# Charter Hall Group (CHC.AU)

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

Analysis as of: 2026-10-16T07:37:01.206Z. Financial observations: FY2005–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 18.55 per share; close as of 2026-10-15.

Estimated value: low AUD 6.11 per share, central AUD 6.90 per share, high AUD 7.94 per share. Buy at or below the central value AUD 6.90 per share. Valuation as of 2026-10-16T07:37:01.206Z; scenarios are not confidence intervals.

Expected annual return: 5.4% at the stated quote. About 5.4% 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

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

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 1

- Operating margin variation: 0.20×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.69×

- FY2018: 0.66×

- FY2019: 0.58×

- FY2020: 0.53×

- FY2021: 0.35×

- FY2022: 0.52×

- FY2023: 0.51×

- FY2024: 0.37×

- FY2025: 0.63×

- FY2026: 0.47×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 11.9%

- ROIC, second-lowest year: 6.8%

- Typical minus recent gross margin: -22.4 pp

- Typical gross margin (annual median): 76.0%

- Recent gross margin (lower of latest and 3-year median): 98.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.9%

- ROIC including acquisitions, ten-year median: 15.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 17.4%

- FY2018: 14.4%

- FY2019: 12.1%

- FY2020: 9.5%

- FY2021: 6.8%

- FY2022: 12.5%

- FY2023: 9.2%

- FY2024: 6.0%

- FY2025: 11.6%

- FY2026: 21.4%

### economics: fail

- working capital as a share of revenue rose more than 10pp and ends positive

- Owner earnings / net income, 5-yr: 1.01×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: AUD 1.5B

- Net income, five-year total: AUD 1.5B

- Return on incremental invested capital: 198.7%

- Working capital / revenue, annual change: 2.1 pp

- Working capital / revenue, change between three-year averages: 20.9 pp

- Working capital / revenue, final three-year average: 8.8%

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

- FY2022: 0.99×

- FY2023: 1.01×

- FY2024: 0.97×

- FY2025: 1.01×

- FY2026: 1.02×

### management: fail

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

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 14.4% vs 11.6%

- Per-share earnings: 0.54 to 0.50 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 1.5%

- Ordinary dilution, 5-year annual growth: 0.4%

- Market cap gain: AUD 8.4B

- Cumulative retained earnings: AUD 400M

- Diluted shares, 10-year annual growth: 1.5%

- Diluted shares, 5-year annual growth: 0.4%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: -0.8%

- Per-share value change: AUD -0.03

- Per-share value, starting three-year median: AUD 0.54

- Per-share value, ending three-year median: AUD 0.50

- Buybacks concentrated in cheaper years (correlation): -0.37

- Average buyback yield: 0.2%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: AUD 66M

- Cumulative net income, 10 years: AUD 3.1B

- ROIC, first three-year median: 14.4%

- ROIC, last three-year median: 11.6%

Chart: Earnings per share; fiscal year observations.

- FY2017: AUD 0.55

- FY2018: AUD 0.54

- FY2019: AUD 0.50

- FY2020: AUD 0.74

- FY2021: AUD 1.05

- FY2022: AUD 1.92

- FY2023: AUD 0.41

- FY2024: AUD -0.46

- FY2025: AUD 0.68

- FY2026: AUD 0.50

### accounting: fail

- earnings not backed by cash

- Sloan accruals: 6.6%

- Receivables to sales index (DSRI): 1.37×

- Restructuring years, last five: 0

- Earnings backed by cash: No

- Operating cash / earnings: -0.08×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.19×

Chart: Sloan accruals; fiscal year observations.

- FY2017: 5.4%

- FY2018: 4.2%

- FY2019: 2.1%

- FY2020: -2.0%

- FY2021: 8.1%

- FY2022: 7.7%

- FY2023: -3.4%

- FY2024: -17.8%

- FY2025: -0.8%

- FY2026: 6.6%

## Holders

## Price story

Down 25% since Nov 2025 · sales -19.1%

Story as of 2026-10-16T10:00:08.496Z; price observation 2026-10-15.

Price needs cash profits to grow 13.9% a year for ten years

### Sales · FY2025–2026

sales -19.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: AUD 424M 

- FY2018: AUD 416M 

- FY2019: AUD 527M 

- FY2020: AUD 569M 

- FY2021: AUD 668M 

- FY2022: AUD 1.1B 

- FY2023: AUD 870M 

- FY2024: AUD 598M 

- FY2025: AUD 688M 

- FY2026: AUD 557M 

### Gross margin · FY2026

gross margin 98.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: 77.4% 

- FY2018: 75.2% 

- FY2019: 66.9% 

- FY2020: 85.3% 

- FY2021: 61.9% 

- FY2022: 72.0% 

- FY2023: 76.8% 

- FY2024: 67.4% 

- FY2025: 98.5% 

- FY2026: 98.4% 

## Owner memo

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

### How it makes money

Operates in property rentals; annual sales are AUD 556.7 million.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:01.206Z); FY2026: revenue 556700000; grossProfit 547800000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CHC.AU: Charter Hall Group is Australia's leading fully integrated diversified property investment and funds management group. We use our expertise to access, deploy, manage and invest equity to create value and generate superior returns for our investor customers. We've curated a diverse portfolio of high-quality properties across our core sectors " Office, Industrial & Logistics, Retail and Social Infrastructure. With partnerships and financial discipline at the heart of our approach, we create and invest in places that support our customers, people and communities to grow. Charter Hall Group was incorporated in 1991 in Australia.

### Why customers stay

Margins ranged from 67.4% to 98.5% during 2024–26; it earns 11.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:01.206Z); FY2024: grossProfit / revenue = 67.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:01.206Z); FY2025: grossProfit / revenue = 98.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:01.206Z); FY2026: grossProfit / revenue = 98.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:01.206Z); 10-year return on capital observations [[2017,0.1736391901403241],[2018,0.1436045957881186],[2019,0.12103069657172223],[2020,0.09509138781773883],[2021,0.06778077379110829],[2022,0.12462658902126972],[2023,0.0917603864269782],[2024,0.06028768303186908],[2025,0.11639311929120745],[2026,0.21360119040270456]]; median 0.11871190793146484. 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 43.2 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:01.206Z); FY2017: growth capex 0; upkeep 4600000; owner earnings 261579000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:01.206Z); FY2018: growth capex 0; upkeep 5500000; owner earnings 251900000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:01.206Z); FY2019: growth capex 0; upkeep 5900000; owner earnings 239700000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:01.206Z); FY2020: growth capex 0; upkeep 6900000; owner earnings 355680000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:01.206Z); FY2021: growth capex 0; upkeep 5600000; owner earnings 496260000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:01.206Z); FY2022: growth capex 2000000; upkeep 9100000; owner earnings 921720000. Growth capex / owner earnings = 0.002169856355509265.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:01.206Z); FY2023: growth capex 0; upkeep 2300000; owner earnings 197800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:01.206Z); FY2025: growth capex 0; upkeep 1200000; owner earnings 332100000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:01.206Z); FY2026: growth capex 0; upkeep 2700000; owner earnings 246560000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:01.206Z); Dividend observations: [[2017,115561000],[2018,146100000],[2019,155400000],[2020,165800000],[2021,176300000],[2022,186300000],[2023,195400000],[2024,207100000],[2025,219500000],[2026,232700000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:01.206Z); FY2026: cash repurchases 43200000 AUD.

### Are managers owners

Insiders own 1.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CHC.AU SharesStats.PercentInsiders = 1.5190000000000001 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 13.9% yearly over ten years; actual decline was 0.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:01.206Z); Ten-year compound average after fade. Initial solved rate 0.18777609222885527. Price 18.55; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 0.5323086064939323 → FY2026 0.5116577703458463. Closing-price date 2026-10-15.

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

- 2016-10: AUD 4.70 per share

- 2016-11: AUD 4.52 per share

- 2016-12: AUD 4.74 per share

- 2017-01: AUD 4.70 per share

- 2017-02: AUD 5.26 per share

- 2017-03: AUD 5.52 per share

- 2017-04: AUD 5.67 per share

- 2017-05: AUD 5.69 per share

- 2017-06: AUD 5.50 per share

- 2017-07: AUD 5.19 per share

- 2017-08: AUD 5.67 per share

- 2017-09: AUD 5.37 per share

- 2017-10: AUD 5.80 per share

- 2017-11: AUD 6.31 per share

- 2017-12: AUD 6.02 per share

- 2018-01: AUD 5.90 per share

- 2018-02: AUD 5.85 per share

- 2018-03: AUD 5.73 per share

- 2018-04: AUD 5.90 per share

- 2018-05: AUD 6.37 per share

- 2018-06: AUD 6.52 per share

- 2018-07: AUD 6.69 per share

- 2018-08: AUD 7.12 per share

- 2018-09: AUD 7.16 per share

- 2018-10: AUD 6.90 per share

- 2018-11: AUD 6.99 per share

- 2018-12: AUD 7.42 per share

- 2019-01: AUD 8.23 per share

- 2019-02: AUD 8.80 per share

- 2019-03: AUD 10.27 per share

- 2019-04: AUD 9.81 per share

- 2019-05: AUD 10.34 per share

- 2019-06: AUD 10.83 per share

- 2019-07: AUD 11.32 per share

- 2019-08: AUD 12.65 per share

- 2019-09: AUD 11.65 per share

- 2019-10: AUD 11.30 per share

- 2019-11: AUD 10.81 per share

- 2019-12: AUD 11.08 per share

- 2020-01: AUD 12.86 per share

- 2020-02: AUD 12.48 per share

- 2020-03: AUD 6.86 per share

- 2020-04: AUD 7.65 per share

- 2020-05: AUD 9.69 per share

- 2020-06: AUD 9.69 per share

- 2020-07: AUD 10.52 per share

- 2020-08: AUD 12.51 per share

- 2020-09: AUD 12.43 per share

- 2020-10: AUD 12.34 per share

- 2020-11: AUD 13.73 per share

- 2020-12: AUD 14.71 per share

- 2021-01: AUD 13.62 per share

- 2021-02: AUD 11.86 per share

- 2021-03: AUD 12.88 per share

- 2021-04: AUD 14.00 per share

- 2021-05: AUD 14.32 per share

- 2021-06: AUD 15.52 per share

- 2021-07: AUD 16.29 per share

- 2021-08: AUD 17.86 per share

- 2021-09: AUD 17.15 per share

- 2021-10: AUD 17.33 per share

- 2021-11: AUD 19.32 per share

- 2021-12: AUD 20.58 per share

- 2022-01: AUD 16.76 per share

- 2022-02: AUD 16.77 per share

- 2022-03: AUD 16.51 per share

- 2022-04: AUD 15.66 per share

- 2022-05: AUD 13.27 per share

- 2022-06: AUD 10.83 per share

- 2022-07: AUD 12.74 per share

- 2022-08: AUD 13.51 per share

- 2022-09: AUD 11.48 per share

- 2022-10: AUD 12.94 per share

- 2022-11: AUD 13.95 per share

- 2022-12: AUD 11.98 per share

- 2023-01: AUD 13.77 per share

- 2023-02: AUD 13.31 per share

- 2023-03: AUD 11.00 per share

- 2023-04: AUD 11.13 per share

- 2023-05: AUD 11.20 per share

- 2023-06: AUD 10.71 per share

- 2023-07: AUD 11.43 per share

- 2023-08: AUD 10.84 per share

- 2023-09: AUD 9.49 per share

- 2023-10: AUD 8.67 per share

- 2023-11: AUD 10.40 per share

- 2023-12: AUD 12.04 per share

- 2024-01: AUD 12.09 per share

- 2024-02: AUD 12.52 per share

- 2024-03: AUD 13.75 per share

- 2024-04: AUD 11.99 per share

- 2024-05: AUD 12.12 per share

- 2024-06: AUD 11.18 per share

- 2024-07: AUD 12.68 per share

- 2024-08: AUD 14.49 per share

- 2024-09: AUD 15.97 per share

- 2024-10: AUD 15.11 per share

- 2024-11: AUD 15.72 per share

- 2024-12: AUD 14.35 per share

- 2025-01: AUD 15.72 per share

- 2025-02: AUD 17.12 per share

- 2025-03: AUD 16.18 per share

- 2025-04: AUD 16.90 per share

- 2025-05: AUD 18.17 per share

- 2025-06: AUD 19.19 per share

- 2025-07: AUD 20.20 per share

- 2025-08: AUD 23.43 per share

- 2025-09: AUD 22.75 per share

- 2025-10: AUD 22.44 per share

- 2025-11: AUD 24.86 per share

- 2025-12: AUD 24.45 per share

- 2026-01: AUD 23.01 per share

- 2026-02: AUD 22.07 per share

- 2026-03: AUD 18.63 per share

- 2026-04: AUD 20.15 per share

- 2026-05: AUD 20.38 per share

- 2026-06: AUD 22.86 per share

- 2026-07: AUD 23.33 per share

- 2026-08: AUD 19.32 per share

- 2026-09: AUD 18.86 per share

- 2026-10: AUD 18.31 per share

## Annual estimated value (AUD per share)

- FY2017: low AUD 6.46 per share, central AUD 7.30 per share, high AUD 8.42 per share

- FY2018: low AUD 6.06 per share, central AUD 6.87 per share, high AUD 7.95 per share

- FY2019: low AUD 7.66 per share, central AUD 8.68 per share, high AUD 10.04 per share

- FY2020: low AUD 8.66 per share, central AUD 9.79 per share, high AUD 11.29 per share

- FY2021: low AUD 10.27 per share, central AUD 11.58 per share, high AUD 13.33 per share

- FY2022: low AUD 16.75 per share, central AUD 18.90 per share, high AUD 21.75 per share

- FY2023: low AUD 16.09 per share, central AUD 22.65 per share, high AUD 26.46 per share

- FY2024: low AUD 9.23 per share, central AUD 10.40 per share, high AUD 11.96 per share

- FY2025: low AUD 8.09 per share, central AUD 9.13 per share, high AUD 10.51 per share

- FY2026: low AUD 6.00 per share, central AUD 6.77 per share, high AUD 7.80 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 2026-10-15T06:42:43.729Z 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.

## Reported holder observations