# Commonwealth Bank of Australia (CBA.AU)

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

Analysis as of: 2026-10-16T07:33:34.106Z. Financial observations: FY2016–FY2026.

Listing currency: AUD. Reporting currency: AUD.

## Verdict

A wonderful business at too high a price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: AUD 156.15 per share; close as of 2026-10-15.

Estimated value: low AUD 59.07 per share, central AUD 64.98 per share, high AUD 72.20 per share. Buy at or below the central value AUD 64.98 per share. Valuation as of 2026-10-16T07:33:34.106Z; scenarios are not confidence intervals.

Expected annual return: 4.2% at the stated quote. About 4.2% 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): 0.07×

Chart: Net income; fiscal year observations.

- FY2017: AUD 9.9B

- FY2018: AUD 9.3B

- FY2019: AUD 8.6B

- FY2020: AUD 9.6B

- FY2021: AUD 10B

- FY2022: AUD 11B

- FY2023: AUD 10B

- FY2024: AUD 9.4B

- FY2025: AUD 10B

- FY2026: AUD 11B

### moat: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Bank / P&C ROTE, median of available years: 15.5%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 14.3%

- Years with reported combined ratio: 0

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

- FY2017: 21.5%

- FY2018: 17.8%

- FY2019: 15.1%

- FY2020: 16.1%

- FY2021: 15.3%

- FY2022: 17.9%

- FY2023: 15.6%

- FY2024: 14.3%

- FY2025: 14.3%

- FY2026: 15.5%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 17.8%

- Book return interval: 10 years

- Starting book value per share: AUD 23.39

- Ending book value per share: AUD 41.93

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

- FY2017: 21.3%

- FY2018: 21.5%

- FY2019: 22.0%

- FY2020: 16.1%

- FY2021: 23.1%

- FY2022: 2.7%

- FY2023: 20.8%

- FY2024: 20.9%

- FY2025: 20.0%

- FY2026: 11.1%

### management: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Diluted shares, 10-year annual growth: -0.8%

- Diluted shares, 5-year annual growth: -2.0%

- Share growth excluding flagged crisis recapitalisations: -0.8%

- Five-year share growth excluding flagged crisis recapitalisations: -2.0%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 1.64×

- Book value created per share: AUD 18.54

- Earnings retained per share after dividends and buybacks: AUD 11.32

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

- FY2016: 100

- FY2017: 102

- FY2018: 105

- FY2019: 104

- FY2020: 107

- FY2021: 103

- FY2022: 100

- FY2023: 99

- FY2024: 93

- FY2025: 93

- FY2026: 93

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

The price assumes profits grow 5.8% a year forever · net income +7.4%

Story as of 2026-10-16T09:59:56.715Z; price observation 2026-10-15.

The price assumes profits grow 5.8% a year forever

### Net income · FY2026

net income +7.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: AUD 9.9B 

- FY2018: AUD 9.3B 

- FY2019: AUD 8.6B 

- FY2020: AUD 9.6B 

- FY2021: AUD 10B 

- FY2022: AUD 11B 

- FY2023: AUD 10B 

- FY2024: AUD 9.4B 

- FY2025: AUD 10B 

- FY2026: AUD 11B 

## Owner memo

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

### How it makes money

Operates in diversified banking; annual sales are AUD 29.4 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:34.106Z); FY2026: revenue 29365000000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CBA.AU: Commonwealth Bank of Australia engages in the provision of retail and commercial banking services in Australia, New Zealand, and internationally. The company operates through Retail Banking Services, Business Banking, Institutional Banking and Markets, and New Zealand segments. It offers savings and term deposit accounts, commonwealth direct investment accounts, and retail transaction accounts, as well as specialized accounts, such as statutory trust, society cheque, farm management, cash and treasury management, and business foreign currency deposit accounts. The company also provides credit cards, personal and business loans, car and equipment finance, business overdrafts, margin lending, and international payment services; home loans; and buy-now-pay-later services. In addition, it provides home and contents, car, health, life, income protection, pet, and travel insurance products. Further, the company offers transaction banking, equity trading, and risk management products and services, as well as access to debt capital markets, capital raising, and investment and financial solutions. Commonwealth Bank of Australia was founded in 1911 and is based in Sydney, Australia.

### Why customers stay

It earns 15.5% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:34.106Z); 10-year return on tangible equity observations [[2017,0.21511527127751776],[2018,0.17803435114503816],[2019,0.15108674575613884],[2020,0.16135461503676285],[2021,0.15317375539741526],[2022,0.1790838806218306],[2023,0.15617502747380316],[2024,0.14344612753481553],[2025,0.1430955951000085],[2026,0.1548105828548633]]; median 0.15549280516433323. 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 127 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:34.106Z); Dividend observations: [[2017,6084000000],[2018,5366000000],[2019,6853000000],[2020,7629000000],[2021,4132000000],[2022,6535000000],[2023,7117000000],[2024,7623000000],[2025,7949000000],[2026,8284000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:34.106Z); FY2026: cash repurchases 127000000 AUD.

### Are managers owners

Insiders own 0.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CBA.AU SharesStats.PercentInsiders = 0.326 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 5.8% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:34.106Z); Price 156.15; FX 1; original perpetual distributable cash 6.498212251940699; discount 0.1; growth 0.058384807864612885. 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 73.39 per share

- 2016-11: AUD 78.65 per share

- 2016-12: AUD 82.41 per share

- 2017-01: AUD 81.66 per share

- 2017-02: AUD 82.32 per share

- 2017-03: AUD 85.91 per share

- 2017-04: AUD 87.40 per share

- 2017-05: AUD 79.65 per share

- 2017-06: AUD 82.81 per share

- 2017-07: AUD 83.73 per share

- 2017-08: AUD 75.80 per share

- 2017-09: AUD 75.25 per share

- 2017-10: AUD 77.63 per share

- 2017-11: AUD 79.43 per share

- 2017-12: AUD 80.34 per share

- 2018-01: AUD 78.87 per share

- 2018-02: AUD 76.39 per share

- 2018-03: AUD 72.31 per share

- 2018-04: AUD 71.82 per share

- 2018-05: AUD 69.30 per share

- 2018-06: AUD 72.87 per share

- 2018-07: AUD 74.79 per share

- 2018-08: AUD 71.24 per share

- 2018-09: AUD 71.41 per share

- 2018-10: AUD 69.23 per share

- 2018-11: AUD 71.23 per share

- 2018-12: AUD 72.39 per share

- 2019-01: AUD 69.91 per share

- 2019-02: AUD 73.95 per share

- 2019-03: AUD 70.64 per share

- 2019-04: AUD 74.52 per share

- 2019-05: AUD 78.51 per share

- 2019-06: AUD 82.78 per share

- 2019-07: AUD 82.30 per share

- 2019-08: AUD 79.05 per share

- 2019-09: AUD 80.83 per share

- 2019-10: AUD 78.66 per share

- 2019-11: AUD 80.82 per share

- 2019-12: AUD 79.90 per share

- 2020-01: AUD 85.26 per share

- 2020-02: AUD 81.78 per share

- 2020-03: AUD 61.82 per share

- 2020-04: AUD 62.69 per share

- 2020-05: AUD 63.75 per share

- 2020-06: AUD 69.42 per share

- 2020-07: AUD 71.20 per share

- 2020-08: AUD 68.28 per share

- 2020-09: AUD 63.61 per share

- 2020-10: AUD 69.02 per share

- 2020-11: AUD 79.07 per share

- 2020-12: AUD 82.11 per share

- 2021-01: AUD 83.51 per share

- 2021-02: AUD 81.56 per share

- 2021-03: AUD 86.10 per share

- 2021-04: AUD 89.04 per share

- 2021-05: AUD 99.72 per share

- 2021-06: AUD 99.87 per share

- 2021-07: AUD 99.65 per share

- 2021-08: AUD 100.12 per share

- 2021-09: AUD 104.33 per share

- 2021-10: AUD 104.68 per share

- 2021-11: AUD 93.18 per share

- 2021-12: AUD 101.00 per share

- 2022-01: AUD 93.74 per share

- 2022-02: AUD 93.46 per share

- 2022-03: AUD 105.77 per share

- 2022-04: AUD 103.88 per share

- 2022-05: AUD 104.36 per share

- 2022-06: AUD 90.38 per share

- 2022-07: AUD 100.77 per share

- 2022-08: AUD 97.47 per share

- 2022-09: AUD 90.70 per share

- 2022-10: AUD 104.68 per share

- 2022-11: AUD 107.86 per share

- 2022-12: AUD 102.60 per share

- 2023-01: AUD 110.06 per share

- 2023-02: AUD 100.69 per share

- 2023-03: AUD 98.32 per share

- 2023-04: AUD 99.36 per share

- 2023-05: AUD 96.78 per share

- 2023-06: AUD 100.27 per share

- 2023-07: AUD 105.71 per share

- 2023-08: AUD 102.18 per share

- 2023-09: AUD 99.97 per share

- 2023-10: AUD 96.56 per share

- 2023-11: AUD 104.66 per share

- 2023-12: AUD 111.80 per share

- 2024-01: AUD 117.53 per share

- 2024-02: AUD 116.41 per share

- 2024-03: AUD 120.34 per share

- 2024-04: AUD 114.54 per share

- 2024-05: AUD 119.54 per share

- 2024-06: AUD 127.38 per share

- 2024-07: AUD 137.49 per share

- 2024-08: AUD 139.50 per share

- 2024-09: AUD 135.39 per share

- 2024-10: AUD 142.75 per share

- 2024-11: AUD 158.58 per share

- 2024-12: AUD 153.25 per share

- 2025-01: AUD 160.56 per share

- 2025-02: AUD 156.74 per share

- 2025-03: AUD 150.93 per share

- 2025-04: AUD 166.60 per share

- 2025-05: AUD 175.95 per share

- 2025-06: AUD 184.75 per share

- 2025-07: AUD 177.91 per share

- 2025-08: AUD 170.30 per share

- 2025-09: AUD 166.90 per share

- 2025-10: AUD 171.64 per share

- 2025-11: AUD 152.51 per share

- 2025-12: AUD 160.57 per share

- 2026-01: AUD 149.36 per share

- 2026-02: AUD 174.62 per share

- 2026-03: AUD 167.70 per share

- 2026-04: AUD 173.66 per share

- 2026-05: AUD 165.02 per share

- 2026-06: AUD 164.62 per share

- 2026-07: AUD 177.53 per share

- 2026-08: AUD 159.90 per share

- 2026-09: AUD 151.01 per share

- 2026-10: AUD 154.50 per share

## Annual estimated value (AUD per share)

- FY2017: low AUD 50.36 per share, central AUD 55.40 per share, high AUD 61.56 per share

- FY2018: low AUD 55.13 per share, central AUD 60.64 per share, high AUD 67.38 per share

- FY2019: low AUD 60.00 per share, central AUD 66.00 per share, high AUD 73.33 per share

- FY2020: low AUD 60.94 per share, central AUD 67.04 per share, high AUD 74.48 per share

- FY2021: low AUD 69.80 per share, central AUD 76.78 per share, high AUD 85.31 per share

- FY2022: low AUD 59.06 per share, central AUD 64.97 per share, high AUD 72.19 per share

- FY2023: low AUD 85.19 per share, central AUD 106.49 per share, high AUD 141.99 per share

- FY2024: low AUD 83.49 per share, central AUD 103.28 per share, high AUD 135.37 per share

- FY2025: low AUD 76.77 per share, central AUD 92.68 per share, high AUD 116.92 per share

- FY2026: low AUD 59.00 per share, central AUD 64.90 per share, high AUD 72.11 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.

Commonwealth Bank of Australia

CBA · AU

S&P/ASX 200

A wonderful business at too high a price

Passes the quality tests.

Share price: AUD 156.15
Buy up to: AUD 64.98
Expected / yr: 4.2% 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 10B
Worst year: AUD 8.6B
Latest · 2026: AUD 11B

Earned a median 15.5% on tangible equity (minimum 12%), and the second-worst year 14.3% (minimum 5%).

Return on tangible common equity

10y median: 15.5%
Worst year: 14.3%
Latest · 2026: 15.5%

Book value plus dividends grew 17.8% a year (minimum 7%).

Annual book + dividend return

10y median: 20.8%
Worst year: 2.7%
Latest · 2026: 11.1%

Ordinary share growth was -0.8% over the full period and -2% over five years (either must be at most 2% a year).

Shares (first year = 100)

11y median: 100
Worst year: 107
Latest · 2026: 93

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 6.05 AUD.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price AUD 73.39; 2016-11 · Price AUD 78.65; 2016-12 · Price AUD 82.41; 2017-01 · Price AUD 81.66 · Value 55.40 · Buy at or below 55.40; 2017-02 · Price AUD 82.32 · Value 55.40 · Buy at or below 55.40; 2017-03 · Price AUD 85.91 · Value 55.40 · Buy at or below 55.40; 2017-04 · Price AUD 87.40 · Value 55.40 · Buy at or below 55.40; 2017-05 · Price AUD 79.65 · Value 55.40 · Buy at or below 55.40; 2017-06 · Price AUD 82.81 · Value 55.40 · Buy at or below 55.40; 2017-07 · Price AUD 83.73 · Value 55.40 · Buy at or below 55.40; 2017-08 · Price AUD 75.80 · Value 55.40 · Buy at or below 55.40; 2017-09 · Price AUD 75.25 · Value 55.40 · Buy at or below 55.40; 2017-10 · Price AUD 77.63 · Value 55.40 · Buy at or below 55.40; 2017-11 · Price AUD 79.43 · Value 55.40 · Buy at or below 55.40; 2017-12 · Price AUD 80.34 · Value 55.40 · Buy at or below 55.40; 2018-01 · Price AUD 78.87 · Value 55.40 · Buy at or below 55.40; 2018-02 · Price AUD 76.39 · Value 60.64 · Buy at or below 60.64; 2018-03 · Price AUD 72.31 · Value 60.64 · Buy at or below 60.64; 2018-04 · Price AUD 71.82 · Value 60.64 · Buy at or below 60.64; 2018-05 · Price AUD 69.30 · Value 60.64 · Buy at or below 60.64; 2018-06 · Price AUD 72.87 · Value 60.64 · Buy at or below 60.64; 2018-07 · Price AUD 74.79 · Value 60.64 · Buy at or below 60.64; 2018-08 · Price AUD 71.24 · Value 60.64 · Buy at or below 60.64; 2018-09 · Price AUD 71.41 · Value 60.64 · Buy at or below 60.64; 2018-10 · Price AUD 69.23 · Value 60.64 · Buy at or below 60.64; 2018-11 · Price AUD 71.23 · Value 60.64 · Buy at or below 60.64; 2018-12 · Price AUD 72.39 · Value 60.64 · Buy at or below 60.64; 2019-01 · Price AUD 69.91 · Value 60.64 · Buy at or below 60.64; 2019-02 · Price AUD 73.95 · Value 66.00 · Buy at or below 66.00; 2019-03 · Price AUD 70.64 · Value 66.00 · Buy at or below 66.00; 2019-04 · Price AUD 74.52 · Value 66.00 · Buy at or below 66.00; 2019-05 · Price AUD 78.51 · Value 66.00 · Buy at or below 66.00; 2019-06 · Price AUD 82.78 · Value 66.00 · Buy at or below 66.00; 2019-07 · Price AUD 82.30 · Value 66.00 · Buy at or below 66.00; 2019-08 · Price AUD 79.05 · Value 66.00 · Buy at or below 66.00; 2019-09 · Price AUD 80.83 · Value 66.00 · Buy at or below 66.00; 2019-10 · Price AUD 78.66 · Value 66.00 · Buy at or below 66.00; 2019-11 · Price AUD 80.82 · Value 66.00 · Buy at or below 66.00; 2019-12 · Price AUD 79.90 · Value 66.00 · Buy at or below 66.00; 2020-01 · Price AUD 85.26 · Value 66.00 · Buy at or below 66.00; 2020-02 · Price AUD 81.78 · Value 67.04 · Buy at or below 67.04; 2020-03 · Price AUD 61.82 · Value 67.04 · Buy at or below 67.04; 2020-04 · Price AUD 62.69 · Value 67.04 · Buy at or below 67.04; 2020-05 · Price AUD 63.75 · Value 67.04 · Buy at or below 67.04; 2020-06 · Price AUD 69.42 · Value 67.04 · Buy at or below 67.04; 2020-07 · Price AUD 71.20 · Value 67.04 · Buy at or below 67.04; 2020-08 · Price AUD 68.28 · Value 67.04 · Buy at or below 67.04; 2020-09 · Price AUD 63.61 · Value 67.04 · Buy at or below 67.04; 2020-10 · Price AUD 69.02 · Value 67.04 · Buy at or below 67.04; 2020-11 · Price AUD 79.07 · Value 67.04 · Buy at or below 67.04; 2020-12 · Price AUD 82.11 · Value 67.04 · Buy at or below 67.04; 2021-01 · Price AUD 83.51 · Value 67.04 · Buy at or below 67.04; 2021-02 · Price AUD 81.56 · Value 76.78 · Buy at or below 76.78; 2021-03 · Price AUD 86.10 · Value 76.78 · Buy at or below 76.78; 2021-04 · Price AUD 89.04 · Value 76.78 · Buy at or below 76.78; 2021-05 · Price AUD 99.72 · Value 76.78 · Buy at or below 76.78; 2021-06 · Price AUD 99.87 · Value 76.78 · Buy at or below 76.78; 2021-07 · Price AUD 99.65 · Value 76.78 · Buy at or below 76.78; 2021-08 · Price AUD 100.12 · Value 76.78 · Buy at or below 76.78; 2021-09 · Price AUD 104.33 · Value 76.78 · Buy at or below 76.78; 2021-10 · Price AUD 104.68 · Value 76.78 · Buy at or below 76.78; 2021-11 · Price AUD 93.18 · Value 76.78 · Buy at or below 76.78; 2021-12 · Price AUD 101.00 · Value 76.78 · Buy at or below 76.78; 2022-01 · Price AUD 93.74 · Value 76.78 · Buy at or below 76.78; 2022-02 · Price AUD 93.46 · Value 64.97 · Buy at or below 64.97; 2022-03 · Price AUD 105.77 · Value 64.97 · Buy at or below 64.97; 2022-04 · Price AUD 103.88 · Value 64.97 · Buy at or below 64.97; 2022-05 · Price AUD 104.36 · Value 64.97 · Buy at or below 64.97; 2022-06 · Price AUD 90.38 · Value 64.97 · Buy at or below 64.97; 2022-07 · Price AUD 100.77 · Value 64.97 · Buy at or below 64.97; 2022-08 · Price AUD 97.47 · Value 64.97 · Buy at or below 64.97; 2022-09 · Price AUD 90.70 · Value 64.97 · Buy at or below 64.97; 2022-10 · Price AUD 104.68 · Value 64.97 · Buy at or below 64.97; 2022-11 · Price AUD 107.86 · Value 64.97 · Buy at or below 64.97; 2022-12 · Price AUD 102.60 · Value 64.97 · Buy at or below 64.97; 2023-01 · Price AUD 110.06 · Value 64.97 · Buy at or below 64.97; 2023-02 · Price AUD 100.69 · Value 106.49 · Buy at or below 106.49; 2023-03 · Price AUD 98.32 · Value 106.49 · Buy at or below 106.49; 2023-04 · Price AUD 99.36 · Value 106.49 · Buy at or below 106.49; 2023-05 · Price AUD 96.78 · Value 106.49 · Buy at or below 106.49; 2023-06 · Price AUD 100.27 · Value 106.49 · Buy at or below 106.49; 2023-07 · Price AUD 105.71 · Value 106.49 · Buy at or below 106.49; 2023-08 · Price AUD 102.18 · Value 106.49 · Buy at or below 106.49; 2023-09 · Price AUD 99.97 · Value 106.49 · Buy at or below 106.49; 2023-10 · Price AUD 96.56 · Value 106.49 · Buy at or below 106.49; 2023-11 · Price AUD 104.66 · Value 106.49 · Buy at or below 106.49; 2023-12 · Price AUD 111.80 · Value 106.49 · Buy at or below 106.49; 2024-01 · Price AUD 117.53 · Value 106.49 · Buy at or below 106.49; 2024-02 · Price AUD 116.41 · Value 103.28 · Buy at or below 103.28; 2024-03 · Price AUD 120.34 · Value 103.28 · Buy at or below 103.28; 2024-04 · Price AUD 114.54 · Value 103.28 · Buy at or below 103.28; 2024-05 · Price AUD 119.54 · Value 103.28 · Buy at or below 103.28; 2024-06 · Price AUD 127.38 · Value 103.28 · Buy at or below 103.28; 2024-07 · Price AUD 137.49 · Value 103.28 · Buy at or below 103.28; 2024-08 · Price AUD 139.50 · Value 103.28 · Buy at or below 103.28; 2024-09 · Price AUD 135.39 · Value 103.28 · Buy at or below 103.28; 2024-10 · Price AUD 142.75 · Value 103.28 · Buy at or below 103.28; 2024-11 · Price AUD 158.58 · Value 103.28 · Buy at or below 103.28; 2024-12 · Price AUD 153.25 · Value 103.28 · Buy at or below 103.28; 2025-01 · Price AUD 160.56 · Value 103.28 · Buy at or below 103.28; 2025-02 · Price AUD 156.74 · Value 92.68 · Buy at or below 92.68; 2025-03 · Price AUD 150.93 · Value 92.68 · Buy at or below 92.68; 2025-04 · Price AUD 166.60 · Value 92.68 · Buy at or below 92.68; 2025-05 · Price AUD 175.95 · Value 92.68 · Buy at or below 92.68; 2025-06 · Price AUD 184.75 · Value 92.68 · Buy at or below 92.68; 2025-07 · Price AUD 177.91 · Value 92.68 · Buy at or below 92.68; 2025-08 · Price AUD 170.30 · Value 92.68 · Buy at or below 92.68; 2025-09 · Price AUD 166.90 · Value 92.68 · Buy at or below 92.68; 2025-10 · Price AUD 171.64 · Value 92.68 · Buy at or below 92.68; 2025-11 · Price AUD 152.51 · Value 92.68 · Buy at or below 92.68; 2025-12 · Price AUD 160.57 · Value 92.68 · Buy at or below 92.68; 2026-01 · Price AUD 149.36 · Value 92.68 · Buy at or below 92.68; 2026-02 · Price AUD 174.62 · Value 64.90 · Buy at or below 64.90; 2026-03 · Price AUD 167.70 · Value 64.90 · Buy at or below 64.90; 2026-04 · Price AUD 173.66 · Value 64.90 · Buy at or below 64.90; 2026-05 · Price AUD 165.02 · Value 64.90 · Buy at or below 64.90; 2026-06 · Price AUD 164.62 · Value 64.90 · Buy at or below 64.90; 2026-07 · Price AUD 177.53 · Value 64.90 · Buy at or below 64.90; 2026-08 · Price AUD 159.90 · Value 64.90 · Buy at or below 64.90; 2026-09 · Price AUD 151.01 · Value 64.90 · Buy at or below 64.90; 2026-10 · Price AUD 154.50 · Value 64.90 · Buy at or below 64.90; 2026-10 · Price AUD 156.15 · Value 64.90 · Buy at or below 64.90

AUD per share · annual estimates

Price & return math
Value range	AUD 59.07 – AUD 72.20
Buy at or below	Central value AUD 64.98
Discount to value	1 − 156.15 / 64.98 = -140.3%
Return / year	About 4.2% a year at today's price (required return 10.0%)
Cash-flow inputs	Book AUD 41.98/share; ROE 15.5%; first payout AUD 6.50/share, growing 0.0% perpetually (4× book payout cap applied).
Required return	10.0% / year, earned by construction at the central value

Net incomeAUD 11B

Net income

Book / shareAUD 41.93

Book / share

Dividend / shareAUD 4.95

Dividend / share

Return on tangible equity15.5%

Return on tangible equity

Diluted shares1.7B

Diluted shares

Prices 15 Oct 2026 · FY2026