# Briscoe Group Australasia (BGP.AU)

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

Analysis as of: 2026-10-16T07:47:17.709Z. Financial observations: FY2019–FY2026.

Listing currency: AUD. Reporting currency: NZD.

## 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 3.00 per share; close as of 2026-10-15.

Estimated value: low AUD 2.40 per share, central AUD 2.67 per share, high AUD 3.04 per share. Buy at or below the central value AUD 2.67 per share. Valuation as of 2026-10-16T07:47:17.709Z; scenarios are not confidence intervals.

Expected annual return: 9.1% at the stated quote. About 9.1% 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

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

- Financial history: 8 years

- Years with declining revenue: 0

- Years with a net loss: 0

- Operating margin variation: 0.12×

Chart: Operating margin; fiscal year observations.

- FY2019: 0.14×

- FY2020: 0.13×

- FY2021: 0.16×

- FY2022: 0.16×

- FY2023: 0.18×

- FY2024: 0.17×

- FY2025: 0.16×

- FY2026: 0.12×

### moat: pass

- ROIC, median of available years: 19.0%

- ROIC, second-lowest year: 15.1%

- Typical minus recent gross margin: 3.9 pp

- Typical gross margin (annual median): 43.1%

- Recent gross margin (lower of latest and 3-year median): 39.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.9%

- ROIC including acquisitions, ten-year median: 7.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2019: 32.9%

- FY2020: 12.0%

- FY2021: 18.5%

- FY2022: 17.2%

- FY2023: 19.4%

- FY2024: 22.1%

- FY2025: 20.3%

- FY2026: 15.1%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: 0.43×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: NZD 170M

- Net income, five-year total: NZD 393M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.3 pp

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

- FY2022: 0.39×

- FY2023: 0.55×

- FY2024: 0.57×

- FY2025: 0.59×

- FY2026: -0.11×

### management: pass

- Historical market-dollar context (not the management verdict): 2019 to 2026 (7 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 18.5% vs 20.3%

- Per-share earnings: 0.28 to 0.38 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 0.1%

- Market cap gain: NZD 631M

- Cumulative retained earnings: NZD 130M

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

- $1 test, starting fiscal year: FY2019

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 6.0%

- Per-share value change: NZD 0.09

- Per-share value, starting three-year median: NZD 0.28

- Per-share value, ending three-year median: NZD 0.38

- Buyback history: 0 years

- Debt-funded buybacks: No

- ROIC, first three-year median: 18.5%

- ROIC, last three-year median: 20.3%

Chart: Earnings per share; fiscal year observations.

- FY2019: NZD 0.28

- FY2020: NZD 0.28

- FY2021: NZD 0.33

- FY2022: NZD 0.33

- FY2023: NZD 0.39

- FY2024: NZD 0.40

- FY2025: NZD 0.38

- FY2026: NZD 0.26

### accounting: pass

- Sloan accruals: -6.2%

- Receivables to sales index (DSRI): 1.01×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.73×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.01×

Chart: Sloan accruals; fiscal year observations.

- FY2019: -0.6%

- FY2020: -2.4%

- FY2021: -5.1%

- FY2022: 5.9%

- FY2023: -5.1%

- FY2024: -7.8%

- FY2025: -5.6%

- FY2026: -6.2%

## Holders

## Price story

Down 46% since Dec 2025 · sales +0.6%

Story as of 2026-10-16T10:00:13.675Z; price observation 2026-10-15.

Price needs cash profits to grow 2.6% a year for ten years

### Sales · FY2025–2026

sales +0.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2019: NZD 632M 

- FY2020: NZD 653M 

- FY2021: NZD 702M 

- FY2022: NZD 702M 

- FY2023: NZD 744M 

- FY2024: NZD 786M 

- FY2025: NZD 791M 

- FY2026: NZD 796M 

### Gross margin · FY2026

gross margin 39.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2019: 40.1% 

- FY2020: 39.4% 

- FY2021: 43.8% 

- FY2022: 43.8% 

- FY2023: 45.8% 

- FY2024: 44.0% 

- FY2025: 42.4% 

- FY2026: 39.2% 

## Owner memo

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

### How it makes money

Operates in department stores; annual sales are NZD 796.3 million.

- Source: https://eodhd.com/api/fundamentals/BGP.AU.json#2026-01-31 (filed 2026-10-16T07:47:17.709Z); FY2026: revenue 796327338; grossProfit 312372895; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 39.2% to 44% during 2024–26; it earns 19% on its capital.

- Source: https://eodhd.com/api/fundamentals/BGP.AU.json#2024-01-31 (filed 2026-10-16T07:47:17.709Z); FY2024: grossProfit / revenue = 44%.

- Source: https://eodhd.com/api/fundamentals/BGP.AU.json#2025-01-31 (filed 2026-10-16T07:47:17.709Z); FY2025: grossProfit / revenue = 42.4%.

- Source: https://eodhd.com/api/fundamentals/BGP.AU.json#2026-01-31 (filed 2026-10-16T07:47:17.709Z); FY2026: grossProfit / revenue = 39.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:17.709Z); 8-year return on capital observations [[2019,0.3294024742690634],[2020,0.12011429351609113],[2021,0.18527395356587525],[2022,0.17187575545068765],[2023,0.1944349590684534],[2024,0.22111065085294465],[2025,0.20301558257652147],[2026,0.1509238889166984]]; median 0.18985445631716433. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 44% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:17.709Z); Gross margin observations: [[2021,0.43761372590649433],[2022,0.43761372590649433],[2023,0.45757539122842367]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 8 of 8 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:17.709Z); FY2019: growth capex 0; upkeep 21591000; owner earnings 48586000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:17.709Z); FY2021: growth capex 0; upkeep 27429000; owner earnings 19160800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/BGP.AU.json#2022-01-31 (filed 2026-10-16T07:47:17.709Z); FY2022: growth capex 0; upkeep 19897000; owner earnings 28362400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/BGP.AU.json#2023-01-31 (filed 2026-10-16T07:47:17.709Z); FY2023: growth capex 0; upkeep 16455000; owner earnings 48752200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/BGP.AU.json#2024-01-31 (filed 2026-10-16T07:47:17.709Z); FY2024: growth capex 0; upkeep 15357000; owner earnings 50079000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/BGP.AU.json#2025-01-31 (filed 2026-10-16T07:47:17.709Z); FY2025: growth capex 0; upkeep 15059000; owner earnings 49619600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:17.709Z); Dividend observations: [[2019,43090000],[2020,45494000],[2021,33370000],[2022,55639000],[2023,61228000],[2024,63488000],[2025,64609000],[2026,44418347]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 84.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BGP.AU SharesStats.PercentInsiders = 84.74199999999999 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 2.6% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:17.709Z); Ten-year compound average after fade. Initial solved rate 0.024206012394339817. Price 3; FX 0.8124078517533463; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

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

- 2017-07: AUD 3.81 per share

- 2017-08: AUD 3.81 per share

- 2017-09: AUD 3.81 per share

- 2017-10: AUD 3.81 per share

- 2017-11: AUD 3.81 per share

- 2017-12: AUD 3.81 per share

- 2018-01: AUD 3.78 per share

- 2018-02: AUD 3.80 per share

- 2018-03: AUD 3.45 per share

- 2018-04: AUD 3.45 per share

- 2018-05: AUD 3.23 per share

- 2018-06: AUD 3.23 per share

- 2018-07: AUD 3.25 per share

- 2018-08: AUD 3.21 per share

- 2018-09: AUD 3.19 per share

- 2018-10: AUD 3.18 per share

- 2018-11: AUD 3.18 per share

- 2018-12: AUD 3.18 per share

- 2019-01: AUD 3.18 per share

- 2019-02: AUD 3.30 per share

- 2019-03: AUD 3.35 per share

- 2019-04: AUD 3.29 per share

- 2019-05: AUD 3.40 per share

- 2019-06: AUD 3.40 per share

- 2019-07: AUD 3.36 per share

- 2019-08: AUD 3.35 per share

- 2019-09: AUD 3.42 per share

- 2019-10: AUD 3.39 per share

- 2019-11: AUD 3.36 per share

- 2019-12: AUD 3.67 per share

- 2020-01: AUD 3.90 per share

- 2020-02: AUD 3.90 per share

- 2020-03: AUD 3.74 per share

- 2020-04: AUD 3.35 per share

- 2020-05: AUD 3.20 per share

- 2020-06: AUD 2.99 per share

- 2020-07: AUD 3.25 per share

- 2020-08: AUD 3.25 per share

- 2020-09: AUD 3.68 per share

- 2020-10: AUD 3.50 per share

- 2020-11: AUD 3.70 per share

- 2020-12: AUD 4.00 per share

- 2021-01: AUD 4.02 per share

- 2021-02: AUD 4.05 per share

- 2021-03: AUD 4.05 per share

- 2021-04: AUD 4.05 per share

- 2021-05: AUD 4.05 per share

- 2021-06: AUD 4.05 per share

- 2021-07: AUD 4.25 per share

- 2021-08: AUD 4.60 per share

- 2021-09: AUD 4.60 per share

- 2021-10: AUD 4.60 per share

- 2021-11: AUD 4.70 per share

- 2021-12: AUD 4.84 per share

- 2022-01: AUD 4.84 per share

- 2022-02: AUD 4.84 per share

- 2022-03: AUD 4.84 per share

- 2022-04: AUD 4.84 per share

- 2022-05: AUD 4.84 per share

- 2022-06: AUD 4.84 per share

- 2022-07: AUD 4.84 per share

- 2022-08: AUD 4.98 per share

- 2022-09: AUD 5.13 per share

- 2022-10: AUD 5.08 per share

- 2022-11: AUD 5.08 per share

- 2022-12: AUD 5.08 per share

- 2023-01: AUD 4.35 per share

- 2023-02: AUD 4.29 per share

- 2023-03: AUD 4.30 per share

- 2023-04: AUD 4.40 per share

- 2023-05: AUD 4.40 per share

- 2023-06: AUD 4.28 per share

- 2023-07: AUD 4.43 per share

- 2023-08: AUD 4.41 per share

- 2023-09: AUD 4.41 per share

- 2023-10: AUD 4.42 per share

- 2023-11: AUD 4.40 per share

- 2023-12: AUD 4.50 per share

- 2024-01: AUD 4.43 per share

- 2024-02: AUD 4.25 per share

- 2024-03: AUD 4.25 per share

- 2024-04: AUD 4.25 per share

- 2024-05: AUD 4.25 per share

- 2024-06: AUD 4.25 per share

- 2024-07: AUD 3.80 per share

- 2024-08: AUD 3.80 per share

- 2024-09: AUD 3.94 per share

- 2024-10: AUD 4.03 per share

- 2024-11: AUD 4.30 per share

- 2024-12: AUD 4.51 per share

- 2025-01: AUD 4.54 per share

- 2025-02: AUD 4.23 per share

- 2025-03: AUD 4.11 per share

- 2025-04: AUD 4.15 per share

- 2025-05: AUD 4.26 per share

- 2025-06: AUD 5.58 per share

- 2025-07: AUD 5.45 per share

- 2025-08: AUD 5.50 per share

- 2025-09: AUD 5.54 per share

- 2025-10: AUD 5.56 per share

- 2025-11: AUD 5.57 per share

- 2025-12: AUD 5.60 per share

- 2026-01: AUD 5.48 per share

- 2026-02: AUD 3.82 per share

- 2026-03: AUD 3.99 per share

- 2026-04: AUD 3.98 per share

- 2026-05: AUD 3.66 per share

- 2026-06: AUD 3.80 per share

- 2026-07: AUD 3.80 per share

- 2026-08: AUD 3.70 per share

- 2026-09: AUD 3.45 per share

- 2026-10: AUD 3.45 per share

## Annual estimated value (AUD per share)

- FY2023: low AUD 1.52 per share, central AUD 1.69 per share, high AUD 1.91 per share

- FY2024: low AUD 1.85 per share, central AUD 2.02 per share, high AUD 2.26 per share

- FY2025: low AUD 2.44 per share, central AUD 2.71 per share, high AUD 3.07 per share

- FY2026: low AUD 2.40 per share, central AUD 2.67 per share, high AUD 3.04 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.

Briscoe Group Australasia

BGP · AU

NZX 50

Not a wonderful business

1 quality test fails. A lower price would not fix the business.

Share price: AUD 3.00
Buy up to: AUD 2.67
Expected / yr: 9.1% 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 12.5% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

8y median: 16.0%
Worst year: 11.9%
Latest · 2026: 11.9%

Capital return excluding acquisitions: median 19% (minimum 15%), and the second-worst year 15.1% (minimum 10%).

ROIC excluding acquisitions

8y median: 19.0%
Worst year: 12.0%
Latest · 2026: 15.1%

Each $1 of profit left $0.43 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 0.43×
Annual median: 0.55×
Latest · 2026: -0.11×

Per-share value rose from 0.28 to 0.38, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

8y median: NZD 0.33
Worst year: NZD 0.26
Latest · 2026: NZD 0.26

Profits were backed by cash: accruals were -6.2% of assets (limit 10%).

Sloan accruals

8y median: -5.1%
Worst year: 5.9%
Latest · 2026: -6.2%

Profit record · pass 0 loss years in 8 (at most 2), mean operating margin 15.3%, three-year average owner earnings per share 0.14 NZD.

2. Is the price low enough?

PriceEstimated rangeBuy price

2017-07 · Price AUD 3.81; 2017-08 · Price AUD 3.81; 2017-09 · Price AUD 3.81; 2017-10 · Price AUD 3.81; 2017-11 · Price AUD 3.81; 2017-12 · Price AUD 3.81; 2018-01 · Price AUD 3.78; 2018-02 · Price AUD 3.80; 2018-03 · Price AUD 3.45; 2018-04 · Price AUD 3.45; 2018-05 · Price AUD 3.23; 2018-06 · Price AUD 3.23; 2018-07 · Price AUD 3.25; 2018-08 · Price AUD 3.21; 2018-09 · Price AUD 3.19; 2018-10 · Price AUD 3.18; 2018-11 · Price AUD 3.18; 2018-12 · Price AUD 3.18; 2019-01 · Price AUD 3.18; 2019-02 · Price AUD 3.30; 2019-03 · Price AUD 3.35; 2019-04 · Price AUD 3.29; 2019-05 · Price AUD 3.40; 2019-06 · Price AUD 3.40; 2019-07 · Price AUD 3.36; 2019-08 · Price AUD 3.35; 2019-09 · Price AUD 3.42; 2019-10 · Price AUD 3.39; 2019-11 · Price AUD 3.36; 2019-12 · Price AUD 3.67; 2020-01 · Price AUD 3.90; 2020-02 · Price AUD 3.90; 2020-03 · Price AUD 3.74; 2020-04 · Price AUD 3.35; 2020-05 · Price AUD 3.20; 2020-06 · Price AUD 2.99; 2020-07 · Price AUD 3.25; 2020-08 · Price AUD 3.25; 2020-09 · Price AUD 3.68; 2020-10 · Price AUD 3.50; 2020-11 · Price AUD 3.70; 2020-12 · Price AUD 4.00; 2021-01 · Price AUD 4.02; 2021-02 · Price AUD 4.05; 2021-03 · Price AUD 4.05; 2021-04 · Price AUD 4.05; 2021-05 · Price AUD 4.05; 2021-06 · Price AUD 4.05; 2021-07 · Price AUD 4.25; 2021-08 · Price AUD 4.60; 2021-09 · Price AUD 4.60; 2021-10 · Price AUD 4.60; 2021-11 · Price AUD 4.70; 2021-12 · Price AUD 4.84; 2022-01 · Price AUD 4.84; 2022-02 · Price AUD 4.84; 2022-03 · Price AUD 4.84; 2022-04 · Price AUD 4.84; 2022-05 · Price AUD 4.84; 2022-06 · Price AUD 4.84; 2022-07 · Price AUD 4.84; 2022-08 · Price AUD 4.98; 2022-09 · Price AUD 5.13; 2022-10 · Price AUD 5.08; 2022-11 · Price AUD 5.08; 2022-12 · Price AUD 5.08; 2023-01 · Price AUD 4.35 · Value 1.69 · Buy at or below 1.69; 2023-02 · Price AUD 4.29 · Value 1.69 · Buy at or below 1.69; 2023-03 · Price AUD 4.30 · Value 1.69 · Buy at or below 1.69; 2023-04 · Price AUD 4.40 · Value 1.69 · Buy at or below 1.69; 2023-05 · Price AUD 4.40 · Value 1.69 · Buy at or below 1.69; 2023-06 · Price AUD 4.28 · Value 1.69 · Buy at or below 1.69; 2023-07 · Price AUD 4.43 · Value 1.69 · Buy at or below 1.69; 2023-08 · Price AUD 4.41 · Value 1.69 · Buy at or below 1.69; 2023-09 · Price AUD 4.41 · Value 1.69 · Buy at or below 1.69; 2023-10 · Price AUD 4.42 · Value 1.69 · Buy at or below 1.69; 2023-11 · Price AUD 4.40 · Value 1.69 · Buy at or below 1.69; 2023-12 · Price AUD 4.50 · Value 1.69 · Buy at or below 1.69; 2024-01 · Price AUD 4.43 · Value 1.69 · Buy at or below 1.69; 2024-02 · Price AUD 4.25 · Value 2.02 · Buy at or below 2.02; 2024-03 · Price AUD 4.25 · Value 2.02 · Buy at or below 2.02; 2024-04 · Price AUD 4.25 · Value 2.02 · Buy at or below 2.02; 2024-05 · Price AUD 4.25 · Value 2.02 · Buy at or below 2.02; 2024-06 · Price AUD 4.25 · Value 2.02 · Buy at or below 2.02; 2024-07 · Price AUD 3.80 · Value 2.02 · Buy at or below 2.02; 2024-08 · Price AUD 3.80 · Value 2.02 · Buy at or below 2.02; 2024-09 · Price AUD 3.94 · Value 2.02 · Buy at or below 2.02; 2024-10 · Price AUD 4.03 · Value 2.02 · Buy at or below 2.02; 2024-11 · Price AUD 4.30 · Value 2.02 · Buy at or below 2.02; 2024-12 · Price AUD 4.51 · Value 2.02 · Buy at or below 2.02; 2025-01 · Price AUD 4.54 · Value 2.02 · Buy at or below 2.02; 2025-02 · Price AUD 4.23 · Value 2.71 · Buy at or below 2.71; 2025-03 · Price AUD 4.11 · Value 2.71 · Buy at or below 2.71; 2025-04 · Price AUD 4.15 · Value 2.71 · Buy at or below 2.71; 2025-05 · Price AUD 4.26 · Value 2.71 · Buy at or below 2.71; 2025-06 · Price AUD 5.58 · Value 2.71 · Buy at or below 2.71; 2025-07 · Price AUD 5.45 · Value 2.71 · Buy at or below 2.71; 2025-08 · Price AUD 5.50 · Value 2.71 · Buy at or below 2.71; 2025-09 · Price AUD 5.54 · Value 2.71 · Buy at or below 2.71; 2025-10 · Price AUD 5.56 · Value 2.71 · Buy at or below 2.71; 2025-11 · Price AUD 5.57 · Value 2.71 · Buy at or below 2.71; 2025-12 · Price AUD 5.60 · Value 2.71 · Buy at or below 2.71; 2026-01 · Price AUD 5.48 · Value 2.71 · Buy at or below 2.71; 2026-02 · Price AUD 3.82 · Value 2.67 · Buy at or below 2.67; 2026-03 · Price AUD 3.99 · Value 2.67 · Buy at or below 2.67; 2026-04 · Price AUD 3.98 · Value 2.67 · Buy at or below 2.67; 2026-05 · Price AUD 3.66 · Value 2.67 · Buy at or below 2.67; 2026-06 · Price AUD 3.80 · Value 2.67 · Buy at or below 2.67; 2026-07 · Price AUD 3.80 · Value 2.67 · Buy at or below 2.67; 2026-08 · Price AUD 3.70 · Value 2.67 · Buy at or below 2.67; 2026-09 · Price AUD 3.45 · Value 2.67 · Buy at or below 2.67; 2026-10 · Price AUD 3.45 · Value 2.67 · Buy at or below 2.67; 2026-10 · Price AUD 3.00 · Value 2.67 · Buy at or below 2.67

AUD per share · annual estimates

Price & return math
Value range	AUD 2.40 – AUD 3.04
Buy at or below	Central value AUD 2.67
Discount to value	1 − 3.00 / 2.67 = -12.3%
Return / year	About 9.1% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash AUD 0.18/share; 0.0% growth for 5 years, then fades to 3.0%; excess cash AUD 0.41/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueNZD 796M

Revenue

Owner earningsNZD -6.7M

Owner earnings

Operating margin11.9%

Operating margin

Net cash / debtNZD -145M

Net cash / debt

Diluted shares223M

Diluted shares

Prices 15 Oct 2026 · FY2026