth capex 0; upkeep 1873000; owner earnings 59945400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:52.087Z); FY2021: growth capex 0; upkeep 699000; owner earnings 85497000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:52.087Z); FY2022: growth capex 0; upkeep 2193000; owner earnings 96766000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:52.087Z); FY2023: growth capex 0; upkeep 749000; owner earnings 96758583.89050785. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:52.087Z); FY2024: growth capex 0; upkeep 6399000; owner earnings 185285780.50418365. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:52.087Z); FY2025: growth capex 0; upkeep 4629000; owner earnings 242156788.25068182. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:52.087Z); FY2026: growth capex 0; upkeep 5717000; owner earnings 154512929.90001944. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:52.087Z); Dividend observations: [[2017,34362000],[2018,32945000],[2019,40323000],[2020,28975000],[2021,60358000],[2022,56665000],[2023,86353000],[2024,72653000],[2025,156908000],[2026,112221000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 6.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); AUB.AU SharesStats.PercentInsiders = 6.099 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 5.2% yearly over ten years; actual growth was 6.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:52.087Z); Ten-year compound average after fade. Initial solved rate 0.06181797527203792. Price 28.32; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 0.672641553470569 → FY2026 1.2236554371689234. Closing-price date 2026-10-15.

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

- 2016-10: AUD 9.59 per share

- 2016-11: AUD 9.80 per share

- 2016-12: AUD 10.17 per share

- 2017-01: AUD 10.14 per share

- 2017-02: AUD 10.90 per share

- 2017-03: AUD 11.33 per share

- 2017-04: AUD 11.68 per share

- 2017-05: AUD 12.82 per share

- 2017-06: AUD 12.58 per share

- 2017-07: AUD 12.50 per share

- 2017-08: AUD 12.35 per share

- 2017-09: AUD 12.44 per share

- 2017-10: AUD 12.82 per share

- 2017-11: AUD 12.93 per share

- 2017-12: AUD 12.79 per share

- 2018-01: AUD 12.55 per share

- 2018-02: AUD 12.37 per share

- 2018-03: AUD 13.70 per share

- 2018-04: AUD 13.60 per share

- 2018-05: AUD 13.85 per share

- 2018-06: AUD 13.16 per share

- 2018-07: AUD 12.70 per share

- 2018-08: AUD 14.05 per share

- 2018-09: AUD 12.90 per share

- 2018-10: AUD 13.05 per share

- 2018-11: AUD 11.97 per share

- 2018-12: AUD 12.20 per share

- 2019-01: AUD 11.62 per share

- 2019-02: AUD 12.16 per share

- 2019-03: AUD 12.85 per share

- 2019-04: AUD 12.40 per share

- 2019-05: AUD 11.48 per share

- 2019-06: AUD 10.24 per share

- 2019-07: AUD 11.68 per share

- 2019-08: AUD 10.95 per share

- 2019-09: AUD 11.46 per share

- 2019-10: AUD 12.12 per share

- 2019-11: AUD 11.64 per share

- 2019-12: AUD 11.77 per share

- 2020-01: AUD 12.72 per share

- 2020-02: AUD 13.63 per share

- 2020-03: AUD 9.53 per share

- 2020-04: AUD 11.45 per share

- 2020-05: AUD 13.39 per share

- 2020-06: AUD 14.42 per share

- 2020-07: AUD 12.80 per share

- 2020-08: AUD 15.50 per share

- 2020-09: AUD 16.29 per share

- 2020-10: AUD 16.37 per share

- 2020-11: AUD 16.38 per share

- 2020-12: AUD 15.89 per share

- 2021-01: AUD 15.92 per share

- 2021-02: AUD 18.68 per share

- 2021-03: AUD 18.90 per share

- 2021-04: AUD 20.02 per share

- 2021-05: AUD 19.03 per share

- 2021-06: AUD 21.97 per share

- 2021-07: AUD 22.62 per share

- 2021-08: AUD 23.45 per share

- 2021-09: AUD 23.60 per share

- 2021-10: AUD 21.30 per share

- 2021-11: AUD 22.46 per share

- 2021-12: AUD 25.28 per share

- 2022-01: AUD 22.62 per share

- 2022-02: AUD 21.19 per share

- 2022-03: AUD 22.39 per share

- 2022-04: AUD 22.89 per share

- 2022-05: AUD 18.73 per share

- 2022-06: AUD 17.68 per share

- 2022-07: AUD 19.36 per share

- 2022-08: AUD 22.21 per share

- 2022-09: AUD 18.97 per share

- 2022-10: AUD 20.68 per share

- 2022-11: AUD 23.08 per share

- 2022-12: AUD 22.53 per share

- 2023-01: AUD 23.57 per share

- 2023-02: AUD 27.68 per share

- 2023-03: AUD 25.51 per share

- 2023-04: AUD 27.47 per share

- 2023-05: AUD 25.28 per share

- 2023-06: AUD 29.40 per share

- 2023-07: AUD 28.68 per share

- 2023-08: AUD 30.83 per share

- 2023-09: AUD 29.14 per share

- 2023-10: AUD 26.93 per share

- 2023-11: AUD 28.15 per share

- 2023-12: AUD 27.75 per share

- 2024-01: AUD 30.67 per share

- 2024-02: AUD 30.22 per share

- 2024-03: AUD 29.74 per share

- 2024-04: AUD 28.29 per share

- 2024-05: AUD 29.55 per share

- 2024-06: AUD 31.69 per share

- 2024-07: AUD 32.28 per share

- 2024-08: AUD 31.26 per share

- 2024-09: AUD 30.78 per share

- 2024-10: AUD 31.98 per share

- 2024-11: AUD 32.80 per share

- 2024-12: AUD 31.20 per share

- 2025-01: AUD 31.96 per share

- 2025-02: AUD 31.03 per share

- 2025-03: AUD 30.84 per share

- 2025-04: AUD 31.91 per share

- 2025-05: AUD 34.49 per share

- 2025-06: AUD 35.48 per share

- 2025-07: AUD 33.93 per share

- 2025-08: AUD 33.53 per share

- 2025-09: AUD 32.73 per share

- 2025-10: AUD 36.94 per share

- 2025-11: AUD 37.25 per share

- 2025-12: AUD 30.80 per share

- 2026-01: AUD 30.21 per share

- 2026-02: AUD 25.34 per share

- 2026-03: AUD 24.30 per share

- 2026-04: AUD 25.70 per share

- 2026-05: AUD 26.13 per share

- 2026-06: AUD 28.64 per share

- 2026-07: AUD 27.86 per share

- 2026-08: AUD 29.17 per share

- 2026-09: AUD 26.70 per share

- 2026-10: AUD 28.34 per share

## Annual estimated value (AUD per share)

- FY2017: low AUD 10.26 per share, central AUD 12.53 per share, high AUD 14.61 per share

- FY2018: low AUD 8.35 per share, central AUD 9.96 per share, high AUD 11.60 per share

- FY2019: low AUD 7.83 per share, central AUD 8.90 per share, high AUD 10.34 per share

- FY2020: low AUD 8.81 per share, central AUD 10.02 per share, high AUD 11.64 per share

- FY2021: low AUD 8.81 per share, central AUD 10.02 per share, high AUD 11.64 per share

- FY2022: low AUD 7.58 per share, central AUD 8.63 per share, high AUD 10.02 per share

- FY2023: low AUD 14.37 per share, central AUD 16.35 per share, high AUD 18.99 per share

- FY2024: low AUD 19.06 per share, central AUD 21.69 per share, high AUD 25.19 per share

- FY2025: low AUD 22.58 per share, central AUD 25.69 per share, high AUD 29.83 per share

- FY2026: low AUD 18.23 per share, central AUD 20.75 per share, high AUD 24.09 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 2026-10-15T06:45:38.973Z 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.