# DFI Retail Group Holdings (DFIB.LSE)

Canonical: https://gigainvestors.com/s/DFIB.LSE

Analysis as of: 2026-10-16T07:35:31.153Z. Financial observations: FY2001–FY2025.

Listing currency: USD. Reporting currency: USD.

## 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: $9.17 per share; close as of 2026-10-14.

Estimated value: low $0.73 per share, central $0.83 per share, high $0.97 per share. Buy at or below the central value $0.83 per share. Valuation as of 2026-10-16T07:35:31.153Z; scenarios are not confidence intervals.

Expected annual return: 3.6% at the stated quote. About 3.6% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; GB 10-year bond 5.4% + 4 points).

## Checklist

### understandable: fail

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 5

- Years with a net loss: 2

- Operating margin variation: 0.51×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.03×

- FY2017: 0.02×

- FY2018: 0.06×

- FY2019: 0.04×

- FY2020: 0.04×

- FY2021: 0.03×

- FY2022: 0.00×

- FY2023: 0.02×

- FY2024: 0.02×

- FY2025: 0.04×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 6.9%

- ROIC, second-lowest year: 2.5%

- Typical minus recent gross margin: -4.7 pp

- Typical gross margin (annual median): 31.7%

- Recent gross margin (lower of latest and 3-year median): 36.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.3%

- ROIC including acquisitions, ten-year median: 5.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 14.8%

- FY2017: 9.0%

- FY2018: 9.5%

- FY2019: 7.2%

- FY2020: 6.6%

- FY2021: 4.2%

- FY2022: 0.6%

- FY2023: 2.5%

- FY2024: 4.2%

- FY2025: 11.5%

### economics: pass

- Owner earnings / net income, 5-yr: 112.03×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $527M

- Net income, five-year total: $4.7M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -1.3 pp

- Working capital / revenue, change between three-year averages: -10.5 pp

- Working capital / revenue, final three-year average: -15.0%

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

- FY2021: 1.34×

- FY2022: 0.65×

- FY2023: 2.90×

- FY2024: 0.54×

- FY2025: 2.16×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 9.5% vs 4.2%

- Per-share earnings: 0.31 to 0.02 (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: 0.0%

- Ordinary dilution, 5-year annual growth: 0.0%

- Market cap gain: $6.2M

- Cumulative retained earnings: -$1.1B

- Diluted shares, 10-year annual growth: 0.0%

- Diluted shares, 5-year annual growth: 0.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -27.6%

- Per-share value change: -$0.29

- Per-share value, starting three-year median: $0.31

- Per-share value, ending three-year median: $0.02

- Buybacks concentrated in cheaper years (correlation): 0.40

- Average buyback yield: 0.1%

- Buyback history: 4 years

- Debt-funded buybacks: No

- Acquisition spending: $51M

- Cumulative net income, 10 years: $1.6B

- ROIC, first three-year median: 9.5%

- ROIC, last three-year median: 4.2%

Chart: Earnings per share; fiscal year observations.

- FY2016: $0.35

- FY2017: $0.30

- FY2018: $0.07

- FY2019: $0.24

- FY2020: $0.20

- FY2021: $0.08

- FY2022: -$0.09

- FY2023: $0.02

- FY2024: -$0.18

- FY2025: $0.17

### accounting: pass

- Sloan accruals: -18.6%

- Receivables to sales index (DSRI): 0.87×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 1.4%

- Earnings backed by cash: Yes

- Operating cash / earnings: 4.68×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.47×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -1.4%

- FY2017: -4.9%

- FY2018: -16.0%

- FY2019: -11.5%

- FY2020: -10.1%

- FY2021: -11.0%

- FY2022: -14.5%

- FY2023: -14.2%

- FY2024: -16.7%

- FY2025: -18.6%

## Holders

## Price story

Price needs cash profits to grow 32.3% a year for ten years · sales +0%

Story as of 2026-10-16T10:00:05.382Z; price observation 2026-10-14.

Price needs cash profits to grow 32.3% a year for ten years

### Sales · FY2024–2025

sales +0%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: $11B 

- FY2017: $11B 

- FY2018: $12B 

- FY2019: $11B 

- FY2020: $10B 

- FY2021: $9.0B 

- FY2022: $9.2B 

- FY2023: $9.2B 

- FY2024: $8.9B 

- FY2025: $8.9B 

### Gross margin · FY2025

gross margin 36.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 30.1% 

- FY2017: 30.2% 

- FY2018: 30.9% 

- FY2019: 31.6% 

- FY2020: 31.1% 

- FY2021: 31.8% 

- FY2022: 33.4% 

- FY2023: 35.0% 

- FY2024: 36.4% 

- FY2025: 36.7% 

## Owner memo

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

### How it makes money

Operates in grocery stores; annual sales are USD 8.9 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:31.153Z); FY2025: revenue 8868900000; grossProfit 3255000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); DFIB.LSE: DFI Retail Group Holdings Limited operates as a retailer in Asia. The company operates through five segments: Food, Convenience, Health and Beauty, Home Furnishings, Restaurants, and Other Retailing. The company primarily operates grocery stores under the Wellcome, Yonghui, CS Fresh, Market Place, Giant, Hero, Cold Storage, Mercato, San Miu, Jasons, and Lucky brands; and convenience stores under the 7-Eleven brand. It also operates health and beauty stores under the Mannings, Guardian, and GNC brands; and home furnishings stores under the IKEA brand, as well as restaurants under the Maxim's brand. The company was formerly known as Dairy Farm International Holdings Limited and changed its name to DFI Retail Group Holdings Limited in May 2022. The company was incorporated in 1886 and is based in Quarry Bay, Hong Kong. DFI Retail Group Holdings Limited is a subsidiary of Jardine Strategic Limited.

### Why customers stay

Margins ranged from 35% to 36.7% during 2023–25; it earns 6.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:31.153Z); FY2023: grossProfit / revenue = 35%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:31.153Z); FY2024: grossProfit / revenue = 36.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:31.153Z); FY2025: grossProfit / revenue = 36.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:31.153Z); 10-year return on capital observations [[2016,0.14810284284954256],[2017,0.09040606410510502],[2018,0.09479248159515356],[2019,0.07182971513473285],[2020,0.06590177629405292],[2021,0.04238418932527694],[2022,0.005577617328519855],[2023,0.024885801742406406],[2024,0.04200982879730777],[2025,0.11486614930741904]]; median 0.06886574571439288. 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 USD 14.6 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:31.153Z); FY2016: growth capex 6655862.012479603; upkeep 237944137.9875204; owner earnings 443855862.0124796. Growth capex / owner earnings = 0.014995548289711367.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:31.153Z); FY2017: growth capex 9164067.316965163; upkeep 270135932.68303484; owner earnings 354364067.31696516. Growth capex / owner earnings = 0.025860599767775702.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:31.153Z); FY2018: growth capex 27000000; upkeep 229100000; owner earnings 92000000. Growth capex / owner earnings = 0.29347826086956524.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:31.153Z); FY2019: growth capex 0; upkeep 304900000; owner earnings 489040000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:31.153Z); FY2020: growth capex 0; upkeep 247900000; owner earnings 465820000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:31.153Z); FY2021: growth capex 0; upkeep 212000000; owner earnings 137440000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:31.153Z); FY2023: growth capex 0; upkeep 196300000; owner earnings 93540000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:31.153Z); FY2025: growth capex 0; upkeep 113100000; owner earnings 506700000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:31.153Z); Dividend observations: [[2016,270400000],[2017,284000000],[2018,284000000],[2019,284000000],[2020,263800000],[2021,196200000],[2022,101400000],[2023,67300000],[2024,114300000],[2025,738900000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:31.153Z); FY2025: cash repurchases 14600000 USD.

### Are managers owners

Insiders own 77.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); DFIB.LSE SharesStats.PercentInsiders = 77.62599999999999 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 32.3% yearly over ten years; actual growth was 3.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:31.153Z); Ten-year compound average after fade. Initial solved rate 0.46286239743108004. Price 9.170000076293945; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.25450436841794133 → FY2025 0.37439595678966736. Closing-price date 2026-10-14.

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

- 2016-10: $9.17 per share

- 2016-11: $9.17 per share

- 2016-12: $9.17 per share

- 2017-01: $9.17 per share

- 2017-02: $9.17 per share

- 2017-03: $9.17 per share

- 2017-04: $9.17 per share

- 2017-05: $9.17 per share

- 2017-06: $9.17 per share

- 2017-07: $9.17 per share

- 2017-08: $9.17 per share

- 2017-09: $9.17 per share

- 2017-10: $9.17 per share

- 2017-11: $9.17 per share

- 2017-12: $9.17 per share

- 2018-01: $9.17 per share

- 2018-02: $9.17 per share

- 2018-03: $9.17 per share

- 2018-04: $9.17 per share

- 2018-05: $9.17 per share

- 2018-06: $9.17 per share

- 2018-07: $9.17 per share

- 2018-08: $9.17 per share

- 2018-09: $9.17 per share

- 2018-10: $9.17 per share

- 2018-11: $9.17 per share

- 2018-12: $9.17 per share

- 2019-01: $9.17 per share

- 2019-02: $9.17 per share

- 2019-03: $9.17 per share

- 2019-04: $9.17 per share

- 2019-05: $9.17 per share

- 2019-06: $9.17 per share

- 2019-07: $9.17 per share

- 2019-08: $9.17 per share

- 2019-09: $9.17 per share

- 2019-10: $9.17 per share

- 2019-11: $9.17 per share

- 2019-12: $9.17 per share

- 2020-01: $9.17 per share

- 2020-02: $9.17 per share

- 2020-03: $9.17 per share

- 2020-04: $9.17 per share

- 2020-05: $9.17 per share

- 2020-06: $9.17 per share

- 2020-07: $9.17 per share

- 2020-08: $9.17 per share

- 2020-09: $9.17 per share

- 2020-10: $9.17 per share

- 2020-11: $9.17 per share

- 2020-12: $9.17 per share

- 2021-01: $9.17 per share

- 2021-02: $9.17 per share

- 2021-03: $9.17 per share

- 2021-04: $9.17 per share

- 2021-05: $9.17 per share

- 2021-06: $9.17 per share

- 2021-07: $9.17 per share

- 2021-08: $9.17 per share

- 2021-09: $9.17 per share

- 2021-10: $9.17 per share

- 2021-11: $9.17 per share

- 2021-12: $9.17 per share

- 2022-01: $9.17 per share

- 2022-02: $9.17 per share

- 2022-03: $9.17 per share

- 2022-04: $9.17 per share

- 2022-05: $9.17 per share

- 2022-06: $9.17 per share

- 2022-07: $9.17 per share

- 2022-08: $9.17 per share

- 2022-09: $9.17 per share

- 2022-10: $9.17 per share

- 2022-11: $9.17 per share

- 2022-12: $9.17 per share

- 2023-01: $9.17 per share

- 2023-02: $9.17 per share

- 2023-03: $9.17 per share

- 2023-04: $9.17 per share

- 2023-05: $9.17 per share

- 2023-06: $9.17 per share

- 2023-07: $9.17 per share

- 2023-08: $9.17 per share

- 2023-09: $9.17 per share

- 2023-10: $9.17 per share

- 2023-11: $9.17 per share

- 2023-12: $9.17 per share

- 2024-01: $9.17 per share

- 2024-02: $9.17 per share

- 2024-03: $9.17 per share

- 2024-04: $9.17 per share

- 2024-05: $9.17 per share

- 2024-06: $9.17 per share

- 2024-07: $9.17 per share

- 2024-08: $9.17 per share

- 2024-09: $9.17 per share

- 2024-10: $9.17 per share

- 2024-11: $9.17 per share

- 2024-12: $9.17 per share

- 2025-01: $9.17 per share

- 2025-02: $9.17 per share

- 2025-03: $9.17 per share

- 2025-04: $9.17 per share

- 2025-05: $9.17 per share

- 2025-06: $9.17 per share

- 2025-07: $9.17 per share

- 2025-08: $9.17 per share

- 2025-09: $9.17 per share

- 2025-10: $9.17 per share

- 2025-11: $9.17 per share

- 2025-12: $9.17 per share

- 2026-01: $9.17 per share

- 2026-02: $9.17 per share

- 2026-03: $9.17 per share

- 2026-04: $9.17 per share

- 2026-05: $9.17 per share

- 2026-06: $9.17 per share

- 2026-07: $9.17 per share

- 2026-08: $9.17 per share

- 2026-09: $9.17 per share

- 2026-10: $9.17 per share

## Annual estimated value (USD per share)

- FY2016: low $4.28 per share, central $5.50 per share, high $6.42 per share

- FY2017: low $3.69 per share, central $4.19 per share, high $4.85 per share

- FY2018: low $3.03 per share, central $3.44 per share, high $3.98 per share

- FY2019: low $2.90 per share, central $3.29 per share, high $3.81 per share

- FY2020: low $3.34 per share, central $3.79 per share, high $4.40 per share

- FY2021: low $2.31 per share, central $2.62 per share, high $3.04 per share

- FY2022: low $1.16 per share, central $1.32 per share, high $1.53 per share

- FY2023: low $1.22 per share, central $1.37 per share, high $1.58 per share

- FY2024: low $0.80 per share, central $0.90 per share, high $1.04 per share

- FY2025: low $0.73 per share, central $0.83 per share, high $0.97 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.

DFI Retail Group Holdings

DFIB · LSE

STI

Not a wonderful business

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

Share price: $9.17
Buy up to: $0.83
Expected / yr: 3.6% 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 51.5% around their average (limit 35%).

Operating margin

10y median: 3.0%
Worst year: 0.3%
Latest · 2025: 3.9%

Capital return excluding acquisitions: median 6.9% (minimum 15%), and the second-worst year 2.5% (minimum 10%).

ROIC excluding acquisitions

10y median: 6.9%
Worst year: 0.6%
Latest · 2025: 11.5%

Each $1 of profit left $112.03 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 112.03×
Annual median: 1.34×
Latest · 2025: 2.16×

Per-share value fell from 0.31 to 0.02, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: $0.12
Worst year: -$0.18
Latest · 2025: $0.17

Profits were backed by cash: accruals were -18.6% of assets (limit 10%).

Sloan accruals

10y median: -12.9%
Worst year: -1.4%
Latest · 2025: -18.6%

Profit record · pass 2 loss years in 10 (at most 2), mean operating margin 3.0%, three-year average owner earnings per share 0.12 USD.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price USD 9.17 · Value 5.50 · Buy at or below 5.50; 2016-11 · Price USD 9.17 · Value 5.50 · Buy at or below 5.50; 2016-12 · Price USD 9.17 · Value 5.50 · Buy at or below 5.50; 2017-01 · Price USD 9.17 · Value 5.50 · Buy at or below 5.50; 2017-02 · Price USD 9.17 · Value 4.19 · Buy at or below 4.19; 2017-03 · Price USD 9.17 · Value 4.19 · Buy at or below 4.19; 2017-04 · Price USD 9.17 · Value 4.19 · Buy at or below 4.19; 2017-05 · Price USD 9.17 · Value 4.19 · Buy at or below 4.19; 2017-06 · Price USD 9.17 · Value 4.19 · Buy at or below 4.19; 2017-07 · Price USD 9.17 · Value 4.19 · Buy at or below 4.19; 2017-08 · Price USD 9.17 · Value 4.19 · Buy at or below 4.19; 2017-09 · Price USD 9.17 · Value 4.19 · Buy at or below 4.19; 2017-10 · Price USD 9.17 · Value 4.19 · Buy at or below 4.19; 2017-11 · Price USD 9.17 · Value 4.19 · Buy at or below 4.19; 2017-12 · Price USD 9.17 · Value 4.19 · Buy at or below 4.19; 2018-01 · Price USD 9.17 · Value 4.19 · Buy at or below 4.19; 2018-02 · Price USD 9.17 · Value 3.44 · Buy at or below 3.44; 2018-03 · Price USD 9.17 · Value 3.44 · Buy at or below 3.44; 2018-04 · Price USD 9.17 · Value 3.44 · Buy at or below 3.44; 2018-05 · Price USD 9.17 · Value 3.44 · Buy at or below 3.44; 2018-06 · Price USD 9.17 · Value 3.44 · Buy at or below 3.44; 2018-07 · Price USD 9.17 · Value 3.44 · Buy at or below 3.44; 2018-08 · Price USD 9.17 · Value 3.44 · Buy at or below 3.44; 2018-09 · Price USD 9.17 · Value 3.44 · Buy at or below 3.44; 2018-10 · Price USD 9.17 · Value 3.44 · Buy at or below 3.44; 2018-11 · Price USD 9.17 · Value 3.44 · Buy at or below 3.44; 2018-12 · Price USD 9.17 · Value 3.44 · Buy at or below 3.44; 2019-01 · Price USD 9.17 · Value 3.44 · Buy at or below 3.44; 2019-02 · Price USD 9.17 · Value 3.29 · Buy at or below 3.29; 2019-03 · Price USD 9.17 · Value 3.29 · Buy at or below 3.29; 2019-04 · Price USD 9.17 · Value 3.29 · Buy at or below 3.29; 2019-05 · Price USD 9.17 · Value 3.29 · Buy at or below 3.29; 2019-06 · Price USD 9.17 · Value 3.29 · Buy at or below 3.29; 2019-07 · Price USD 9.17 · Value 3.29 · Buy at or below 3.29; 2019-08 · Price USD 9.17 · Value 3.29 · Buy at or below 3.29; 2019-09 · Price USD 9.17 · Value 3.29 · Buy at or below 3.29; 2019-10 · Price USD 9.17 · Value 3.29 · Buy at or below 3.29; 2019-11 · Price USD 9.17 · Value 3.29 · Buy at or below 3.29; 2019-12 · Price USD 9.17 · Value 3.29 · Buy at or below 3.29; 2020-01 · Price USD 9.17 · Value 3.29 · Buy at or below 3.29; 2020-02 · Price USD 9.17 · Value 3.79 · Buy at or below 3.79; 2020-03 · Price USD 9.17 · Value 3.79 · Buy at or below 3.79; 2020-04 · Price USD 9.17 · Value 3.79 · Buy at or below 3.79; 2020-05 · Price USD 9.17 · Value 3.79 · Buy at or below 3.79; 2020-06 · Price USD 9.17 · Value 3.79 · Buy at or below 3.79; 2020-07 · Price USD 9.17 · Value 3.79 · Buy at or below 3.79; 2020-08 · Price USD 9.17 · Value 3.79 · Buy at or below 3.79; 2020-09 · Price USD 9.17 · Value 3.79 · Buy at or below 3.79; 2020-10 · Price USD 9.17 · Value 3.79 · Buy at or below 3.79; 2020-11 · Price USD 9.17 · Value 3.79 · Buy at or below 3.79; 2020-12 · Price USD 9.17 · Value 3.79 · Buy at or below 3.79; 2021-01 · Price USD 9.17 · Value 3.79 · Buy at or below 3.79; 2021-02 · Price USD 9.17 · Value 2.62 · Buy at or below 2.62; 2021-03 · Price USD 9.17 · Value 2.62 · Buy at or below 2.62; 2021-04 · Price USD 9.17 · Value 2.62 · Buy at or below 2.62; 2021-05 · Price USD 9.17 · Value 2.62 · Buy at or below 2.62; 2021-06 · Price USD 9.17 · Value 2.62 · Buy at or below 2.62; 2021-07 · Price USD 9.17 · Value 2.62 · Buy at or below 2.62; 2021-08 · Price USD 9.17 · Value 2.62 · Buy at or below 2.62; 2021-09 · Price USD 9.17 · Value 2.62 · Buy at or below 2.62; 2021-10 · Price USD 9.17 · Value 2.62 · Buy at or below 2.62; 2021-11 · Price USD 9.17 · Value 2.62 · Buy at or below 2.62; 2021-12 · Price USD 9.17 · Value 2.62 · Buy at or below 2.62; 2022-01 · Price USD 9.17 · Value 2.62 · Buy at or below 2.62; 2022-02 · Price USD 9.17 · Value 1.32 · Buy at or below 1.32; 2022-03 · Price USD 9.17 · Value 1.32 · Buy at or below 1.32; 2022-04 · Price USD 9.17 · Value 1.32 · Buy at or below 1.32; 2022-05 · Price USD 9.17 · Value 1.32 · Buy at or below 1.32; 2022-06 · Price USD 9.17 · Value 1.32 · Buy at or below 1.32; 2022-07 · Price USD 9.17 · Value 1.32 · Buy at or below 1.32; 2022-08 · Price USD 9.17 · Value 1.32 · Buy at or below 1.32; 2022-09 · Price USD 9.17 · Value 1.32 · Buy at or below 1.32; 2022-10 · Price USD 9.17 · Value 1.32 · Buy at or below 1.32; 2022-11 · Price USD 9.17 · Value 1.32 · Buy at or below 1.32; 2022-12 · Price USD 9.17 · Value 1.32 · Buy at or below 1.32; 2023-01 · Price USD 9.17 · Value 1.32 · Buy at or below 1.32; 2023-02 · Price USD 9.17 · Value 1.37 · Buy at or below 1.37; 2023-03 · Price USD 9.17 · Value 1.37 · Buy at or below 1.37; 2023-04 · Price USD 9.17 · Value 1.37 · Buy at or below 1.37; 2023-05 · Price USD 9.17 · Value 1.37 · Buy at or below 1.37; 2023-06 · Price USD 9.17 · Value 1.37 · Buy at or below 1.37; 2023-07 · Price USD 9.17 · Value 1.37 · Buy at or below 1.37; 2023-08 · Price USD 9.17 · Value 1.37 · Buy at or below 1.37; 2023-09 · Price USD 9.17 · Value 1.37 · Buy at or below 1.37; 2023-10 · Price USD 9.17 · Value 1.37 · Buy at or below 1.37; 2023-11 · Price USD 9.17 · Value 1.37 · Buy at or below 1.37; 2023-12 · Price USD 9.17 · Value 1.37 · Buy at or below 1.37; 2024-01 · Price USD 9.17 · Value 1.37 · Buy at or below 1.37; 2024-02 · Price USD 9.17 · Value 0.90 · Buy at or below 0.90; 2024-03 · Price USD 9.17 · Value 0.90 · Buy at or below 0.90; 2024-04 · Price USD 9.17 · Value 0.90 · Buy at or below 0.90; 2024-05 · Price USD 9.17 · Value 0.90 · Buy at or below 0.90; 2024-06 · Price USD 9.17 · Value 0.90 · Buy at or below 0.90; 2024-07 · Price USD 9.17 · Value 0.90 · Buy at or below 0.90; 2024-08 · Price USD 9.17 · Value 0.90 · Buy at or below 0.90; 2024-09 · Price USD 9.17 · Value 0.90 · Buy at or below 0.90; 2024-10 · Price USD 9.17 · Value 0.90 · Buy at or below 0.90; 2024-11 · Price USD 9.17 · Value 0.90 · Buy at or below 0.90; 2024-12 · Price USD 9.17 · Value 0.90 · Buy at or below 0.90; 2025-01 · Price USD 9.17 · Value 0.90 · Buy at or below 0.90; 2025-02 · Price USD 9.17 · Value 0.83 · Buy at or below 0.83; 2025-03 · Price USD 9.17 · Value 0.83 · Buy at or below 0.83; 2025-04 · Price USD 9.17 · Value 0.83 · Buy at or below 0.83; 2025-05 · Price USD 9.17 · Value 0.83 · Buy at or below 0.83; 2025-06 · Price USD 9.17 · Value 0.83 · Buy at or below 0.83; 2025-07 · Price USD 9.17 · Value 0.83 · Buy at or below 0.83; 2025-08 · Price USD 9.17 · Value 0.83 · Buy at or below 0.83; 2025-09 · Price USD 9.17 · Value 0.83 · Buy at or below 0.83; 2025-10 · Price USD 9.17 · Value 0.83 · Buy at or below 0.83; 2025-11 · Price USD 9.17 · Value 0.83 · Buy at or below 0.83; 2025-12 · Price USD 9.17 · Value 0.83 · Buy at or below 0.83; 2026-01 · Price USD 9.17 · Value 0.83 · Buy at or below 0.83; 2026-02 · Price USD 9.17 · Value 0.83 · Buy at or below 0.83; 2026-03 · Price USD 9.17 · Value 0.83 · Buy at or below 0.83; 2026-04 · Price USD 9.17 · Value 0.83 · Buy at or below 0.83; 2026-05 · Price USD 9.17 · Value 0.83 · Buy at or below 0.83; 2026-06 · Price USD 9.17 · Value 0.83 · Buy at or below 0.83; 2026-07 · Price USD 9.17 · Value 0.83 · Buy at or below 0.83; 2026-08 · Price USD 9.17 · Value 0.83 · Buy at or below 0.83; 2026-09 · Price USD 9.17 · Value 0.83 · Buy at or below 0.83; 2026-10 · Price USD 9.17 · Value 0.83 · Buy at or below 0.83; 2026-10 · Price USD 9.17 · Value 0.83 · Buy at or below 0.83

USD per share · annual estimates

Price & return math
Value range	$0.73 – $0.97
Buy at or below	Central value $0.83
Discount to value	1 − 9.17 / 0.83 = -1003.0%
Return / year	About 3.6% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash USD 0.07/share; 0.0% growth for 5 years, then fades to 3.0%; excess cash USD 0.00/share today.
Required return	10.0% / year, earned by construction at the central value

Revenue$8.9B

Revenue

Owner earnings$507M

Owner earnings

Operating margin3.9%

Operating margin

Net cash / debt-$2.2B

Net cash / debt

Diluted shares1.4B

Diluted shares

Prices 14 Oct 2026 · FY2025