# Fisher & Paykel Healthcare (FPH.AU)

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

Analysis as of: 2026-10-16T07:35:01.630Z. Financial observations: FY2000–FY2026.

Listing currency: AUD. Reporting currency: NZD.

## 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 39.52 per share; close as of 2026-10-15.

Estimated value: low AUD 8.24 per share, central AUD 11.53 per share, high AUD 13.44 per share. Buy at or below the central value AUD 11.53 per share. Valuation as of 2026-10-16T07:35:01.630Z; scenarios are not confidence intervals.

Expected annual return: 5.0% at the stated quote. About 5.0% 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

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.63×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.24×

- FY2018: 0.27×

- FY2019: 0.29×

- FY2020: 0.31×

- FY2021: 0.36×

- FY2022: 0.30×

- FY2023: 0.21×

- FY2024: 0.20×

- FY2025: -0.18×

- FY2026: 0.29×

### moat: pass

- ROIC, median of available years: 27.0%

- ROIC, second-lowest year: 12.3%

- Typical minus recent gross margin: 0.6 pp

- Typical gross margin (annual median): 63.5%

- Recent gross margin (lower of latest and 3-year median): 62.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 10.2%

- ROIC including acquisitions, ten-year median: 23.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 23.7%

- FY2018: 27.5%

- FY2019: 26.5%

- FY2020: 31.2%

- FY2021: 44.5%

- FY2022: 27.6%

- FY2023: 15.2%

- FY2024: 12.3%

- FY2025: -15.6%

- FY2026: 27.5%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: 0.78×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: NZD 1.3B

- Net income, five-year total: NZD 1.6B

- Return on incremental invested capital: 30.7%

- Working capital / revenue, annual change: 0.6 pp

- Working capital / revenue, change between three-year averages: 4.1 pp

- Working capital / revenue, final three-year average: 29.0%

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

- FY2022: 0.78×

- FY2023: 0.50×

- FY2024: -0.13×

- FY2025: 1.05×

- FY2026: 0.96×

### 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: 26.5% vs 12.3%

- Per-share earnings: 0.29 to 0.64 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.3%

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

- Market cap gain: NZD 16B

- Cumulative retained earnings: NZD 1.1B

- Diluted shares, 10-year annual growth: 0.3%

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

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 10.2%

- Per-share value change: NZD 0.34

- Per-share value, starting three-year median: NZD 0.29

- Per-share value, ending three-year median: NZD 0.64

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: NZD 56M

- Cumulative net income, 10 years: NZD 3.0B

- ROIC, first three-year median: 26.5%

- ROIC, last three-year median: 12.3%

Chart: Earnings per share; fiscal year observations.

- FY2017: NZD 0.29

- FY2018: NZD 0.33

- FY2019: NZD 0.37

- FY2020: NZD 0.50

- FY2021: NZD 0.90

- FY2022: NZD 0.65

- FY2023: NZD 0.43

- FY2024: NZD 0.22

- FY2025: NZD 0.64

- FY2026: NZD 0.80

### accounting: pass

- Sloan accruals: -6.8%

- Receivables to sales index (DSRI): 0.97×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.42×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.03×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -1.0%

- FY2018: -4.4%

- FY2019: -2.9%

- FY2020: -1.7%

- FY2021: -2.7%

- FY2022: 3.9%

- FY2023: 1.3%

- FY2024: -13.0%

- FY2025: -6.7%

- FY2026: -6.8%

## Holders

## Price story

Price needs cash profits to grow 22.9% a year for ten years · sales +16.6%

Story as of 2026-10-16T10:00:03.364Z; price observation 2026-10-15.

Price needs cash profits to grow 22.9% a year for ten years

### Sales · FY2025–2026

sales +16.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: NZD 797M 

- FY2018: NZD 907M 

- FY2019: NZD 1.0B 

- FY2020: NZD 1.2B 

- FY2021: NZD 2.0B 

- FY2022: NZD 1.7B 

- FY2023: NZD 1.6B 

- FY2024: NZD 1.7B 

- FY2025: NZD 2.0B 

- FY2026: NZD 2.4B 

### Gross margin · FY2026

gross margin 64.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: 65.0% 

- FY2018: 65.7% 

- FY2019: 66.9% 

- FY2020: 66.4% 

- FY2021: 57.0% 

- FY2022: 55.8% 

- FY2023: 55.7% 

- FY2024: 59.9% 

- FY2025: 62.9% 

- FY2026: 64.2% 

## Owner memo

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

### How it makes money

Operates in medical instruments & supplies; annual sales are NZD 2.4 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:01.630Z); FY2026: revenue 2356030353; grossProfit 1511626657; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); FPH.AU: Fisher & Paykel Healthcare Corporation Limited, together with its subsidiaries, designs, manufactures, markets, and sells medical device products and systems in North America, Europe, the Asia Pacific, and internationally. The company provides its products for use in acute and chronic respiratory care, and surgery, as well as the treatment of obstructive sleep apnea (OSA) in the home and hospital. It also offers adult respiratory products, including airvo system, optiflow nasal high flow therapy, invasive ventilation, and noninvasive ventilation. In addition, the company provides infant respiratory products, such as resuscitation, invasive ventilation, continuous positive airway pressure (CPAP), and nasal high flow products. Further, it offers hospital products comprising humidification products, breathing circuits, chambers, masks, nasal cannulas, surgical, accessories, and interfaces; and homecare products that include masks, CPAP devices, software and data management products, and humidifiers. Fisher & Paykel Healthcare Corporation Limited was founded in 1934 and is headquartered in Auckland, New Zealand.

### Why customers stay

Margins ranged from 59.9% to 64.2% during 2024–26; it earns 27% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:01.630Z); FY2024: grossProfit / revenue = 59.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:01.630Z); FY2025: grossProfit / revenue = 62.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:01.630Z); FY2026: grossProfit / revenue = 64.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:01.630Z); 10-year return on capital observations [[2017,0.2365597800780634],[2018,0.2746187152127291],[2019,0.2652649172984766],[2020,0.31206059017274024],[2021,0.4452892072856693],[2022,0.2758227729157246],[2023,0.15216934288526857],[2024,0.12308970099667774],[2025,-0.15627657818112686],[2026,0.2748483090897678]]; median 0.2699418162556029. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 56% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:01.630Z); Gross margin observations: [[2021,0.5703125826907468],[2022,0.5581729125289885],[2023,0.5573081713458391]]; range within 2 percentage points.

### Where the cash goes

Spends 3.1% of cash earnings on expansion; earns 30.7% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:01.630Z); FY2017: growth capex 20032316; upkeep 37675800; owner earnings 169152000. Growth capex / owner earnings = 0.11842789916761257.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:01.630Z); FY2018: growth capex 47183456; upkeep 45641637; owner earnings 190200000. Growth capex / owner earnings = 0.24807284963196635.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:01.630Z); FY2019: growth capex 63320495.814586036; upkeep 64659431.185413964; owner earnings 188174710.81458604. Growth capex / owner earnings = 0.336498435631861.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:01.630Z); FY2020: growth capex 106040821.28866562; upkeep 64659178.71133438; owner earnings 279187579.28866565. Growth capex / owner earnings = 0.37981926545172284.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:01.630Z); FY2021: growth capex 99700000; upkeep 85000000; owner earnings 515460000. Growth capex / owner earnings = 0.1934194699879719.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:01.630Z); FY2022: growth capex 0; upkeep 169800000; owner earnings 292815290. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:01.630Z); FY2023: growth capex 0; upkeep 211300000; owner earnings 125500000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:01.630Z); FY2025: growth capex 0; upkeep 103000000; owner earnings 396240000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:01.630Z); FY2026: growth capex 14303391; upkeep 159754772; owner earnings 454651167. Growth capex / owner earnings = 0.0314601435962002.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:01.630Z); Incremental return on capital 0.30694616248037304, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:01.630Z); Dividend observations: [[2017,89364000],[2018,102500000],[2019,114600000],[2020,146400000],[2021,181300000],[2022,224900000],[2023,195700000],[2024,145500000],[2025,195900000],[2026,254137005]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 3.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); FPH.AU SharesStats.PercentInsiders = 3.685 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 22.9% yearly over ten years; actual growth was 11.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:01.630Z); Ten-year compound average after fade. Initial solved rate 0.32080917440957124. Price 39.52; FX 0.8124078517533463; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 0.25013228191447245 → FY2026 0.7695473096464915. Closing-price date 2026-10-15.

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

- 2016-10: AUD 8.26 per share

- 2016-11: AUD 7.82 per share

- 2016-12: AUD 8.19 per share

- 2017-01: AUD 8.31 per share

- 2017-02: AUD 8.59 per share

- 2017-03: AUD 8.84 per share

- 2017-04: AUD 9.23 per share

- 2017-05: AUD 10.16 per share

- 2017-06: AUD 10.85 per share

- 2017-07: AUD 10.35 per share

- 2017-08: AUD 10.70 per share

- 2017-09: AUD 11.72 per share

- 2017-10: AUD 11.81 per share

- 2017-11: AUD 11.69 per share

- 2017-12: AUD 12.84 per share

- 2018-01: AUD 12.13 per share

- 2018-02: AUD 12.77 per share

- 2018-03: AUD 12.36 per share

- 2018-04: AUD 11.84 per share

- 2018-05: AUD 12.22 per share

- 2018-06: AUD 13.68 per share

- 2018-07: AUD 13.56 per share

- 2018-08: AUD 14.99 per share

- 2018-09: AUD 13.78 per share

- 2018-10: AUD 12.53 per share

- 2018-11: AUD 12.47 per share

- 2018-12: AUD 12.36 per share

- 2019-01: AUD 11.98 per share

- 2019-02: AUD 14.07 per share

- 2019-03: AUD 14.92 per share

- 2019-04: AUD 14.98 per share

- 2019-05: AUD 14.47 per share

- 2019-06: AUD 14.83 per share

- 2019-07: AUD 15.77 per share

- 2019-08: AUD 15.57 per share

- 2019-09: AUD 16.05 per share

- 2019-10: AUD 17.78 per share

- 2019-11: AUD 20.93 per share

- 2019-12: AUD 21.10 per share

- 2020-01: AUD 22.33 per share

- 2020-02: AUD 24.59 per share

- 2020-03: AUD 28.84 per share

- 2020-04: AUD 25.30 per share

- 2020-05: AUD 27.71 per share

- 2020-06: AUD 32.84 per share

- 2020-07: AUD 33.07 per share

- 2020-08: AUD 33.54 per share

- 2020-09: AUD 30.56 per share

- 2020-10: AUD 32.79 per share

- 2020-11: AUD 33.56 per share

- 2020-12: AUD 30.95 per share

- 2021-01: AUD 32.30 per share

- 2021-02: AUD 27.11 per share

- 2021-03: AUD 29.39 per share

- 2021-04: AUD 33.63 per share

- 2021-05: AUD 27.93 per share

- 2021-06: AUD 28.92 per share

- 2021-07: AUD 29.94 per share

- 2021-08: AUD 31.79 per share

- 2021-09: AUD 30.68 per share

- 2021-10: AUD 29.42 per share

- 2021-11: AUD 31.79 per share

- 2021-12: AUD 30.53 per share

- 2022-01: AUD 26.35 per share

- 2022-02: AUD 25.66 per share

- 2022-03: AUD 22.45 per share

- 2022-04: AUD 19.80 per share

- 2022-05: AUD 19.03 per share

- 2022-06: AUD 17.84 per share

- 2022-07: AUD 19.17 per share

- 2022-08: AUD 17.51 per share

- 2022-09: AUD 16.26 per share

- 2022-10: AUD 17.88 per share

- 2022-11: AUD 21.96 per share

- 2022-12: AUD 21.28 per share

- 2023-01: AUD 23.50 per share

- 2023-02: AUD 23.66 per share

- 2023-03: AUD 24.86 per share

- 2023-04: AUD 25.63 per share

- 2023-05: AUD 22.21 per share

- 2023-06: AUD 22.54 per share

- 2023-07: AUD 22.75 per share

- 2023-08: AUD 20.78 per share

- 2023-09: AUD 19.99 per share

- 2023-10: AUD 19.03 per share

- 2023-11: AUD 22.15 per share

- 2023-12: AUD 21.83 per share

- 2024-01: AUD 22.14 per share

- 2024-02: AUD 22.99 per share

- 2024-03: AUD 23.66 per share

- 2024-04: AUD 25.82 per share

- 2024-05: AUD 27.20 per share

- 2024-06: AUD 27.77 per share

- 2024-07: AUD 29.50 per share

- 2024-08: AUD 33.01 per share

- 2024-09: AUD 32.11 per share

- 2024-10: AUD 32.81 per share

- 2024-11: AUD 34.52 per share

- 2024-12: AUD 34.95 per share

- 2025-01: AUD 34.35 per share

- 2025-02: AUD 30.39 per share

- 2025-03: AUD 30.25 per share

- 2025-04: AUD 31.51 per share

- 2025-05: AUD 33.93 per share

- 2025-06: AUD 33.63 per share

- 2025-07: AUD 34.09 per share

- 2025-08: AUD 32.85 per share

- 2025-09: AUD 32.37 per share

- 2025-10: AUD 32.33 per share

- 2025-11: AUD 33.34 per share

- 2025-12: AUD 32.65 per share

- 2026-01: AUD 33.65 per share

- 2026-02: AUD 34.46 per share

- 2026-03: AUD 30.65 per share

- 2026-04: AUD 29.82 per share

- 2026-05: AUD 31.17 per share

- 2026-06: AUD 32.05 per share

- 2026-07: AUD 34.02 per share

- 2026-08: AUD 36.33 per share

- 2026-09: AUD 37.43 per share

- 2026-10: AUD 39.17 per share

## Annual estimated value (AUD per share)

- FY2017: low AUD 2.70 per share, central AUD 3.73 per share, high AUD 4.36 per share

- FY2018: low AUD 3.54 per share, central AUD 4.98 per share, high AUD 5.82 per share

- FY2019: low AUD 3.86 per share, central AUD 5.22 per share, high AUD 6.09 per share

- FY2020: low AUD 5.09 per share, central AUD 7.20 per share, high AUD 8.43 per share

- FY2021: low AUD 8.40 per share, central AUD 11.82 per share, high AUD 13.81 per share

- FY2022: low AUD 7.04 per share, central AUD 9.90 per share, high AUD 11.57 per share

- FY2023: low AUD 5.51 per share, central AUD 7.68 per share, high AUD 9.00 per share

- FY2024: low AUD 4.64 per share, central AUD 5.27 per share, high AUD 6.11 per share

- FY2025: low AUD 5.59 per share, central AUD 6.32 per share, high AUD 7.29 per share

- FY2026: low AUD 8.24 per share, central AUD 11.53 per share, high AUD 13.44 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.

Fisher & Paykel Healthcare

FPH · AU

S&P/ASX 200 · NZX 50

Not a wonderful business

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

Share price: AUD 39.52
Buy up to: AUD 11.53
Expected / yr: 5.0% at today's price (10.0% at central value)

The business

How it makes money
Why customers stay
Can it raise prices
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 63.2% around their average (limit 35%).

Operating margin

10y median: 27.9%
Worst year: -18.4%
Latest · 2026: 28.5%

Capital return excluding acquisitions: median 27% (minimum 15%), and the second-worst year 12.3% (minimum 10%).

ROIC excluding acquisitions

10y median: 27.0%
Worst year: -15.6%
Latest · 2026: 27.5%

Each $1 of profit left $0.78 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 0.78×
Annual median: 0.78×
Latest · 2026: 0.96×

Per-share value rose from 0.29 to 0.64, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: NZD 0.46
Worst year: NZD 0.22
Latest · 2026: NZD 0.80

Profits were backed by cash: accruals were -6.8% of assets (limit 10%).

Sloan accruals

10y median: -2.8%
Worst year: 3.9%
Latest · 2026: -6.8%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 22.9%, three-year average owner earnings per share 0.47 NZD.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price AUD 8.26; 2016-11 · Price AUD 7.82; 2016-12 · Price AUD 8.19; 2017-01 · Price AUD 8.31 · Value 3.73 · Buy at or below 3.73; 2017-02 · Price AUD 8.59 · Value 3.73 · Buy at or below 3.73; 2017-03 · Price AUD 8.84 · Value 3.73 · Buy at or below 3.73; 2017-04 · Price AUD 9.23 · Value 3.73 · Buy at or below 3.73; 2017-05 · Price AUD 10.16 · Value 3.73 · Buy at or below 3.73; 2017-06 · Price AUD 10.85 · Value 3.73 · Buy at or below 3.73; 2017-07 · Price AUD 10.35 · Value 3.73 · Buy at or below 3.73; 2017-08 · Price AUD 10.70 · Value 3.73 · Buy at or below 3.73; 2017-09 · Price AUD 11.72 · Value 3.73 · Buy at or below 3.73; 2017-10 · Price AUD 11.81 · Value 3.73 · Buy at or below 3.73; 2017-11 · Price AUD 11.69 · Value 3.73 · Buy at or below 3.73; 2017-12 · Price AUD 12.84 · Value 3.73 · Buy at or below 3.73; 2018-01 · Price AUD 12.13 · Value 3.73 · Buy at or below 3.73; 2018-02 · Price AUD 12.77 · Value 4.98 · Buy at or below 4.98; 2018-03 · Price AUD 12.36 · Value 4.98 · Buy at or below 4.98; 2018-04 · Price AUD 11.84 · Value 4.98 · Buy at or below 4.98; 2018-05 · Price AUD 12.22 · Value 4.98 · Buy at or below 4.98; 2018-06 · Price AUD 13.68 · Value 4.98 · Buy at or below 4.98; 2018-07 · Price AUD 13.56 · Value 4.98 · Buy at or below 4.98; 2018-08 · Price AUD 14.99 · Value 4.98 · Buy at or below 4.98; 2018-09 · Price AUD 13.78 · Value 4.98 · Buy at or below 4.98; 2018-10 · Price AUD 12.53 · Value 4.98 · Buy at or below 4.98; 2018-11 · Price AUD 12.47 · Value 4.98 · Buy at or below 4.98; 2018-12 · Price AUD 12.36 · Value 4.98 · Buy at or below 4.98; 2019-01 · Price AUD 11.98 · Value 4.98 · Buy at or below 4.98; 2019-02 · Price AUD 14.07 · Value 5.22 · Buy at or below 5.22; 2019-03 · Price AUD 14.92 · Value 5.22 · Buy at or below 5.22; 2019-04 · Price AUD 14.98 · Value 5.22 · Buy at or below 5.22; 2019-05 · Price AUD 14.47 · Value 5.22 · Buy at or below 5.22; 2019-06 · Price AUD 14.83 · Value 5.22 · Buy at or below 5.22; 2019-07 · Price AUD 15.77 · Value 5.22 · Buy at or below 5.22; 2019-08 · Price AUD 15.57 · Value 5.22 · Buy at or below 5.22; 2019-09 · Price AUD 16.05 · Value 5.22 · Buy at or below 5.22; 2019-10 · Price AUD 17.78 · Value 5.22 · Buy at or below 5.22; 2019-11 · Price AUD 20.93 · Value 5.22 · Buy at or below 5.22; 2019-12 · Price AUD 21.10 · Value 5.22 · Buy at or below 5.22; 2020-01 · Price AUD 22.33 · Value 5.22 · Buy at or below 5.22; 2020-02 · Price AUD 24.59 · Value 7.20 · Buy at or below 7.20; 2020-03 · Price AUD 28.84 · Value 7.20 · Buy at or below 7.20; 2020-04 · Price AUD 25.30 · Value 7.20 · Buy at or below 7.20; 2020-05 · Price AUD 27.71 · Value 7.20 · Buy at or below 7.20; 2020-06 · Price AUD 32.84 · Value 7.20 · Buy at or below 7.20; 2020-07 · Price AUD 33.07 · Value 7.20 · Buy at or below 7.20; 2020-08 · Price AUD 33.54 · Value 7.20 · Buy at or below 7.20; 2020-09 · Price AUD 30.56 · Value 7.20 · Buy at or below 7.20; 2020-10 · Price AUD 32.79 · Value 7.20 · Buy at or below 7.20; 2020-11 · Price AUD 33.56 · Value 7.20 · Buy at or below 7.20; 2020-12 · Price AUD 30.95 · Value 7.20 · Buy at or below 7.20; 2021-01 · Price AUD 32.30 · Value 7.20 · Buy at or below 7.20; 2021-02 · Price AUD 27.11 · Value 11.82 · Buy at or below 11.82; 2021-03 · Price AUD 29.39 · Value 11.82 · Buy at or below 11.82; 2021-04 · Price AUD 33.63 · Value 11.82 · Buy at or below 11.82; 2021-05 · Price AUD 27.93 · Value 11.82 · Buy at or below 11.82; 2021-06 · Price AUD 28.92 · Value 11.82 · Buy at or below 11.82; 2021-07 · Price AUD 29.94 · Value 11.82 · Buy at or below 11.82; 2021-08 · Price AUD 31.79 · Value 11.82 · Buy at or below 11.82; 2021-09 · Price AUD 30.68 · Value 11.82 · Buy at or below 11.82; 2021-10 · Price AUD 29.42 · Value 11.82 · Buy at or below 11.82; 2021-11 · Price AUD 31.79 · Value 11.82 · Buy at or below 11.82; 2021-12 · Price AUD 30.53 · Value 11.82 · Buy at or below 11.82; 2022-01 · Price AUD 26.35 · Value 11.82 · Buy at or below 11.82; 2022-02 · Price AUD 25.66 · Value 9.90 · Buy at or below 9.90; 2022-03 · Price AUD 22.45 · Value 9.90 · Buy at or below 9.90; 2022-04 · Price AUD 19.80 · Value 9.90 · Buy at or below 9.90; 2022-05 · Price AUD 19.03 · Value 9.90 · Buy at or below 9.90; 2022-06 · Price AUD 17.84 · Value 9.90 · Buy at or below 9.90; 2022-07 · Price AUD 19.17 · Value 9.90 · Buy at or below 9.90; 2022-08 · Price AUD 17.51 · Value 9.90 · Buy at or below 9.90; 2022-09 · Price AUD 16.26 · Value 9.90 · Buy at or below 9.90; 2022-10 · Price AUD 17.88 · Value 9.90 · Buy at or below 9.90; 2022-11 · Price AUD 21.96 · Value 9.90 · Buy at or below 9.90; 2022-12 · Price AUD 21.28 · Value 9.90 · Buy at or below 9.90; 2023-01 · Price AUD 23.50 · Value 9.90 · Buy at or below 9.90; 2023-02 · Price AUD 23.66 · Value 7.68 · Buy at or below 7.68; 2023-03 · Price AUD 24.86 · Value 7.68 · Buy at or below 7.68; 2023-04 · Price AUD 25.63 · Value 7.68 · Buy at or below 7.68; 2023-05 · Price AUD 22.21 · Value 7.68 · Buy at or below 7.68; 2023-06 · Price AUD 22.54 · Value 7.68 · Buy at or below 7.68; 2023-07 · Price AUD 22.75 · Value 7.68 · Buy at or below 7.68; 2023-08 · Price AUD 20.78 · Value 7.68 · Buy at or below 7.68; 2023-09 · Price AUD 19.99 · Value 7.68 · Buy at or below 7.68; 2023-10 · Price AUD 19.03 · Value 7.68 · Buy at or below 7.68; 2023-11 · Price AUD 22.15 · Value 7.68 · Buy at or below 7.68; 2023-12 · Price AUD 21.83 · Value 7.68 · Buy at or below 7.68; 2024-01 · Price AUD 22.14 · Value 7.68 · Buy at or below 7.68; 2024-02 · Price AUD 22.99 · Value 5.27 · Buy at or below 5.27; 2024-03 · Price AUD 23.66 · Value 5.27 · Buy at or below 5.27; 2024-04 · Price AUD 25.82 · Value 5.27 · Buy at or below 5.27; 2024-05 · Price AUD 27.20 · Value 5.27 · Buy at or below 5.27; 2024-06 · Price AUD 27.77 · Value 5.27 · Buy at or below 5.27; 2024-07 · Price AUD 29.50 · Value 5.27 · Buy at or below 5.27; 2024-08 · Price AUD 33.01 · Value 5.27 · Buy at or below 5.27; 2024-09 · Price AUD 32.11 · Value 5.27 · Buy at or below 5.27; 2024-10 · Price AUD 32.81 · Value 5.27 · Buy at or below 5.27; 2024-11 · Price AUD 34.52 · Value 5.27 · Buy at or below 5.27; 2024-12 · Price AUD 34.95 · Value 5.27 · Buy at or below 5.27; 2025-01 · Price AUD 34.35 · Value 5.27 · Buy at or below 5.27; 2025-02 · Price AUD 30.39 · Value 6.32 · Buy at or below 6.32; 2025-03 · Price AUD 30.25 · Value 6.32 · Buy at or below 6.32; 2025-04 · Price AUD 31.51 · Value 6.32 · Buy at or below 6.32; 2025-05 · Price AUD 33.93 · Value 6.32 · Buy at or below 6.32; 2025-06 · Price AUD 33.63 · Value 6.32 · Buy at or below 6.32; 2025-07 · Price AUD 34.09 · Value 6.32 · Buy at or below 6.32; 2025-08 · Price AUD 32.85 · Value 6.32 · Buy at or below 6.32; 2025-09 · Price AUD 32.37 · Value 6.32 · Buy at or below 6.32; 2025-10 · Price AUD 32.33 · Value 6.32 · Buy at or below 6.32; 2025-11 · Price AUD 33.34 · Value 6.32 · Buy at or below 6.32; 2025-12 · Price AUD 32.65 · Value 6.32 · Buy at or below 6.32; 2026-01 · Price AUD 33.65 · Value 6.32 · Buy at or below 6.32; 2026-02 · Price AUD 34.46 · Value 11.53 · Buy at or below 11.53; 2026-03 · Price AUD 30.65 · Value 11.53 · Buy at or below 11.53; 2026-04 · Price AUD 29.82 · Value 11.53 · Buy at or below 11.53; 2026-05 · Price AUD 31.17 · Value 11.53 · Buy at or below 11.53; 2026-06 · Price AUD 32.05 · Value 11.53 · Buy at or below 11.53; 2026-07 · Price AUD 34.02 · Value 11.53 · Buy at or below 11.53; 2026-08 · Price AUD 36.33 · Value 11.53 · Buy at or below 11.53; 2026-09 · Price AUD 37.43 · Value 11.53 · Buy at or below 11.53; 2026-10 · Price AUD 39.17 · Value 11.53 · Buy at or below 11.53; 2026-10 · Price AUD 39.52 · Value 11.53 · Buy at or below 11.53

AUD per share · annual estimates

Price & return math
Value range	AUD 8.24 – AUD 13.44
Buy at or below	Central value AUD 11.53
Discount to value	1 − 39.52 / 11.53 = -242.8%
Return / year	About 5.0% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash AUD 0.56/share; 8.0% growth for 5 years, then fades to 3.0%; excess cash AUD 0.57/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueNZD 2.4B

Revenue

Owner earningsNZD 455M

Owner earnings

Operating margin28.5%

Operating margin

Net cash / debtNZD 317M

Net cash / debt

Diluted shares591M

Diluted shares

Prices 15 Oct 2026 · FY2026