# Centuria Capital Group (CNI.AU)

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

Analysis as of: 2026-10-16T07:45:13.464Z. Financial observations: FY2012–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 1.06 per share; close as of 2026-10-15.

Estimated value: low AUD 1.23 per share, central AUD 1.58 per share, high AUD 1.78 per share. Buy at or below the central value AUD 1.58 per share. Valuation as of 2026-10-16T07:45:13.464Z; scenarios are not confidence intervals.

Expected annual return: 15.4% at the stated quote. About 15.4% 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: fail

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 1

- Operating margin variation: 0.59×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.33×

- FY2018: 0.67×

- FY2019: 0.57×

- FY2020: 0.20×

- FY2021: 0.79×

- FY2022: -0.03×

- FY2023: 0.43×

- FY2024: 0.47×

- FY2025: 0.13×

- FY2026: 0.53×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC median below threshold

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

- ROIC, median of available years: 11.3%

- ROIC, second-lowest year: 4.5%

- Typical minus recent gross margin: 0.3 pp

- Typical gross margin (annual median): 68.4%

- Recent gross margin (lower of latest and 3-year median): 68.1%

- Years with nonpositive capital: 1

- Capital spending / revenue: 0.8%

- ROIC including acquisitions, ten-year median: 5.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: >100%

- FY2018: 19.4%

- FY2019: 23.2%

- FY2020: 4.5%

- FY2021: 13.6%

- FY2022: -0.6%

- FY2023: 12.0%

- FY2024: 10.7%

- FY2025: 5.0%

- FY2026: 7.3%

### economics: fail

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

- Owner earnings / net income, 5-yr: 0.88×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: AUD 272M

- Net income, five-year total: AUD 309M

- Return on incremental invested capital: 122.2%

- Working capital / revenue, annual change: 20.4 pp

- Working capital / revenue, change between three-year averages: 128.6 pp

- Working capital / revenue, final three-year average: 32.8%

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

- FY2022: 1.06×

- FY2023: 0.96×

- FY2024: 1.00×

- FY2025: 0.73×

- FY2026: 0.85×

### 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: 23.2% vs 7.3%

- Per-share earnings: 0.02 to 0.10 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 5.0%

- Ordinary dilution, 5-year annual growth: 2.9%

- Market cap gain: AUD 1.1B

- Cumulative retained earnings: AUD -64M

- Diluted shares, 10-year annual growth: 5.0%

- Diluted shares, 5-year annual growth: 2.9%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 20.7%

- Per-share value change: AUD 0.08

- Per-share value, starting three-year median: AUD 0.02

- Per-share value, ending three-year median: AUD 0.10

- Buybacks concentrated in cheaper years (correlation): -0.66

- Average buyback yield: 0.3%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: AUD 1.2B

- Cumulative net income, 10 years: AUD 524M

- ROIC, first three-year median: 23.2%

- ROIC, last three-year median: 7.3%

Chart: Earnings per share; fiscal year observations.

- FY2017: AUD 0.01

- FY2018: AUD 0.04

- FY2019: AUD 0.05

- FY2020: AUD 0.04

- FY2021: AUD 0.18

- FY2022: AUD -0.05

- FY2023: AUD 0.13

- FY2024: AUD 0.12

- FY2025: AUD 0.10

- FY2026: AUD 0.06

### accounting: pass

- Sloan accruals: -0.6%

- Receivables to sales index (DSRI): 1.12×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.44×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.64×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -4.4%

- FY2018: -1.1%

- FY2019: 0.5%

- FY2020: -0.8%

- FY2021: 4.7%

- FY2022: -7.9%

- FY2023: -0.3%

- FY2024: -1.6%

- FY2025: -0.9%

- FY2026: -0.6%

## Holders

## Price story

Down 70% since Dec 2021 · sales -1.4%

Story as of 2026-10-16T10:00:13.362Z; price observation 2026-10-15.

Price needs cash profits to shrink 1% a year for ten years

### Sales · FY2025–2026

sales -1.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: AUD 127M 

- FY2018: AUD 135M 

- FY2019: AUD 116M 

- FY2020: AUD 162M 

- FY2021: AUD 229M 

- FY2022: AUD 300M 

- FY2023: AUD 370M 

- FY2024: AUD 327M 

- FY2025: AUD 452M 

- FY2026: AUD 446M 

### Gross margin · FY2026

gross margin 84.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: 41.4% 

- FY2018: 77.9% 

- FY2019: 68.7% 

- FY2020: 59.6% 

- FY2021: 60.1% 

- FY2022: 88.1% 

- FY2023: 70.5% 

- FY2024: 61.1% 

- FY2025: 68.1% 

- FY2026: 84.9% 

## Owner memo

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

### How it makes money

Operates in property rentals; annual sales are AUD 445.9 million.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:13.464Z); FY2026: revenue 445853000; grossProfit 378399000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CNI.AU: Centuria Capital Group, an investment manager, markets and manages investment products primarily in Australia. It operates through Property Funds Management, Co- Investments, Developments, Property and Development Finance, Investment Bonds Management, and Corporate segments. The Property Funds Management segment manages listed and unlisted property funds. The Co-Investments segment holds interest in property funds, properties held for sale, and other liquid investments. The Developments segment engages in the management of development project and structured property developments for the commercial office, industrial, and health through residential mixed use. The Property and Development Finance segment provide real estate secured non-bank finance for land sub-division, bridging finance, development projects, and residual stock. The Investment Bonds Management segment manages benefit funds, which include a range of financial products, such as single and multi-premium investments. The Corporate segment manages reverse mortgage lending portfolio. The company was incorporated in 2000 and is headquartered in Sydney, Australia.

### Why customers stay

Margins ranged from 61.1% to 84.9% during 2024–26; it earns 11.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:13.464Z); FY2024: grossProfit / revenue = 61.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:13.464Z); FY2025: grossProfit / revenue = 68.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:13.464Z); FY2026: grossProfit / revenue = 84.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:13.464Z); 10-year return on capital observations [[2017,1.0504705700996426],[2018,0.19417381865468805],[2019,0.23186718711886273],[2020,0.04486795809656785],[2021,0.13645123079856863],[2022,-0.005747683073371065],[2023,0.11981148708376328],[2024,0.10681221379555048],[2025,0.049912561407345686],[2026,0.07254340158365756]]; median 0.11331185043965689. 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 7.2 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:13.464Z); FY2017: growth capex 0; upkeep 115000; owner earnings 5750000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:13.464Z); FY2018: growth capex 418000; upkeep 370000; owner earnings 24540000. Growth capex / owner earnings = 0.017033414832925836.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:13.464Z); FY2019: growth capex 0; upkeep 3713000; owner earnings 16358000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:13.464Z); FY2020: growth capex 0; upkeep 522000; owner earnings 19013200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:13.464Z); FY2021: growth capex 0; upkeep 3343000; owner earnings 139492600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:13.464Z); FY2023: growth capex 0; upkeep 2314000; owner earnings 102057000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:13.464Z); FY2024: growth capex 0; upkeep 238000; owner earnings 102142400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:13.464Z); FY2025: growth capex 12352351.576223172; upkeep 21567648.423776828; owner earnings 60446351.57622317. Growth capex / owner earnings = 0.2043523100090961.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:13.464Z); FY2026: growth capex 0; upkeep 10683000; owner earnings 47783999. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:13.464Z); Dividend observations: [[2017,21912000],[2018,31145000],[2019,32474000],[2020,42752000],[2021,55351000],[2022,94344000],[2023,93474000],[2024,86168000],[2025,91409000],[2026,86809000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:13.464Z); FY2026: cash repurchases 7241000 AUD.

### Are managers owners

Insiders own 10.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CNI.AU SharesStats.PercentInsiders = 10.586 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 1% yearly over ten years; actual growth was 8.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:13.464Z); Ten-year compound average after fade. Initial solved rate -0.027374262357345372. Price 1.055; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 0.02213627169131045 → FY2026 0.05187854423052036. Closing-price date 2026-10-15.

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

- 2016-10: AUD 1.02 per share

- 2016-11: AUD 1.02 per share

- 2016-12: AUD 1.01 per share

- 2017-01: AUD 1.14 per share

- 2017-02: AUD 1.11 per share

- 2017-03: AUD 1.13 per share

- 2017-04: AUD 1.17 per share

- 2017-05: AUD 1.21 per share

- 2017-06: AUD 1.21 per share

- 2017-07: AUD 1.19 per share

- 2017-08: AUD 1.35 per share

- 2017-09: AUD 1.36 per share

- 2017-10: AUD 1.45 per share

- 2017-11: AUD 1.49 per share

- 2017-12: AUD 1.42 per share

- 2018-01: AUD 1.40 per share

- 2018-02: AUD 1.35 per share

- 2018-03: AUD 1.39 per share

- 2018-04: AUD 1.36 per share

- 2018-05: AUD 1.42 per share

- 2018-06: AUD 1.40 per share

- 2018-07: AUD 1.42 per share

- 2018-08: AUD 1.38 per share

- 2018-09: AUD 1.36 per share

- 2018-10: AUD 1.31 per share

- 2018-11: AUD 1.32 per share

- 2018-12: AUD 1.27 per share

- 2019-01: AUD 1.35 per share

- 2019-02: AUD 1.35 per share

- 2019-03: AUD 1.40 per share

- 2019-04: AUD 1.40 per share

- 2019-05: AUD 1.55 per share

- 2019-06: AUD 1.76 per share

- 2019-07: AUD 1.94 per share

- 2019-08: AUD 2.15 per share

- 2019-09: AUD 2.20 per share

- 2019-10: AUD 2.19 per share

- 2019-11: AUD 2.12 per share

- 2019-12: AUD 2.26 per share

- 2020-01: AUD 2.45 per share

- 2020-02: AUD 2.53 per share

- 2020-03: AUD 1.67 per share

- 2020-04: AUD 1.61 per share

- 2020-05: AUD 1.85 per share

- 2020-06: AUD 1.78 per share

- 2020-07: AUD 1.70 per share

- 2020-08: AUD 1.98 per share

- 2020-09: AUD 2.23 per share

- 2020-10: AUD 2.32 per share

- 2020-11: AUD 2.55 per share

- 2020-12: AUD 2.63 per share

- 2021-01: AUD 2.33 per share

- 2021-02: AUD 2.39 per share

- 2021-03: AUD 2.48 per share

- 2021-04: AUD 2.67 per share

- 2021-05: AUD 2.69 per share

- 2021-06: AUD 2.78 per share

- 2021-07: AUD 2.92 per share

- 2021-08: AUD 3.43 per share

- 2021-09: AUD 3.41 per share

- 2021-10: AUD 3.21 per share

- 2021-11: AUD 3.23 per share

- 2021-12: AUD 3.50 per share

- 2022-01: AUD 2.97 per share

- 2022-02: AUD 2.87 per share

- 2022-03: AUD 2.88 per share

- 2022-04: AUD 2.80 per share

- 2022-05: AUD 2.22 per share

- 2022-06: AUD 1.81 per share

- 2022-07: AUD 2.08 per share

- 2022-08: AUD 1.84 per share

- 2022-09: AUD 1.54 per share

- 2022-10: AUD 1.69 per share

- 2022-11: AUD 1.85 per share

- 2022-12: AUD 1.71 per share

- 2023-01: AUD 1.87 per share

- 2023-02: AUD 1.74 per share

- 2023-03: AUD 1.51 per share

- 2023-04: AUD 1.72 per share

- 2023-05: AUD 1.79 per share

- 2023-06: AUD 1.65 per share

- 2023-07: AUD 1.70 per share

- 2023-08: AUD 1.49 per share

- 2023-09: AUD 1.36 per share

- 2023-10: AUD 1.15 per share

- 2023-11: AUD 1.47 per share

- 2023-12: AUD 1.76 per share

- 2024-01: AUD 1.73 per share

- 2024-02: AUD 1.62 per share

- 2024-03: AUD 1.75 per share

- 2024-04: AUD 1.74 per share

- 2024-05: AUD 1.73 per share

- 2024-06: AUD 1.65 per share

- 2024-07: AUD 1.70 per share

- 2024-08: AUD 1.73 per share

- 2024-09: AUD 2.09 per share

- 2024-10: AUD 1.86 per share

- 2024-11: AUD 1.94 per share

- 2024-12: AUD 1.78 per share

- 2025-01: AUD 1.80 per share

- 2025-02: AUD 1.64 per share

- 2025-03: AUD 1.59 per share

- 2025-04: AUD 1.58 per share

- 2025-05: AUD 1.67 per share

- 2025-06: AUD 1.69 per share

- 2025-07: AUD 1.86 per share

- 2025-08: AUD 2.48 per share

- 2025-09: AUD 2.21 per share

- 2025-10: AUD 2.36 per share

- 2025-11: AUD 2.22 per share

- 2025-12: AUD 2.02 per share

- 2026-01: AUD 1.94 per share

- 2026-02: AUD 1.89 per share

- 2026-03: AUD 1.59 per share

- 2026-04: AUD 1.69 per share

- 2026-05: AUD 1.96 per share

- 2026-06: AUD 1.93 per share

- 2026-07: AUD 1.47 per share

- 2026-08: AUD 1.22 per share

- 2026-09: AUD 1.27 per share

- 2026-10: AUD 1.13 per share

## Annual estimated value (AUD per share)

- FY2017: low AUD 0.97 per share, central AUD 1.05 per share, high AUD 1.16 per share

- FY2018: low AUD 1.05 per share, central AUD 1.11 per share, high AUD 1.20 per share

- FY2019: low AUD 0.75 per share, central AUD 0.81 per share, high AUD 0.89 per share

- FY2020: low AUD 0.75 per share, central AUD 0.82 per share, high AUD 0.90 per share

- FY2021: low AUD 0.78 per share, central AUD 0.84 per share, high AUD 0.92 per share

- FY2022: low AUD 0.81 per share, central AUD 0.89 per share, high AUD 1.00 per share

- FY2023: low AUD 0.96 per share, central AUD 1.06 per share, high AUD 1.18 per share

- FY2024: low AUD 2.49 per share, central AUD 3.12 per share, high AUD 3.49 per share

- FY2025: low AUD 3.38 per share, central AUD 4.06 per share, high AUD 4.50 per share

- FY2026: low AUD 1.34 per share, central AUD 1.72 per share, high AUD 1.94 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 2026-10-15T06:50:56.265Z 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.