# Cochlear (COH.AU)

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

Analysis as of: 2026-10-16T07:37:06.930Z. Financial observations: FY1997–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 128.72 per share; close as of 2026-10-15.

Estimated value: low AUD 59.85 per share, central AUD 67.81 per share, high AUD 78.40 per share. Buy at or below the central value AUD 67.81 per share. Valuation as of 2026-10-16T07:37:06.930Z; scenarios are not confidence intervals.

Expected annual return: 6.6% at the stated quote. About 6.6% 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

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

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 1

- Operating margin variation: 0.18×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.25×

- FY2018: 0.25×

- FY2019: 0.25×

- FY2020: 0.19×

- FY2021: 0.22×

- FY2022: 0.22×

- FY2023: 0.20×

- FY2024: 0.23×

- FY2025: 0.17×

- FY2026: 0.13×

### moat: pass

- ROIC, median of available years: 26.6%

- ROIC, second-lowest year: 18.7%

- Typical minus recent gross margin: 3.6 pp

- Typical gross margin (annual median): 74.1%

- Recent gross margin (lower of latest and 3-year median): 70.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.2%

- ROIC including acquisitions, ten-year median: 19.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 56.2%

- FY2018: 57.7%

- FY2019: 47.7%

- FY2020: 22.6%

- FY2021: 27.3%

- FY2022: 25.2%

- FY2023: 25.9%

- FY2024: 29.2%

- FY2025: 18.7%

- FY2026: 14.7%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.92×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: AUD 1.4B

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

- Return on incremental invested capital: 7.0%

- Working capital / revenue, annual change: 0.8 pp

- Working capital / revenue, change between three-year averages: 5.3 pp

- Working capital / revenue, final three-year average: 31.0%

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

- FY2022: 0.85×

- FY2023: 0.87×

- FY2024: 0.93×

- FY2025: 0.95×

- FY2026: 1.02×

### management: pass

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

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 56.2% vs 18.7%

- Per-share earnings: 3.88 to 5.44 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 1.3%

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

- Market cap gain: AUD -988M

- Cumulative retained earnings: AUD 259M

- Diluted shares, 10-year annual growth: 1.3%

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

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 4.3%

- Per-share value change: AUD 1.55

- Per-share value, starting three-year median: AUD 3.88

- Per-share value, ending three-year median: AUD 5.44

- Buybacks concentrated in cheaper years (correlation): -0.77

- Average buyback yield: 0.2%

- Buyback history: 6 years

- Debt-funded buybacks: No

- Acquisition spending: AUD 585M

- Cumulative net income, 10 years: AUD 2.3B

- ROIC, first three-year median: 56.2%

- ROIC, last three-year median: 18.7%

Chart: Earnings per share; fiscal year observations.

- FY2017: AUD 3.88

- FY2018: AUD 4.26

- FY2019: AUD 4.79

- FY2020: AUD -3.63

- FY2021: AUD 4.96

- FY2022: AUD 4.40

- FY2023: AUD 4.57

- FY2024: AUD 5.44

- FY2025: AUD 5.93

- FY2026: AUD 2.25

### accounting: pass

- Sloan accruals: -8.5%

- Receivables to sales index (DSRI): 0.96×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.50×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.28×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -3.2%

- FY2018: -1.1%

- FY2019: -1.4%

- FY2020: -3.1%

- FY2021: 2.5%

- FY2022: -3.5%

- FY2023: -2.4%

- FY2024: -1.2%

- FY2025: 5.4%

- FY2026: -8.5%

## Holders

## Price story

Down 63% since Feb 2024 · "Cochlear Shares Plunge 39% After Profit Guidance Cut" (finance.yahoo.com, Apr 2026) · sales -0.4%

Story as of 2026-10-16T10:00:08.618Z; price observation 2026-10-15.

Price needs cash profits to grow 9.1% a year for ten years

- 2026-04-22: Cochlear Shares Plunge 39% After Profit Guidance Cut ([finance.yahoo.com](https://finance.yahoo.com/sectors/healthcare/articles/cochlear-shares-plunge-39-profit-151850600.html))

### Sales · FY2025–2026

sales -0.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: AUD 1.3B 

- FY2018: AUD 1.4B 

- FY2019: AUD 1.4B 

- FY2020: AUD 1.4B 

- FY2021: AUD 1.5B 

- FY2022: AUD 1.6B 

- FY2023: AUD 1.9B 

- FY2024: AUD 2.2B 

- FY2025: AUD 2.3B 

- FY2026: AUD 2.3B 

### Gross margin · FY2026

gross margin 70.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: 71.4% 

- FY2018: 73.5% 

- FY2019: 75.4% 

- FY2020: 74.5% 

- FY2021: 72.5% 

- FY2022: 75.0% 

- FY2023: 75.8% 

- FY2024: 74.9% 

- FY2025: 73.7% 

- FY2026: 70.5% 

## Owner memo

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

### How it makes money

Operates in medical devices; annual sales are AUD 2.3 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:06.930Z); FY2026: revenue 2334700000; grossProfit 1646700000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); COH.AU: Cochlear Limited provides implantable hearing solutions in the Americas, Europe, the Middle East, Africa, and Asia Pacific. It offers cochlear implant systems; replacement sound processors, accessories, and other services; bone conduction systems and replacement sound processors; and recipient support tools. The company also provides Cochlear connected care solutions, such as Cochlear Nucleus SmartNav System; Cochlear Custom Sound Pro Fitting Software; Cochlear Remote Assist; Cochlear Remote Check; and Cochlear Link. It offers its products and services under the Cochlear, Nucleus, Nexa, Osia, and Cochlear Baha brands. Cochlear Limited was founded in 1981 and is headquartered in Sydney, Australia.

### Why customers stay

Margins ranged from 70.5% to 74.9% during 2024–26; it earns 26.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:06.930Z); FY2024: grossProfit / revenue = 74.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:06.930Z); FY2025: grossProfit / revenue = 73.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:06.930Z); FY2026: grossProfit / revenue = 70.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:06.930Z); 10-year return on capital observations [[2017,0.5622612149407811],[2018,0.5773698657728168],[2019,0.4768579833157333],[2020,0.22606341840680588],[2021,0.27262915097339774],[2022,0.2521215905016167],[2023,0.25923277351383495],[2024,0.2923377492749656],[2025,0.18667315102085733],[2026,0.1470655257614189]]; median 0.26593096224361634. 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 26.7 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:06.930Z); FY2017: growth capex 10885796.132106304; upkeep 42614203.867893696; owner earnings 212215796.1321063. Growth capex / owner earnings = 0.051295880563621166.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:06.930Z); FY2018: growth capex 0; upkeep 28400000; owner earnings 251600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:06.930Z); FY2019: growth capex 5932011.425353266; upkeep 53967988.57464673; owner earnings 261232011.42535326. Growth capex / owner earnings = 0.022707827394455184.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:06.930Z); FY2021: growth capex 0; upkeep 66700000; owner earnings 292340000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:06.930Z); FY2022: growth capex 4200000; upkeep 73000000; owner earnings 246840000. Growth capex / owner earnings = 0.01701507049100632.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:06.930Z); FY2023: growth capex 15000000; upkeep 80900000; owner earnings 260240000. Growth capex / owner earnings = 0.0576391023670458.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:06.930Z); FY2024: growth capex 0; upkeep 62400000; owner earnings 330560000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:06.930Z); FY2025: growth capex 0; upkeep 62400000; owner earnings 369760000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:06.930Z); FY2026: growth capex 0; upkeep 61100000; owner earnings 149660000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:06.930Z); Dividend observations: [[2017,143538000],[2018,161100000],[2019,181800000],[2020,193700000],[2021,75600000],[2022,194000000],[2023,197400000],[2024,245700000],[2025,278200000],[2026,281200000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:06.930Z); FY2026: cash repurchases 26700000 AUD.

### Are managers owners

Insiders own 0.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); COH.AU SharesStats.PercentInsiders = 0.5780000000000001 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 9.1% yearly over ten years; actual decline was 3.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:06.930Z); Ten-year compound average after fade. Initial solved rate 0.11847301318322911. Price 128.72; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 3.370200762654316 → FY2026 2.288435191075011. Closing-price date 2026-10-15.

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

- 2016-10: AUD 127.96 per share

- 2016-11: AUD 118.70 per share

- 2016-12: AUD 122.55 per share

- 2017-01: AUD 125.17 per share

- 2017-02: AUD 130.55 per share

- 2017-03: AUD 135.23 per share

- 2017-04: AUD 139.88 per share

- 2017-05: AUD 146.59 per share

- 2017-06: AUD 155.45 per share

- 2017-07: AUD 142.85 per share

- 2017-08: AUD 156.21 per share

- 2017-09: AUD 159.21 per share

- 2017-10: AUD 175.92 per share

- 2017-11: AUD 180.72 per share

- 2017-12: AUD 171.23 per share

- 2018-01: AUD 173.72 per share

- 2018-02: AUD 183.90 per share

- 2018-03: AUD 181.62 per share

- 2018-04: AUD 194.06 per share

- 2018-05: AUD 196.15 per share

- 2018-06: AUD 200.17 per share

- 2018-07: AUD 203.36 per share

- 2018-08: AUD 215.81 per share

- 2018-09: AUD 200.64 per share

- 2018-10: AUD 177.58 per share

- 2018-11: AUD 169.28 per share

- 2018-12: AUD 173.57 per share

- 2019-01: AUD 193.42 per share

- 2019-02: AUD 170.50 per share

- 2019-03: AUD 173.28 per share

- 2019-04: AUD 187.33 per share

- 2019-05: AUD 200.13 per share

- 2019-06: AUD 206.84 per share

- 2019-07: AUD 220.35 per share

- 2019-08: AUD 218.00 per share

- 2019-09: AUD 208.15 per share

- 2019-10: AUD 211.54 per share

- 2019-11: AUD 233.99 per share

- 2019-12: AUD 224.73 per share

- 2020-01: AUD 241.07 per share

- 2020-02: AUD 207.59 per share

- 2020-03: AUD 187.45 per share

- 2020-04: AUD 184.50 per share

- 2020-05: AUD 193.01 per share

- 2020-06: AUD 188.93 per share

- 2020-07: AUD 190.22 per share

- 2020-08: AUD 192.15 per share

- 2020-09: AUD 198.00 per share

- 2020-10: AUD 212.18 per share

- 2020-11: AUD 220.42 per share

- 2020-12: AUD 189.00 per share

- 2021-01: AUD 197.44 per share

- 2021-02: AUD 211.41 per share

- 2021-03: AUD 210.97 per share

- 2021-04: AUD 222.50 per share

- 2021-05: AUD 227.04 per share

- 2021-06: AUD 251.67 per share

- 2021-07: AUD 245.34 per share

- 2021-08: AUD 233.20 per share

- 2021-09: AUD 220.40 per share

- 2021-10: AUD 220.44 per share

- 2021-11: AUD 217.80 per share

- 2021-12: AUD 216.12 per share

- 2022-01: AUD 192.55 per share

- 2022-02: AUD 222.90 per share

- 2022-03: AUD 225.33 per share

- 2022-04: AUD 231.74 per share

- 2022-05: AUD 222.97 per share

- 2022-06: AUD 198.70 per share

- 2022-07: AUD 214.23 per share

- 2022-08: AUD 214.30 per share

- 2022-09: AUD 194.54 per share

- 2022-10: AUD 199.71 per share

- 2022-11: AUD 214.04 per share

- 2022-12: AUD 204.12 per share

- 2023-01: AUD 212.45 per share

- 2023-02: AUD 222.22 per share

- 2023-03: AUD 236.69 per share

- 2023-04: AUD 246.64 per share

- 2023-05: AUD 243.41 per share

- 2023-06: AUD 229.07 per share

- 2023-07: AUD 239.18 per share

- 2023-08: AUD 271.49 per share

- 2023-09: AUD 255.32 per share

- 2023-10: AUD 240.84 per share

- 2023-11: AUD 273.04 per share

- 2023-12: AUD 298.67 per share

- 2024-01: AUD 304.48 per share

- 2024-02: AUD 350.17 per share

- 2024-03: AUD 337.52 per share

- 2024-04: AUD 325.10 per share

- 2024-05: AUD 322.56 per share

- 2024-06: AUD 332.15 per share

- 2024-07: AUD 345.01 per share

- 2024-08: AUD 300.37 per share

- 2024-09: AUD 282.09 per share

- 2024-10: AUD 283.22 per share

- 2024-11: AUD 304.24 per share

- 2024-12: AUD 289.88 per share

- 2025-01: AUD 319.63 per share

- 2025-02: AUD 258.86 per share

- 2025-03: AUD 262.30 per share

- 2025-04: AUD 274.59 per share

- 2025-05: AUD 271.50 per share

- 2025-06: AUD 300.42 per share

- 2025-07: AUD 318.52 per share

- 2025-08: AUD 301.55 per share

- 2025-09: AUD 279.25 per share

- 2025-10: AUD 287.16 per share

- 2025-11: AUD 279.06 per share

- 2025-12: AUD 260.66 per share

- 2026-01: AUD 269.10 per share

- 2026-02: AUD 199.01 per share

- 2026-03: AUD 169.10 per share

- 2026-04: AUD 94.00 per share

- 2026-05: AUD 100.50 per share

- 2026-06: AUD 121.75 per share

- 2026-07: AUD 119.94 per share

- 2026-08: AUD 133.92 per share

- 2026-09: AUD 139.59 per share

- 2026-10: AUD 129.50 per share

## Annual estimated value (AUD per share)

- FY2017: low AUD 53.11 per share, central AUD 76.97 per share, high AUD 90.27 per share

- FY2018: low AUD 58.70 per share, central AUD 85.35 per share, high AUD 100.22 per share

- FY2019: low AUD 62.22 per share, central AUD 90.37 per share, high AUD 106.07 per share

- FY2020: low AUD 54.88 per share, central AUD 63.94 per share, high AUD 72.25 per share

- FY2021: low AUD 58.79 per share, central AUD 71.65 per share, high AUD 82.17 per share

- FY2022: low AUD 65.60 per share, central AUD 82.35 per share, high AUD 94.76 per share

- FY2023: low AUD 65.06 per share, central AUD 85.29 per share, high AUD 98.58 per share

- FY2024: low AUD 73.60 per share, central AUD 99.19 per share, high AUD 115.12 per share

- FY2025: low AUD 72.12 per share, central AUD 95.33 per share, high AUD 111.04 per share

- FY2026: low AUD 59.85 per share, central AUD 67.81 per share, high AUD 78.40 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 2026-10-15T06:42:47.434Z 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.

Cochlear

COH · AU

S&P/ASX 200

Not a wonderful business

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

Share price: AUD 128.72
Buy up to: AUD 67.81
Expected / yr: 6.6% 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

Margins varied 17.7% around their average (limit 35%), and 1 loss years were recorded (limit 2).

Operating margin

10y median: 22.0%
Worst year: 12.9%
Latest · 2026: 12.9%

Capital return excluding acquisitions: median 26.6% (minimum 15%), and the second-worst year 18.7% (minimum 10%).

ROIC excluding acquisitions

10y median: 26.6%
Worst year: 14.7%
Latest · 2026: 14.7%

New investment earned 7% (minimum 12%).

Annual owner cash / profit

Five-year totals: 0.92×
Annual median: 0.93×
Latest · 2026: 1.02×

Per-share value rose from 3.88 to 5.44, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: AUD 4.48
Worst year: AUD -3.63
Latest · 2026: AUD 2.25

Profits were backed by cash: accruals were -8.5% of assets (limit 10%).

Sloan accruals

10y median: -1.9%
Worst year: 5.4%
Latest · 2026: -8.5%

Profit record · pass 1 loss year in 10 (at most 2), mean operating margin 21.2%, three-year average owner earnings per share 4.32 AUD.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price AUD 127.96; 2016-11 · Price AUD 118.70; 2016-12 · Price AUD 122.55; 2017-01 · Price AUD 125.17 · Value 76.97 · Buy at or below 76.97; 2017-02 · Price AUD 130.55 · Value 76.97 · Buy at or below 76.97; 2017-03 · Price AUD 135.23 · Value 76.97 · Buy at or below 76.97; 2017-04 · Price AUD 139.88 · Value 76.97 · Buy at or below 76.97; 2017-05 · Price AUD 146.59 · Value 76.97 · Buy at or below 76.97; 2017-06 · Price AUD 155.45 · Value 76.97 · Buy at or below 76.97; 2017-07 · Price AUD 142.85 · Value 76.97 · Buy at or below 76.97; 2017-08 · Price AUD 156.21 · Value 76.97 · Buy at or below 76.97; 2017-09 · Price AUD 159.21 · Value 76.97 · Buy at or below 76.97; 2017-10 · Price AUD 175.92 · Value 76.97 · Buy at or below 76.97; 2017-11 · Price AUD 180.72 · Value 76.97 · Buy at or below 76.97; 2017-12 · Price AUD 171.23 · Value 76.97 · Buy at or below 76.97; 2018-01 · Price AUD 173.72 · Value 76.97 · Buy at or below 76.97; 2018-02 · Price AUD 183.90 · Value 85.35 · Buy at or below 85.35; 2018-03 · Price AUD 181.62 · Value 85.35 · Buy at or below 85.35; 2018-04 · Price AUD 194.06 · Value 85.35 · Buy at or below 85.35; 2018-05 · Price AUD 196.15 · Value 85.35 · Buy at or below 85.35; 2018-06 · Price AUD 200.17 · Value 85.35 · Buy at or below 85.35; 2018-07 · Price AUD 203.36 · Value 85.35 · Buy at or below 85.35; 2018-08 · Price AUD 215.81 · Value 85.35 · Buy at or below 85.35; 2018-09 · Price AUD 200.64 · Value 85.35 · Buy at or below 85.35; 2018-10 · Price AUD 177.58 · Value 85.35 · Buy at or below 85.35; 2018-11 · Price AUD 169.28 · Value 85.35 · Buy at or below 85.35; 2018-12 · Price AUD 173.57 · Value 85.35 · Buy at or below 85.35; 2019-01 · Price AUD 193.42 · Value 85.35 · Buy at or below 85.35; 2019-02 · Price AUD 170.50 · Value 90.37 · Buy at or below 90.37; 2019-03 · Price AUD 173.28 · Value 90.37 · Buy at or below 90.37; 2019-04 · Price AUD 187.33 · Value 90.37 · Buy at or below 90.37; 2019-05 · Price AUD 200.13 · Value 90.37 · Buy at or below 90.37; 2019-06 · Price AUD 206.84 · Value 90.37 · Buy at or below 90.37; 2019-07 · Price AUD 220.35 · Value 90.37 · Buy at or below 90.37; 2019-08 · Price AUD 218.00 · Value 90.37 · Buy at or below 90.37; 2019-09 · Price AUD 208.15 · Value 90.37 · Buy at or below 90.37; 2019-10 · Price AUD 211.54 · Value 90.37 · Buy at or below 90.37; 2019-11 · Price AUD 233.99 · Value 90.37 · Buy at or below 90.37; 2019-12 · Price AUD 224.73 · Value 90.37 · Buy at or below 90.37; 2020-01 · Price AUD 241.07 · Value 90.37 · Buy at or below 90.37; 2020-02 · Price AUD 207.59 · Value 63.94 · Buy at or below 63.94; 2020-03 · Price AUD 187.45 · Value 63.94 · Buy at or below 63.94; 2020-04 · Price AUD 184.50 · Value 63.94 · Buy at or below 63.94; 2020-05 · Price AUD 193.01 · Value 63.94 · Buy at or below 63.94; 2020-06 · Price AUD 188.93 · Value 63.94 · Buy at or below 63.94; 2020-07 · Price AUD 190.22 · Value 63.94 · Buy at or below 63.94; 2020-08 · Price AUD 192.15 · Value 63.94 · Buy at or below 63.94; 2020-09 · Price AUD 198.00 · Value 63.94 · Buy at or below 63.94; 2020-10 · Price AUD 212.18 · Value 63.94 · Buy at or below 63.94; 2020-11 · Price AUD 220.42 · Value 63.94 · Buy at or below 63.94; 2020-12 · Price AUD 189.00 · Value 63.94 · Buy at or below 63.94; 2021-01 · Price AUD 197.44 · Value 63.94 · Buy at or below 63.94; 2021-02 · Price AUD 211.41 · Value 71.65 · Buy at or below 71.65; 2021-03 · Price AUD 210.97 · Value 71.65 · Buy at or below 71.65; 2021-04 · Price AUD 222.50 · Value 71.65 · Buy at or below 71.65; 2021-05 · Price AUD 227.04 · Value 71.65 · Buy at or below 71.65; 2021-06 · Price AUD 251.67 · Value 71.65 · Buy at or below 71.65; 2021-07 · Price AUD 245.34 · Value 71.65 · Buy at or below 71.65; 2021-08 · Price AUD 233.20 · Value 71.65 · Buy at or below 71.65; 2021-09 · Price AUD 220.40 · Value 71.65 · Buy at or below 71.65; 2021-10 · Price AUD 220.44 · Value 71.65 · Buy at or below 71.65; 2021-11 · Price AUD 217.80 · Value 71.65 · Buy at or below 71.65; 2021-12 · Price AUD 216.12 · Value 71.65 · Buy at or below 71.65; 2022-01 · Price AUD 192.55 · Value 71.65 · Buy at or below 71.65; 2022-02 · Price AUD 222.90 · Value 82.35 · Buy at or below 82.35; 2022-03 · Price AUD 225.33 · Value 82.35 · Buy at or below 82.35; 2022-04 · Price AUD 231.74 · Value 82.35 · Buy at or below 82.35; 2022-05 · Price AUD 222.97 · Value 82.35 · Buy at or below 82.35; 2022-06 · Price AUD 198.70 · Value 82.35 · Buy at or below 82.35; 2022-07 · Price AUD 214.23 · Value 82.35 · Buy at or below 82.35; 2022-08 · Price AUD 214.30 · Value 82.35 · Buy at or below 82.35; 2022-09 · Price AUD 194.54 · Value 82.35 · Buy at or below 82.35; 2022-10 · Price AUD 199.71 · Value 82.35 · Buy at or below 82.35; 2022-11 · Price AUD 214.04 · Value 82.35 · Buy at or below 82.35; 2022-12 · Price AUD 204.12 · Value 82.35 · Buy at or below 82.35; 2023-01 · Price AUD 212.45 · Value 82.35 · Buy at or below 82.35; 2023-02 · Price AUD 222.22 · Value 85.29 · Buy at or below 85.29; 2023-03 · Price AUD 236.69 · Value 85.29 · Buy at or below 85.29; 2023-04 · Price AUD 246.64 · Value 85.29 · Buy at or below 85.29; 2023-05 · Price AUD 243.41 · Value 85.29 · Buy at or below 85.29; 2023-06 · Price AUD 229.07 · Value 85.29 · Buy at or below 85.29; 2023-07 · Price AUD 239.18 · Value 85.29 · Buy at or below 85.29; 2023-08 · Price AUD 271.49 · Value 85.29 · Buy at or below 85.29; 2023-09 · Price AUD 255.32 · Value 85.29 · Buy at or below 85.29; 2023-10 · Price AUD 240.84 · Value 85.29 · Buy at or below 85.29; 2023-11 · Price AUD 273.04 · Value 85.29 · Buy at or below 85.29; 2023-12 · Price AUD 298.67 · Value 85.29 · Buy at or below 85.29; 2024-01 · Price AUD 304.48 · Value 85.29 · Buy at or below 85.29; 2024-02 · Price AUD 350.17 · Value 99.19 · Buy at or below 99.19; 2024-03 · Price AUD 337.52 · Value 99.19 · Buy at or below 99.19; 2024-04 · Price AUD 325.10 · Value 99.19 · Buy at or below 99.19; 2024-05 · Price AUD 322.56 · Value 99.19 · Buy at or below 99.19; 2024-06 · Price AUD 332.15 · Value 99.19 · Buy at or below 99.19; 2024-07 · Price AUD 345.01 · Value 99.19 · Buy at or below 99.19; 2024-08 · Price AUD 300.37 · Value 99.19 · Buy at or below 99.19; 2024-09 · Price AUD 282.09 · Value 99.19 · Buy at or below 99.19; 2024-10 · Price AUD 283.22 · Value 99.19 · Buy at or below 99.19; 2024-11 · Price AUD 304.24 · Value 99.19 · Buy at or below 99.19; 2024-12 · Price AUD 289.88 · Value 99.19 · Buy at or below 99.19; 2025-01 · Price AUD 319.63 · Value 99.19 · Buy at or below 99.19; 2025-02 · Price AUD 258.86 · Value 95.33 · Buy at or below 95.33; 2025-03 · Price AUD 262.30 · Value 95.33 · Buy at or below 95.33; 2025-04 · Price AUD 274.59 · Value 95.33 · Buy at or below 95.33; 2025-05 · Price AUD 271.50 · Value 95.33 · Buy at or below 95.33; 2025-06 · Price AUD 300.42 · Value 95.33 · Buy at or below 95.33; 2025-07 · Price AUD 318.52 · Value 95.33 · Buy at or below 95.33; 2025-08 · Price AUD 301.55 · Value 95.33 · Buy at or below 95.33; 2025-09 · Price AUD 279.25 · Value 95.33 · Buy at or below 95.33; 2025-10 · Price AUD 287.16 · Value 95.33 · Buy at or below 95.33; 2025-11 · Price AUD 279.06 · Value 95.33 · Buy at or below 95.33; 2025-12 · Price AUD 260.66 · Value 95.33 · Buy at or below 95.33; 2026-01 · Price AUD 269.10 · Value 95.33 · Buy at or below 95.33; 2026-02 · Price AUD 199.01 · Value 67.81 · Buy at or below 67.81; 2026-03 · Price AUD 169.10 · Value 67.81 · Buy at or below 67.81; 2026-04 · Price AUD 94.00 · Value 67.81 · Buy at or below 67.81; 2026-05 · Price AUD 100.50 · Value 67.81 · Buy at or below 67.81; 2026-06 · Price AUD 121.75 · Value 67.81 · Buy at or below 67.81; 2026-07 · Price AUD 119.94 · Value 67.81 · Buy at or below 67.81; 2026-08 · Price AUD 133.92 · Value 67.81 · Buy at or below 67.81; 2026-09 · Price AUD 139.59 · Value 67.81 · Buy at or below 67.81; 2026-10 · Price AUD 129.50 · Value 67.81 · Buy at or below 67.81; 2026-10 · Price AUD 128.72 · Value 67.81 · Buy at or below 67.81

AUD per share · annual estimates

Price & return math
Value range	AUD 59.85 – AUD 78.40
Buy at or below	Central value AUD 67.81
Discount to value	1 − 128.72 / 67.81 = -89.8%
Return / year	About 6.6% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash AUD 5.28/share; 0.0% growth for 5 years, then fades to 3.0%; excess cash AUD 2.16/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueAUD 2.3B

Revenue

Owner earningsAUD 150M

Owner earnings

Operating margin12.9%

Operating margin

Net cash / debtAUD -25M

Net cash / debt

Diluted shares65M

Diluted shares

Prices 15 Oct 2026 · FY2026