# Bank of Queensland (BOQ.AU)

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

Analysis as of: 2026-10-16T07:39:07.662Z. Financial observations: FY2015–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 6.87 per share; close as of 2026-10-15.

Estimated value: low AUD 4.56 per share, central AUD 5.12 per share, high AUD 5.84 per share. Buy at or below the central value AUD 5.12 per share. Valuation as of 2026-10-16T07:39:07.662Z; 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: pass

- Financial history: 10 years

- Profitable years in the last ten: 10

- Required profitable years: 9

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

Chart: Net income; fiscal year observations.

- FY2016: AUD 338M

- FY2017: AUD 352M

- FY2018: AUD 336M

- FY2019: AUD 298M

- FY2020: AUD 115M

- FY2021: AUD 368M

- FY2022: AUD 423M

- FY2023: AUD 119M

- FY2024: AUD 284M

- FY2025: AUD 133M

### moat: fail

- Tangible common book per share

- Parent-total proxy for preferred equity

- median return on common equity below threshold

- return on tangible common equity below 5% in more than one year

- Bank / P&C ROTE, median of available years: 7.6%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 2.7%

- Years with reported combined ratio: 0

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

- FY2016: 12.4%

- FY2017: 12.1%

- FY2018: 11.3%

- FY2019: 10.2%

- FY2020: 3.5%

- FY2021: 7.4%

- FY2022: 7.8%

- FY2023: 2.4%

- FY2024: 5.8%

- FY2025: 2.7%

### economics: fail

- Tangible common book per share

- Parent-total proxy for preferred equity

- book value per share plus dividends compounded below 7% annually

- Book value per share + reinvested dividends, annualized return: 6.5%

- Book return interval: 10 years

- Starting book value per share: AUD 6.63

- Ending book value per share: AUD 7.40

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

- FY2016: 9.0%

- FY2017: 10.6%

- FY2018: 7.5%

- FY2019: -0.8%

- FY2020: 14.2%

- FY2021: 7.3%

- FY2022: 3.8%

- FY2023: 9.1%

- FY2024: -20.4%

- FY2025: 32.2%

### management: fail

- Tangible common book per share

- Parent-total proxy for preferred equity

- ordinary share count growth exceeds 2% annually in both the full and five-year windows

- book per share gain below retained common earnings per share

- Diluted shares, 10-year annual growth: 5.2%

- Diluted shares, 5-year annual growth: 7.1%

- Share growth excluding flagged crisis recapitalisations: 5.2%

- Five-year share growth excluding flagged crisis recapitalisations: 7.1%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 0.60×

- Book value created per share: AUD 0.77

- Earnings retained per share after dividends and buybacks: AUD 1.28

Chart: Shares (first year = 100); fiscal year observations.

- FY2015: 100

- FY2016: 101

- FY2017: 105

- FY2018: 109

- FY2019: 116

- FY2020: 118

- FY2021: 170

- FY2022: 185

- FY2023: 166

- FY2024: 210

- FY2025: 166

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

Down 22% since Oct 2021 · net income -53.2%

Story as of 2026-10-16T10:00:10.468Z; price observation 2026-10-15.

The price assumes profits grow 3.9% a year forever

### Net income · FY2025

net income -53.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: AUD 338M 

- FY2017: AUD 352M 

- FY2018: AUD 336M 

- FY2019: AUD 298M 

- FY2020: AUD 115M 

- FY2021: AUD 368M 

- FY2022: AUD 423M 

- FY2023: AUD 119M 

- FY2024: AUD 284M 

- FY2025: AUD 133M 

## Owner memo

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

### How it makes money

Operates in regional banking; annual sales are AUD 4.7 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:07.662Z); FY2025: revenue 4725000000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BOQ.AU: Bank of Queensland Limited, together with its subsidiaries, engages in the provision of financial services in Australia. The company operates through Retail Bank and BOQ Business segments. It offers banking and savings accounts; term deposits; transaction accounts; business bank accounts; debit and credit cards; home and contents insurance; car insurance; business banking support products; foreign exchange and trade services; and merchant and payment products. The company also provides personal loans; home loans, such as refinancing; business loans, as well as business overdraft, self-managed super fund loan, and equipment and vehicle finance; and banking solutions for agribusiness, corporate and property, and healthcare. Bank of Queensland Limited was founded in 1874 and is based in Newstead, Australia.

### Why customers stay

It earns 7.6% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:07.662Z); 10-year return on tangible equity observations [[2016,0.1243561442236939],[2017,0.12071330589849108],[2018,0.11271385441127138],[2019,0.10153321976149915],[2020,0.034607282575985554],[2021,0.07373271889400922],[2022,0.07817408981703937],[2023,0.023527085804665875],[2024,0.058496395468589084],[2025,0.02734375]]; median 0.07595340435552429. 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 24 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:07.662Z); Dividend observations: [[2016,180000000],[2017,188000000],[2018,282000000],[2019,210000000],[2020,95000000],[2021,145000000],[2022,232000000],[2023,223000000],[2024,226000000],[2025,231000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:07.662Z); FY2025: cash repurchases 24000000 AUD.

### Are managers owners

Insiders own 1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BOQ.AU SharesStats.PercentInsiders = 0.955 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 3.9% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:07.662Z); Price 6.87; FX 1; original perpetual distributable cash 0.41635956522218315; discount 0.1; growth 0.039394531990948604. 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 10.16 per share

- 2016-11: AUD 10.91 per share

- 2016-12: AUD 11.53 per share

- 2017-01: AUD 11.62 per share

- 2017-02: AUD 11.51 per share

- 2017-03: AUD 11.81 per share

- 2017-04: AUD 11.62 per share

- 2017-05: AUD 10.84 per share

- 2017-06: AUD 11.12 per share

- 2017-07: AUD 11.70 per share

- 2017-08: AUD 12.22 per share

- 2017-09: AUD 12.60 per share

- 2017-10: AUD 12.97 per share

- 2017-11: AUD 12.80 per share

- 2017-12: AUD 12.35 per share

- 2018-01: AUD 12.03 per share

- 2018-02: AUD 12.26 per share

- 2018-03: AUD 10.64 per share

- 2018-04: AUD 9.77 per share

- 2018-05: AUD 9.84 per share

- 2018-06: AUD 9.89 per share

- 2018-07: AUD 10.79 per share

- 2018-08: AUD 11.16 per share

- 2018-09: AUD 10.70 per share

- 2018-10: AUD 9.37 per share

- 2018-11: AUD 9.64 per share

- 2018-12: AUD 9.42 per share

- 2019-01: AUD 9.87 per share

- 2019-02: AUD 8.75 per share

- 2019-03: AUD 8.84 per share

- 2019-04: AUD 9.00 per share

- 2019-05: AUD 8.99 per share

- 2019-06: AUD 9.25 per share

- 2019-07: AUD 9.06 per share

- 2019-08: AUD 8.90 per share

- 2019-09: AUD 9.63 per share

- 2019-10: AUD 8.79 per share

- 2019-11: AUD 7.60 per share

- 2019-12: AUD 7.04 per share

- 2020-01: AUD 7.43 per share

- 2020-02: AUD 7.27 per share

- 2020-03: AUD 4.85 per share

- 2020-04: AUD 5.06 per share

- 2020-05: AUD 5.15 per share

- 2020-06: AUD 5.99 per share

- 2020-07: AUD 5.78 per share

- 2020-08: AUD 5.95 per share

- 2020-09: AUD 5.56 per share

- 2020-10: AUD 6.23 per share

- 2020-11: AUD 7.50 per share

- 2020-12: AUD 7.52 per share

- 2021-01: AUD 7.74 per share

- 2021-02: AUD 8.79 per share

- 2021-03: AUD 8.65 per share

- 2021-04: AUD 9.02 per share

- 2021-05: AUD 8.95 per share

- 2021-06: AUD 9.11 per share

- 2021-07: AUD 9.02 per share

- 2021-08: AUD 9.46 per share

- 2021-09: AUD 9.36 per share

- 2021-10: AUD 8.80 per share

- 2021-11: AUD 7.64 per share

- 2021-12: AUD 8.09 per share

- 2022-01: AUD 7.64 per share

- 2022-02: AUD 8.00 per share

- 2022-03: AUD 8.68 per share

- 2022-04: AUD 8.13 per share

- 2022-05: AUD 7.51 per share

- 2022-06: AUD 6.67 per share

- 2022-07: AUD 7.52 per share

- 2022-08: AUD 7.03 per share

- 2022-09: AUD 6.51 per share

- 2022-10: AUD 7.36 per share

- 2022-11: AUD 7.18 per share

- 2022-12: AUD 6.90 per share

- 2023-01: AUD 6.97 per share

- 2023-02: AUD 7.06 per share

- 2023-03: AUD 6.49 per share

- 2023-04: AUD 5.80 per share

- 2023-05: AUD 5.47 per share

- 2023-06: AUD 5.49 per share

- 2023-07: AUD 6.04 per share

- 2023-08: AUD 5.76 per share

- 2023-09: AUD 5.74 per share

- 2023-10: AUD 5.10 per share

- 2023-11: AUD 5.50 per share

- 2023-12: AUD 6.08 per share

- 2024-01: AUD 6.04 per share

- 2024-02: AUD 5.87 per share

- 2024-03: AUD 6.32 per share

- 2024-04: AUD 6.15 per share

- 2024-05: AUD 5.75 per share

- 2024-06: AUD 5.81 per share

- 2024-07: AUD 6.31 per share

- 2024-08: AUD 6.32 per share

- 2024-09: AUD 6.18 per share

- 2024-10: AUD 6.52 per share

- 2024-11: AUD 6.90 per share

- 2024-12: AUD 6.70 per share

- 2025-01: AUD 6.97 per share

- 2025-02: AUD 6.70 per share

- 2025-03: AUD 6.74 per share

- 2025-04: AUD 7.46 per share

- 2025-05: AUD 7.81 per share

- 2025-06: AUD 7.78 per share

- 2025-07: AUD 7.61 per share

- 2025-08: AUD 7.27 per share

- 2025-09: AUD 7.25 per share

- 2025-10: AUD 6.86 per share

- 2025-11: AUD 6.44 per share

- 2025-12: AUD 6.53 per share

- 2026-01: AUD 6.79 per share

- 2026-02: AUD 7.00 per share

- 2026-03: AUD 6.69 per share

- 2026-04: AUD 6.71 per share

- 2026-05: AUD 6.26 per share

- 2026-06: AUD 6.31 per share

- 2026-07: AUD 6.64 per share

- 2026-08: AUD 6.53 per share

- 2026-09: AUD 6.61 per share

- 2026-10: AUD 6.69 per share

## Annual estimated value (AUD per share)

- FY2016: low AUD 5.41 per share, central AUD 6.44 per share, high AUD 7.95 per share

- FY2017: low AUD 5.65 per share, central AUD 6.70 per share, high AUD 8.23 per share

- FY2018: low AUD 5.57 per share, central AUD 6.59 per share, high AUD 8.07 per share

- FY2019: low AUD 5.98 per share, central AUD 6.58 per share, high AUD 7.31 per share

- FY2020: low AUD 6.64 per share, central AUD 7.30 per share, high AUD 8.11 per share

- FY2021: low AUD 6.55 per share, central AUD 7.80 per share, high AUD 9.65 per share

- FY2022: low AUD 6.54 per share, central AUD 7.75 per share, high AUD 9.52 per share

- FY2023: low AUD 6.83 per share, central AUD 8.10 per share, high AUD 9.94 per share

- FY2024: low AUD 4.25 per share, central AUD 4.87 per share, high AUD 5.72 per share

- FY2025: low AUD 4.53 per share, central AUD 5.09 per share, high AUD 5.81 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 2026-10-15T06:45:04.153Z 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.

Bank of Queensland

BOQ · AU

S&P/ASX 200

Not a wonderful business

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

Share price: AUD 6.87
Buy up to: AUD 5.12
Expected / yr: 7.9% 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

Profits were positive in 10 years (at least 9 needed).

Net income

10y median: AUD 317M
Worst year: AUD 115M
Latest · 2025: AUD 133M

Earned a median 7.6% on tangible equity (minimum 12%), and the second-worst year 2.7% (minimum 5%).

Return on tangible common equity

10y median: 7.6%
Worst year: 2.4%
Latest · 2025: 2.7%

Book value plus dividends grew 6.5% a year (minimum 7%).

Annual book + dividend return

10y median: 8.3%
Worst year: -20.4%
Latest · 2025: 32.2%

Ordinary share growth was 5.2% over the full period and 7.1% over five years (either must be at most 2% a year), and book value gained 0.77 per share against 1.28 kept (must cover the amount kept).

Shares (first year = 100)

11y median: 118
Worst year: 210
Latest · 2025: 166

0 accounting warnings were found (none allowed).

accounting warnings: 0
Passing bar: ≤ 0

Profit record · pass 0 loss years in 10 (at most 2), three-year average earnings per share 0.24 AUD.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price AUD 10.16 · Value 6.44 · Buy at or below 6.44; 2016-11 · Price AUD 10.91 · Value 6.44 · Buy at or below 6.44; 2016-12 · Price AUD 11.53 · Value 6.44 · Buy at or below 6.44; 2017-01 · Price AUD 11.62 · Value 6.44 · Buy at or below 6.44; 2017-02 · Price AUD 11.51 · Value 6.70 · Buy at or below 6.70; 2017-03 · Price AUD 11.81 · Value 6.70 · Buy at or below 6.70; 2017-04 · Price AUD 11.62 · Value 6.70 · Buy at or below 6.70; 2017-05 · Price AUD 10.84 · Value 6.70 · Buy at or below 6.70; 2017-06 · Price AUD 11.12 · Value 6.70 · Buy at or below 6.70; 2017-07 · Price AUD 11.70 · Value 6.70 · Buy at or below 6.70; 2017-08 · Price AUD 12.22 · Value 6.70 · Buy at or below 6.70; 2017-09 · Price AUD 12.60 · Value 6.70 · Buy at or below 6.70; 2017-10 · Price AUD 12.97 · Value 6.70 · Buy at or below 6.70; 2017-11 · Price AUD 12.80 · Value 6.70 · Buy at or below 6.70; 2017-12 · Price AUD 12.35 · Value 6.70 · Buy at or below 6.70; 2018-01 · Price AUD 12.03 · Value 6.70 · Buy at or below 6.70; 2018-02 · Price AUD 12.26 · Value 6.59 · Buy at or below 6.59; 2018-03 · Price AUD 10.64 · Value 6.59 · Buy at or below 6.59; 2018-04 · Price AUD 9.77 · Value 6.59 · Buy at or below 6.59; 2018-05 · Price AUD 9.84 · Value 6.59 · Buy at or below 6.59; 2018-06 · Price AUD 9.89 · Value 6.59 · Buy at or below 6.59; 2018-07 · Price AUD 10.79 · Value 6.59 · Buy at or below 6.59; 2018-08 · Price AUD 11.16 · Value 6.59 · Buy at or below 6.59; 2018-09 · Price AUD 10.70 · Value 6.59 · Buy at or below 6.59; 2018-10 · Price AUD 9.37 · Value 6.59 · Buy at or below 6.59; 2018-11 · Price AUD 9.64 · Value 6.59 · Buy at or below 6.59; 2018-12 · Price AUD 9.42 · Value 6.59 · Buy at or below 6.59; 2019-01 · Price AUD 9.87 · Value 6.59 · Buy at or below 6.59; 2019-02 · Price AUD 8.75 · Value 6.58 · Buy at or below 6.58; 2019-03 · Price AUD 8.84 · Value 6.58 · Buy at or below 6.58; 2019-04 · Price AUD 9.00 · Value 6.58 · Buy at or below 6.58; 2019-05 · Price AUD 8.99 · Value 6.58 · Buy at or below 6.58; 2019-06 · Price AUD 9.25 · Value 6.58 · Buy at or below 6.58; 2019-07 · Price AUD 9.06 · Value 6.58 · Buy at or below 6.58; 2019-08 · Price AUD 8.90 · Value 6.58 · Buy at or below 6.58; 2019-09 · Price AUD 9.63 · Value 6.58 · Buy at or below 6.58; 2019-10 · Price AUD 8.79 · Value 6.58 · Buy at or below 6.58; 2019-11 · Price AUD 7.60 · Value 6.58 · Buy at or below 6.58; 2019-12 · Price AUD 7.04 · Value 6.58 · Buy at or below 6.58; 2020-01 · Price AUD 7.43 · Value 6.58 · Buy at or below 6.58; 2020-02 · Price AUD 7.27 · Value 7.30 · Buy at or below 7.30; 2020-03 · Price AUD 4.85 · Value 7.30 · Buy at or below 7.30; 2020-04 · Price AUD 5.06 · Value 7.30 · Buy at or below 7.30; 2020-05 · Price AUD 5.15 · Value 7.30 · Buy at or below 7.30; 2020-06 · Price AUD 5.99 · Value 7.30 · Buy at or below 7.30; 2020-07 · Price AUD 5.78 · Value 7.30 · Buy at or below 7.30; 2020-08 · Price AUD 5.95 · Value 7.30 · Buy at or below 7.30; 2020-09 · Price AUD 5.56 · Value 7.30 · Buy at or below 7.30; 2020-10 · Price AUD 6.23 · Value 7.30 · Buy at or below 7.30; 2020-11 · Price AUD 7.50 · Value 7.30 · Buy at or below 7.30; 2020-12 · Price AUD 7.52 · Value 7.30 · Buy at or below 7.30; 2021-01 · Price AUD 7.74 · Value 7.30 · Buy at or below 7.30; 2021-02 · Price AUD 8.79 · Value 7.80 · Buy at or below 7.80; 2021-03 · Price AUD 8.65 · Value 7.80 · Buy at or below 7.80; 2021-04 · Price AUD 9.02 · Value 7.80 · Buy at or below 7.80; 2021-05 · Price AUD 8.95 · Value 7.80 · Buy at or below 7.80; 2021-06 · Price AUD 9.11 · Value 7.80 · Buy at or below 7.80; 2021-07 · Price AUD 9.02 · Value 7.80 · Buy at or below 7.80; 2021-08 · Price AUD 9.46 · Value 7.80 · Buy at or below 7.80; 2021-09 · Price AUD 9.36 · Value 7.80 · Buy at or below 7.80; 2021-10 · Price AUD 8.80 · Value 7.80 · Buy at or below 7.80; 2021-11 · Price AUD 7.64 · Value 7.80 · Buy at or below 7.80; 2021-12 · Price AUD 8.09 · Value 7.80 · Buy at or below 7.80; 2022-01 · Price AUD 7.64 · Value 7.80 · Buy at or below 7.80; 2022-02 · Price AUD 8.00 · Value 7.75 · Buy at or below 7.75; 2022-03 · Price AUD 8.68 · Value 7.75 · Buy at or below 7.75; 2022-04 · Price AUD 8.13 · Value 7.75 · Buy at or below 7.75; 2022-05 · Price AUD 7.51 · Value 7.75 · Buy at or below 7.75; 2022-06 · Price AUD 6.67 · Value 7.75 · Buy at or below 7.75; 2022-07 · Price AUD 7.52 · Value 7.75 · Buy at or below 7.75; 2022-08 · Price AUD 7.03 · Value 7.75 · Buy at or below 7.75; 2022-09 · Price AUD 6.51 · Value 7.75 · Buy at or below 7.75; 2022-10 · Price AUD 7.36 · Value 7.75 · Buy at or below 7.75; 2022-11 · Price AUD 7.18 · Value 7.75 · Buy at or below 7.75; 2022-12 · Price AUD 6.90 · Value 7.75 · Buy at or below 7.75; 2023-01 · Price AUD 6.97 · Value 7.75 · Buy at or below 7.75; 2023-02 · Price AUD 7.06 · Value 8.10 · Buy at or below 8.10; 2023-03 · Price AUD 6.49 · Value 8.10 · Buy at or below 8.10; 2023-04 · Price AUD 5.80 · Value 8.10 · Buy at or below 8.10; 2023-05 · Price AUD 5.47 · Value 8.10 · Buy at or below 8.10; 2023-06 · Price AUD 5.49 · Value 8.10 · Buy at or below 8.10; 2023-07 · Price AUD 6.04 · Value 8.10 · Buy at or below 8.10; 2023-08 · Price AUD 5.76 · Value 8.10 · Buy at or below 8.10; 2023-09 · Price AUD 5.74 · Value 8.10 · Buy at or below 8.10; 2023-10 · Price AUD 5.10 · Value 8.10 · Buy at or below 8.10; 2023-11 · Price AUD 5.50 · Value 8.10 · Buy at or below 8.10; 2023-12 · Price AUD 6.08 · Value 8.10 · Buy at or below 8.10; 2024-01 · Price AUD 6.04 · Value 8.10 · Buy at or below 8.10; 2024-02 · Price AUD 5.87 · Value 4.87 · Buy at or below 4.87; 2024-03 · Price AUD 6.32 · Value 4.87 · Buy at or below 4.87; 2024-04 · Price AUD 6.15 · Value 4.87 · Buy at or below 4.87; 2024-05 · Price AUD 5.75 · Value 4.87 · Buy at or below 4.87; 2024-06 · Price AUD 5.81 · Value 4.87 · Buy at or below 4.87; 2024-07 · Price AUD 6.31 · Value 4.87 · Buy at or below 4.87; 2024-08 · Price AUD 6.32 · Value 4.87 · Buy at or below 4.87; 2024-09 · Price AUD 6.18 · Value 4.87 · Buy at or below 4.87; 2024-10 · Price AUD 6.52 · Value 4.87 · Buy at or below 4.87; 2024-11 · Price AUD 6.90 · Value 4.87 · Buy at or below 4.87; 2024-12 · Price AUD 6.70 · Value 4.87 · Buy at or below 4.87; 2025-01 · Price AUD 6.97 · Value 4.87 · Buy at or below 4.87; 2025-02 · Price AUD 6.70 · Value 5.09 · Buy at or below 5.09; 2025-03 · Price AUD 6.74 · Value 5.09 · Buy at or below 5.09; 2025-04 · Price AUD 7.46 · Value 5.09 · Buy at or below 5.09; 2025-05 · Price AUD 7.81 · Value 5.09 · Buy at or below 5.09; 2025-06 · Price AUD 7.78 · Value 5.09 · Buy at or below 5.09; 2025-07 · Price AUD 7.61 · Value 5.09 · Buy at or below 5.09; 2025-08 · Price AUD 7.27 · Value 5.09 · Buy at or below 5.09; 2025-09 · Price AUD 7.25 · Value 5.09 · Buy at or below 5.09; 2025-10 · Price AUD 6.86 · Value 5.09 · Buy at or below 5.09; 2025-11 · Price AUD 6.44 · Value 5.09 · Buy at or below 5.09; 2025-12 · Price AUD 6.53 · Value 5.09 · Buy at or below 5.09; 2026-01 · Price AUD 6.79 · Value 5.09 · Buy at or below 5.09; 2026-02 · Price AUD 7.00 · Value 5.12 · Buy at or below 5.12; 2026-03 · Price AUD 6.69 · Value 5.12 · Buy at or below 5.12; 2026-04 · Price AUD 6.71 · Value 5.12 · Buy at or below 5.12; 2026-05 · Price AUD 6.26 · Value 5.12 · Buy at or below 5.12; 2026-06 · Price AUD 6.31 · Value 5.12 · Buy at or below 5.12; 2026-07 · Price AUD 6.64 · Value 5.12 · Buy at or below 5.12; 2026-08 · Price AUD 6.53 · Value 5.12 · Buy at or below 5.12; 2026-09 · Price AUD 6.61 · Value 5.12 · Buy at or below 5.12; 2026-10 · Price AUD 6.69 · Value 5.12 · Buy at or below 5.12; 2026-10 · Price AUD 6.87 · Value 5.12 · Buy at or below 5.12

AUD per share · annual estimates

Price & return math
Value range	AUD 4.56 – AUD 5.84
Buy at or below	Central value AUD 5.12
Discount to value	1 − 6.87 / 5.12 = -34.1%
Return / year	About 7.9% a year at today's price (required return 10.0%)
Cash-flow inputs	Book AUD 7.45/share; ROE 7.5%; first payout AUD 0.42/share, growing 1.9% perpetually (4× book payout cap applied).
Required return	10.0% / year, earned by construction at the central value

Net incomeAUD 133M

Net income

Book / shareAUD 7.40

Book / share

Dividend / shareAUD 0.35

Dividend / share

Return on tangible equity2.7%

Return on tangible equity

Diluted shares657M

Diluted shares

Prices 15 Oct 2026 · FY2025