# Heartland Group Holdings (HGH.AU)

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

Analysis as of: 2026-10-16T07:45:44.073Z. Financial observations: FY2019–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 1.01 per share; close as of 2026-10-15.

Estimated value: low AUD 1.02 per share, central AUD 1.20 per share, high AUD 1.46 per share. Buy at or below the central value AUD 1.20 per share. Valuation as of 2026-10-16T07:45:44.073Z; scenarios are not confidence intervals.

Expected annual return: 11.1% at the stated quote. About 11.1% 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

- Financial history: 8 years

- Profitable years in the last ten: 8

- Required profitable years: 8

- Return on common equity variation (informational): 0.33×

Chart: Net income; fiscal year observations.

- FY2019: NZD 74M

- FY2020: NZD 72M

- FY2021: NZD 87M

- FY2022: NZD 95M

- FY2023: NZD 96M

- FY2024: NZD 75M

- FY2025: NZD 39M

- FY2026: NZD 93M

### moat: fail

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- median return on common equity below threshold

- Bank / P&C ROTE, median of available years: 11.8%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 7.8%

- Years with reported combined ratio: 0

Chart: Return on tangible common equity; fiscal year observations.

- FY2019: 12.2%

- FY2020: 11.5%

- FY2021: 12.6%

- FY2022: 16.1%

- FY2023: 12.1%

- FY2024: 7.8%

- FY2025: 4.1%

- FY2026: 8.8%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 7.0%

- Book return interval: 7 years

- Starting book value per share: NZD 1.07

- Ending book value per share: NZD 1.12

Chart: Annual book + dividend return; fiscal year observations.

- FY2020: 8.9%

- FY2021: 14.0%

- FY2022: -9.6%

- FY2023: 25.1%

- FY2024: 19.5%

- FY2025: -16.7%

- FY2026: 14.8%

### management: fail

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- ordinary share count growth exceeds 2% annually in both the full and five-year windows

- Diluted shares, 10-year annual growth: 7.6%

- Diluted shares, 5-year annual growth: 10.1%

- Share growth excluding flagged crisis recapitalisations: 7.6%

- Five-year share growth excluding flagged crisis recapitalisations: 10.1%

- Flagged crisis recapitalisations: 0

- Book value created per share: NZD 0.05

- Earnings retained per share after dividends and buybacks: NZD -0.00

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

Down 58% since Dec 2021 · net income +140%

Story as of 2026-10-16T10:00:13.495Z; price observation 2026-10-15.

The price assumes profits grow 3.4% a year forever

### Net income · FY2026

net income +140%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2019: NZD 74M 

- FY2020: NZD 72M 

- FY2021: NZD 87M 

- FY2022: NZD 95M 

- FY2023: NZD 96M 

- FY2024: NZD 75M 

- FY2025: NZD 39M 

- FY2026: NZD 93M 

## Owner memo

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

### How it makes money

Operates in regional banking; annual sales are NZD 684 million.

- Source: https://eodhd.com/api/fundamentals/HGH.AU.json#2026-06-30 (filed 2026-10-16T07:45:44.073Z); FY2026: revenue 683953990.

### Why customers stay

It earns 11.8% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:44.073Z); 8-year return on tangible equity observations [[2019,0.1219341310224201],[2020,0.11475731344283102],[2021,0.12566441452824223],[2022,0.16127446243258686],[2023,0.12054758692319976],[2024,0.07782033335316708],[2025,0.04069173752136125],[2026,0.08802066428315955]]; median 0.1176524501830154. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 8 of 8 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:44.073Z); Dividend observations: [[2019,36265000],[2020,46098000],[2021,30337000],[2022,58050000],[2023,64303000],[2024,65500000],[2025,33750000],[2026,44322329]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 19.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); HGH.AU SharesStats.PercentInsiders = 19.581 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 3.4% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:44.073Z); Price 1.01; FX 0.8124078517533463; original perpetual distributable cash 0.08259288715397621; discount 0.1; growth 0.03356523760112044. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-15.

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

- 2018-11: AUD 1.40 per share

- 2018-12: AUD 1.36 per share

- 2019-01: AUD 1.33 per share

- 2019-02: AUD 1.36 per share

- 2019-03: AUD 1.36 per share

- 2019-04: AUD 1.36 per share

- 2019-05: AUD 1.50 per share

- 2019-06: AUD 1.50 per share

- 2019-07: AUD 1.65 per share

- 2019-08: AUD 1.46 per share

- 2019-09: AUD 1.46 per share

- 2019-10: AUD 1.46 per share

- 2019-11: AUD 1.46 per share

- 2019-12: AUD 1.46 per share

- 2020-01: AUD 1.50 per share

- 2020-02: AUD 1.50 per share

- 2020-03: AUD 1.40 per share

- 2020-04: AUD 1.00 per share

- 2020-05: AUD 1.07 per share

- 2020-06: AUD 1.11 per share

- 2020-07: AUD 1.29 per share

- 2020-08: AUD 1.10 per share

- 2020-09: AUD 1.15 per share

- 2020-10: AUD 1.28 per share

- 2020-11: AUD 1.20 per share

- 2020-12: AUD 1.57 per share

- 2021-01: AUD 1.73 per share

- 2021-02: AUD 1.70 per share

- 2021-03: AUD 1.69 per share

- 2021-04: AUD 1.69 per share

- 2021-05: AUD 1.80 per share

- 2021-06: AUD 1.92 per share

- 2021-07: AUD 1.92 per share

- 2021-08: AUD 2.10 per share

- 2021-09: AUD 2.24 per share

- 2021-10: AUD 2.27 per share

- 2021-11: AUD 2.20 per share

- 2021-12: AUD 2.42 per share

- 2022-01: AUD 2.23 per share

- 2022-02: AUD 2.14 per share

- 2022-03: AUD 2.09 per share

- 2022-04: AUD 2.13 per share

- 2022-05: AUD 1.89 per share

- 2022-06: AUD 1.64 per share

- 2022-07: AUD 1.83 per share

- 2022-08: AUD 1.59 per share

- 2022-09: AUD 1.46 per share

- 2022-10: AUD 1.58 per share

- 2022-11: AUD 1.65 per share

- 2022-12: AUD 1.71 per share

- 2023-01: AUD 1.68 per share

- 2023-02: AUD 1.62 per share

- 2023-03: AUD 1.46 per share

- 2023-04: AUD 1.47 per share

- 2023-05: AUD 1.47 per share

- 2023-06: AUD 1.52 per share

- 2023-07: AUD 1.66 per share

- 2023-08: AUD 1.61 per share

- 2023-09: AUD 1.61 per share

- 2023-10: AUD 1.40 per share

- 2023-11: AUD 1.49 per share

- 2023-12: AUD 1.40 per share

- 2024-01: AUD 1.30 per share

- 2024-02: AUD 1.19 per share

- 2024-03: AUD 1.20 per share

- 2024-04: AUD 0.97 per share

- 2024-05: AUD 0.93 per share

- 2024-06: AUD 0.90 per share

- 2024-07: AUD 0.99 per share

- 2024-08: AUD 0.97 per share

- 2024-09: AUD 0.96 per share

- 2024-10: AUD 0.94 per share

- 2024-11: AUD 0.88 per share

- 2024-12: AUD 0.88 per share

- 2025-01: AUD 0.98 per share

- 2025-02: AUD 0.77 per share

- 2025-03: AUD 0.70 per share

- 2025-04: AUD 0.71 per share

- 2025-05: AUD 0.72 per share

- 2025-06: AUD 0.75 per share

- 2025-07: AUD 0.75 per share

- 2025-08: AUD 0.82 per share

- 2025-09: AUD 0.91 per share

- 2025-10: AUD 0.95 per share

- 2025-11: AUD 0.97 per share

- 2025-12: AUD 1.03 per share

- 2026-01: AUD 1.05 per share

- 2026-02: AUD 1.08 per share

- 2026-03: AUD 0.99 per share

- 2026-04: AUD 0.91 per share

- 2026-05: AUD 0.94 per share

- 2026-06: AUD 0.99 per share

- 2026-07: AUD 1.04 per share

- 2026-08: AUD 1.06 per share

- 2026-09: AUD 1.03 per share

- 2026-10: AUD 1.02 per share

## Annual estimated value (AUD per share)

- FY2023: low AUD 1.09 per share, central AUD 1.30 per share, high AUD 1.61 per share

- FY2024: low AUD 1.21 per share, central AUD 1.43 per share, high AUD 1.75 per share

- FY2025: low AUD 0.91 per share, central AUD 1.00 per share, high AUD 1.11 per share

- FY2026: low AUD 1.02 per share, central AUD 1.20 per share, high AUD 1.46 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.
← Companies

Heartland Group Holdings

HGH · AU

NZX 50

Not a wonderful business

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

Share price
AUD 1.01
Buy up to
AUD 1.20
Expected / yr
11.1% 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

Profits were positive in 8 years (at least 8 needed).

8y median
NZD 81M
Worst year
NZD 39M
Latest · 2026
NZD 93M

Earned a median 11.8% on tangible equity (minimum 12%).

8y median
11.8%
Worst year
4.1%
Latest · 2026
8.8%

Book value plus dividends grew 7.001835% a year (minimum 7%).

7y median
14.0%
Worst year
-16.7%
Latest · 2026
14.8%

Ordinary share growth was 7.6% over the full period and 10.1% over five years (either must be at most 2% a year).

Filing signals · estimated likelihood
Founder / family5%Acquisition-led2%
Founder or family ownership or board role: 5% estimated likelihood. ; Acquisitions are the main growth strategy: 2% estimated likelihood.
per-share value change
Passing bar
≥ NZD 0

0 accounting warnings were found (none allowed).

accounting warnings
0
Passing bar
≤ 0

Profit record · pass 0 loss years in 8 (at most 2), three-year average earnings per share 0.08 NZD.

2. Is the price low enough?

Price & return math
Value rangeAUD 1.02 – AUD 1.46
Buy at or belowCentral value AUD 1.20
Discount to value1 − 1.01 / 1.20 = 15.8%
Return / yearAbout 11.1% a year at today's price (required return 10.0%)
Cash-flow inputsBook AUD 0.91/share; ROE 11.8%; first payout AUD 0.07/share, growing 4.4% perpetually (4× book payout cap applied).
Required return10.0% / year, earned by construction at the central value
Net incomeNZD 93M
96M020192026
FY2019 · Net income: NZD 74M; FY2020 · Net income: NZD 72M; FY2021 · Net income: NZD 87M; FY2022 · Net income: NZD 95M; FY2023 · Net income: NZD 96M; FY2024 · Net income: NZD 75M; FY2025 · Net income: NZD 39M; FY2026 · Net income: NZD 93M
Net income
Book / shareNZD 1.12
1.27020192026
FY2019 · Book / share: NZD 1.07; FY2020 · Book / share: NZD 1.09; FY2021 · Book / share: NZD 1.19; FY2022 · Book / share: NZD 0.98; FY2023 · Book / share: NZD 1.13; FY2024 · Book / share: NZD 1.27; FY2025 · Book / share: NZD 1.02; FY2026 · Book / share: NZD 1.12
Book / share
Dividend / shareNZD 0.05
1.00020192026
FY2019 · Dividend / share: NZD 0.06; FY2020 · Dividend / share: NZD 0.08; FY2021 · Dividend / share: NZD 0.05; FY2022 · Dividend / share: NZD 0.10; FY2023 · Dividend / share: NZD 0.09; FY2024 · Dividend / share: NZD 0.09; FY2025 · Dividend / share: NZD 0.04; FY2026 · Dividend / share: NZD 0.05
Dividend / share
Return on tangible equity8.8%
16.1%0.0%20192026
FY2019 · Return on tangible equity: 12.2%; FY2020 · Return on tangible equity: 11.5%; FY2021 · Return on tangible equity: 12.6%; FY2022 · Return on tangible equity: 16.1%; FY2023 · Return on tangible equity: 12.1%; FY2024 · Return on tangible equity: 7.8%; FY2025 · Return on tangible equity: 4.1%; FY2026 · Return on tangible equity: 8.8%
Return on tangible equity
Diluted shares943M
943M020192026
FY2019 · Diluted shares: 563M; FY2020 · Diluted shares: 577M; FY2021 · Diluted shares: 583M; FY2022 · Diluted shares: 604M; FY2023 · Diluted shares: 703M; FY2024 · Diluted shares: 757M; FY2025 · Diluted shares: 937M; FY2026 · Diluted shares: 943M
Diluted shares
Prices 15 Oct 2026 · FY2026