# Bendigo and Adelaide Bank (BEN.AU)

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

Analysis as of: 2026-10-16T07:38:00.077Z. Financial observations: FY2016–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 10.62 per share; close as of 2026-10-15.

Estimated value: low AUD 9.02 per share, central AUD 9.92 per share, high AUD 11.02 per share. Buy at or below the central value AUD 9.92 per share. Valuation as of 2026-10-16T07:38:00.077Z; scenarios are not confidence intervals.

Expected annual return: 9.3% at the stated quote. About 9.3% 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

- Financial history: 10 years

- Profitable years in the last ten: 9

- Required profitable years: 9

- Return on common equity variation (informational): 0.47×

Chart: Net income; fiscal year observations.

- FY2017: AUD 430M

- FY2018: AUD 435M

- FY2019: AUD 377M

- FY2020: AUD 193M

- FY2021: AUD 524M

- FY2022: AUD 488M

- FY2023: AUD 497M

- FY2024: AUD 545M

- FY2025: AUD -97M

- FY2026: AUD 375M

### moat: fail

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- median return on common equity below threshold

- Bank / P&C ROTE, median of available years: 10.8%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 6.9%

- Years with reported combined ratio: 0

Chart: Return on tangible common equity; fiscal year observations.

- FY2017: 11.4%

- FY2018: 10.9%

- FY2019: 9.5%

- FY2020: 6.9%

- FY2021: 16.0%

- FY2022: 14.5%

- FY2023: 14.3%

- FY2024: 10.6%

- FY2025: -1.9%

- FY2026: 7.1%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 9.6%

- Book return interval: 10 years

- Starting book value per share: AUD 6.35

- Ending book value per share: AUD 8.23

Chart: Annual book + dividend return; fiscal year observations.

- FY2017: 12.3%

- FY2018: 9.1%

- FY2019: 5.9%

- FY2020: -32.3%

- FY2021: 24.5%

- FY2022: 7.0%

- FY2023: 11.6%

- FY2024: 57.1%

- FY2025: 28.0%

- FY2026: -5.1%

### management: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Diluted shares, 10-year annual growth: 1.6%

- Diluted shares, 5-year annual growth: -0.1%

- Share growth excluding flagged crisis recapitalisations: 1.6%

- Five-year share growth excluding flagged crisis recapitalisations: -0.1%

- Flagged crisis recapitalisations: 0

- Book value created per share: AUD 1.88

- Earnings retained per share after dividends and buybacks: AUD -0.15

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

Down 22% since Jan 2025 · net income AUD 375.1M

Story as of 2026-10-16T10:00:09.657Z; price observation 2026-10-15.

The price assumes profits grow 0.7% a year forever

### Net income · FY2026

net income AUD 375.1M; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: AUD 430M 

- FY2018: AUD 435M 

- FY2019: AUD 377M 

- FY2020: AUD 193M 

- FY2021: AUD 524M 

- FY2022: AUD 488M 

- FY2023: AUD 497M 

- FY2024: AUD 545M 

- FY2025: AUD -97M 

- FY2026: AUD 375M 

## Owner memo

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

### How it makes money

Operates in regional banking; annual sales are AUD 1.8 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:00.077Z); FY2026: revenue 1803100000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BEN.AU: Bendigo and Adelaide Bank Limited engages in the provision of banking and other financial services to retail customers and small to medium sized businesses in Australia. It operates through Consumer, Business and Agribusiness, and Corporate segments. The company offers transaction and savings account; term deposit; managed funds; share trading; margin lending; and private banking services. It also provides home and personal loans, as well as business loans, equipment finance, and foreign exchange; credit and debit cards; personal insurance; travel and holiday products; and financial advice services. In addition, the company offers EFTPOS and payment services, agribusiness solutions, and private banking; residential, business, rural and commercial lending; payments services, wealth management, margin lending, treasury, and foreign exchange services. It operates under the Bendigo Bank, Up, Leveraged, and Community Enterprise Foundation brands. The company was founded in 1858 and is headquartered in Bendigo, Australia.

### Why customers stay

It earns 10.8% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:00.077Z); 10-year return on tangible equity observations [[2017,0.11420064862565793],[2018,0.10943757398685237],[2019,0.09548910288900152],[2020,0.06902230336877528],[2021,0.15955665174629274],[2022,0.14457510144841682],[2023,0.14276276103754346],[2024,0.10635806564927208],[2025,-0.018529827105835655],[2026,0.07068689343258268]]; median 0.10789781981806223. 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 21.2 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:00.077Z); Dividend observations: [[2017,217200000],[2018,251800000],[2019,288700000],[2020,277400000],[2021,105300000],[2022,213700000],[2023,290700000],[2024,351000000],[2025,356200000],[2026,356800000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:00.077Z); FY2026: cash repurchases 21200000 AUD.

### Are managers owners

Insiders own 0.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BEN.AU SharesStats.PercentInsiders = 0.488 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 0.7% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:00.077Z); Price 10.62; FX 1; original perpetual distributable cash 0.9920474703707612; discount 0.1; growth 0.006586867196726812. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-15.

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

- 2016-10: AUD 11.13 per share

- 2016-11: AUD 12.05 per share

- 2016-12: AUD 12.71 per share

- 2017-01: AUD 12.55 per share

- 2017-02: AUD 12.22 per share

- 2017-03: AUD 12.14 per share

- 2017-04: AUD 12.32 per share

- 2017-05: AUD 11.27 per share

- 2017-06: AUD 11.08 per share

- 2017-07: AUD 11.12 per share

- 2017-08: AUD 11.95 per share

- 2017-09: AUD 11.61 per share

- 2017-10: AUD 11.38 per share

- 2017-11: AUD 11.64 per share

- 2017-12: AUD 11.67 per share

- 2018-01: AUD 11.71 per share

- 2018-02: AUD 11.34 per share

- 2018-03: AUD 9.84 per share

- 2018-04: AUD 10.62 per share

- 2018-05: AUD 10.76 per share

- 2018-06: AUD 10.84 per share

- 2018-07: AUD 11.71 per share

- 2018-08: AUD 11.59 per share

- 2018-09: AUD 10.75 per share

- 2018-10: AUD 10.23 per share

- 2018-11: AUD 10.68 per share

- 2018-12: AUD 10.79 per share

- 2019-01: AUD 10.78 per share

- 2019-02: AUD 9.86 per share

- 2019-03: AUD 9.68 per share

- 2019-04: AUD 10.30 per share

- 2019-05: AUD 11.23 per share

- 2019-06: AUD 11.58 per share

- 2019-07: AUD 11.49 per share

- 2019-08: AUD 11.18 per share

- 2019-09: AUD 11.49 per share

- 2019-10: AUD 10.65 per share

- 2019-11: AUD 10.03 per share

- 2019-12: AUD 9.78 per share

- 2020-01: AUD 10.41 per share

- 2020-02: AUD 9.19 per share

- 2020-03: AUD 6.27 per share

- 2020-04: AUD 6.54 per share

- 2020-05: AUD 6.15 per share

- 2020-06: AUD 7.01 per share

- 2020-07: AUD 6.88 per share

- 2020-08: AUD 6.54 per share

- 2020-09: AUD 6.04 per share

- 2020-10: AUD 6.69 per share

- 2020-11: AUD 8.90 per share

- 2020-12: AUD 9.32 per share

- 2021-01: AUD 9.20 per share

- 2021-02: AUD 9.77 per share

- 2021-03: AUD 10.06 per share

- 2021-04: AUD 10.33 per share

- 2021-05: AUD 10.35 per share

- 2021-06: AUD 10.49 per share

- 2021-07: AUD 10.33 per share

- 2021-08: AUD 10.04 per share

- 2021-09: AUD 9.45 per share

- 2021-10: AUD 9.25 per share

- 2021-11: AUD 8.57 per share

- 2021-12: AUD 9.10 per share

- 2022-01: AUD 8.58 per share

- 2022-02: AUD 9.61 per share

- 2022-03: AUD 10.29 per share

- 2022-04: AUD 10.65 per share

- 2022-05: AUD 10.42 per share

- 2022-06: AUD 9.07 per share

- 2022-07: AUD 10.30 per share

- 2022-08: AUD 9.04 per share

- 2022-09: AUD 7.79 per share

- 2022-10: AUD 9.01 per share

- 2022-11: AUD 9.15 per share

- 2022-12: AUD 9.81 per share

- 2023-01: AUD 10.06 per share

- 2023-02: AUD 9.78 per share

- 2023-03: AUD 8.67 per share

- 2023-04: AUD 8.64 per share

- 2023-05: AUD 8.59 per share

- 2023-06: AUD 8.59 per share

- 2023-07: AUD 9.35 per share

- 2023-08: AUD 9.51 per share

- 2023-09: AUD 8.93 per share

- 2023-10: AUD 8.70 per share

- 2023-11: AUD 8.92 per share

- 2023-12: AUD 9.67 per share

- 2024-01: AUD 9.84 per share

- 2024-02: AUD 9.68 per share

- 2024-03: AUD 10.25 per share

- 2024-04: AUD 9.78 per share

- 2024-05: AUD 10.93 per share

- 2024-06: AUD 11.49 per share

- 2024-07: AUD 12.49 per share

- 2024-08: AUD 12.05 per share

- 2024-09: AUD 11.65 per share

- 2024-10: AUD 12.30 per share

- 2024-11: AUD 13.42 per share

- 2024-12: AUD 13.10 per share

- 2025-01: AUD 13.60 per share

- 2025-02: AUD 10.72 per share

- 2025-03: AUD 10.63 per share

- 2025-04: AUD 11.17 per share

- 2025-05: AUD 11.98 per share

- 2025-06: AUD 12.64 per share

- 2025-07: AUD 12.25 per share

- 2025-08: AUD 13.34 per share

- 2025-09: AUD 13.07 per share

- 2025-10: AUD 12.65 per share

- 2025-11: AUD 10.24 per share

- 2025-12: AUD 10.52 per share

- 2026-01: AUD 10.97 per share

- 2026-02: AUD 10.71 per share

- 2026-03: AUD 9.89 per share

- 2026-04: AUD 10.69 per share

- 2026-05: AUD 10.34 per share

- 2026-06: AUD 10.55 per share

- 2026-07: AUD 11.46 per share

- 2026-08: AUD 10.73 per share

- 2026-09: AUD 10.36 per share

- 2026-10: AUD 10.60 per share

## Annual estimated value (AUD per share)

- FY2017: low AUD 7.48 per share, central AUD 9.07 per share, high AUD 11.51 per share

- FY2018: low AUD 7.49 per share, central AUD 8.95 per share, high AUD 11.14 per share

- FY2019: low AUD 7.39 per share, central AUD 8.84 per share, high AUD 10.99 per share

- FY2020: low AUD 4.33 per share, central AUD 5.15 per share, high AUD 6.35 per share

- FY2021: low AUD 5.22 per share, central AUD 6.21 per share, high AUD 7.66 per share

- FY2022: low AUD 5.65 per share, central AUD 6.77 per share, high AUD 8.44 per share

- FY2023: low AUD 5.85 per share, central AUD 7.00 per share, high AUD 8.72 per share

- FY2024: low AUD 8.21 per share, central AUD 9.03 per share, high AUD 10.03 per share

- FY2025: low AUD 9.53 per share, central AUD 11.33 per share, high AUD 13.97 per share

- FY2026: low AUD 8.08 per share, central AUD 8.89 per share, high AUD 9.87 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.

## Reported holder observations