# Insurance Australia Group (IAG.AU)

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

Analysis as of: 2026-10-16T07:35:19.745Z. Financial observations: FY2016–FY2026.

Listing currency: AUD. Reporting currency: AUD.

## Verdict

A wonderful business at too high a price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: AUD 8.48 per share; close as of 2026-10-15.

Estimated value: low AUD 4.01 per share, central AUD 4.88 per share, high AUD 6.23 per share. Buy at or below the central value AUD 4.88 per share. Valuation as of 2026-10-16T07:35:19.745Z; scenarios are not confidence intervals.

Expected annual return: 8.0% at the stated quote. About 8.0% 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: pass

- Financial history: 10 years

- Profitable years in the last ten: 9

- Required profitable years: 8

- Return on common equity variation (informational): 0.64×

Chart: Net income; fiscal year observations.

- FY2017: AUD 929M

- FY2018: AUD 923M

- FY2019: AUD 1.1B

- FY2020: AUD 435M

- FY2021: AUD -427M

- FY2022: AUD 347M

- FY2023: AUD 832M

- FY2024: AUD 898M

- FY2025: AUD 1.4B

- FY2026: AUD 1.0B

### moat: pass

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- Underwriting economics assessed through return on tangible common equity

- Bank / P&C ROTE, median of available years: 38.1%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 0.0%

- Years with reported combined ratio: 0

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

- FY2017: 42.0%

- FY2018: 36.4%

- FY2019: >100%

- FY2020: >100%

- FY2021: -216.8%

- FY2022: 0.0%

- FY2023: >100%

- FY2024: 30.9%

- FY2025: 39.8%

- FY2026: 35.8%

### economics: pass

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 10.4%

- Book return interval: 10 years

- Starting book value per share: AUD 2.60

- Ending book value per share: AUD 2.88

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

- FY2017: 14.2%

- FY2018: 9.9%

- FY2019: 12.5%

- FY2020: 13.8%

- FY2021: -10.7%

- FY2022: 2.3%

- FY2023: 13.9%

- FY2024: 13.2%

- FY2025: 29.9%

- FY2026: 9.4%

### management: pass

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- Diluted shares, 10-year annual growth: -0.1%

- Diluted shares, 5-year annual growth: -1.9%

- Share growth excluding flagged crisis recapitalisations: -0.1%

- Five-year share growth excluding flagged crisis recapitalisations: -1.9%

- Flagged crisis recapitalisations: 0

- Book value created per share: AUD 0.28

- Earnings retained per share after dividends and buybacks: AUD -0.68

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

The price is 1.1 times annual sales · "Insurance Australia Group reports higher annual cash profit on premium growth, raises dividend" (finance.yahoo.com, Aug 2025) · net income -24.8%

Story as of 2026-10-16T10:00:04.511Z; price observation 2026-10-15.

The price is 1.1 times annual sales

### Net income · FY2026

net income -24.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: AUD 929M 

- FY2018: AUD 923M 

- FY2019: AUD 1.1B 

- FY2020: AUD 435M 

- FY2021: AUD -427M 

- FY2022: AUD 347M 

- FY2023: AUD 832M 

- FY2024: AUD 898M 

- FY2025: AUD 1.4B 

- FY2026: AUD 1.0B 

## Owner memo

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

### How it makes money

Operates in insurance property & casualty; annual sales are AUD 19.4 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:19.745Z); FY2026: revenue 19365000000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); IAG.AU: Insurance Australia Group Limited underwrites general insurance products and provides investment management services in Australia and New Zealand. The company offers short-tail insurance products, including motor vehicle; home and contents; lifestyle and leisure comprising boat, veteran and classic car, and caravan; pet; business packages; farm and crop; commercial property; construction and engineering; and commercial and fleet motor. It also provides long-tail insurance products, such as professional indemnity; compulsory third party, including motor injury liability; workers' compensation; directors' and officers' liability; public and products liability; and commercial liability insurance. It offers its products under the NRMA Insurance, CGU, ROLLiN, WFI, Swann Insurance, NZI, State, AMI, and Lumley Insurance brand names. It sells its products through branches and agencies, call centers, online, insurance brokers, authorized representatives, motor dealerships, and financial institutions. The company was formerly known as NRMA Group Limited and changed its name to Insurance Australia Group Limited in 2002. Insurance Australia Group Limited was founded in 1920 and is headquartered in Sydney, Australia.

### Why customers stay

It earns 38.1% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:19.745Z); 10-year return on tangible equity observations [[2017,0.42036199095022625],[2018,0.36381553015372486],[2019,2.6437346437346436],[2020,5.37037037037037],[2021,-2.16751269035533],[2022,0],[2023,4.425531914893617],[2024,0.3094417643004824],[2025,0.3977172958735733],[2026,0.358093903293623]]; median 0.3807664130136491. 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 262 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:19.745Z); Dividend observations: [[2017,729000000],[2018,839000000],[2019,952000000],[2020,693000000],[2021,173000000],[2022,468000000],[2023,270000000],[2024,460000000],[2025,862000000],[2026,733000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:19.745Z); FY2026: cash repurchases 262000000 AUD.

### Are managers owners

Insiders own 0.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); IAG.AU SharesStats.PercentInsiders = 0.905 percentage points; cache date 2026-10-16.

### What the price says

The price is 1.1 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:19.745Z); Closing price 8.48 AUD; reporting-to-trading FX 1; FY2026 annual sales per share 7.714359707945057; price multiple 1.0992487155176867. FY2026 cash earnings/share 0.37725270557314583. Closing-price date 2026-10-15.

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

- 2016-11: AUD 5.73 per share

- 2016-12: AUD 6.14 per share

- 2017-01: AUD 5.91 per share

- 2017-02: AUD 6.15 per share

- 2017-03: AUD 6.20 per share

- 2017-04: AUD 6.36 per share

- 2017-05: AUD 6.52 per share

- 2017-06: AUD 6.95 per share

- 2017-07: AUD 6.83 per share

- 2017-08: AUD 6.57 per share

- 2017-09: AUD 6.53 per share

- 2017-10: AUD 6.72 per share

- 2017-11: AUD 7.35 per share

- 2017-12: AUD 7.42 per share

- 2018-01: AUD 7.42 per share

- 2018-02: AUD 8.40 per share

- 2018-03: AUD 7.66 per share

- 2018-04: AUD 8.09 per share

- 2018-05: AUD 8.33 per share

- 2018-06: AUD 8.74 per share

- 2018-07: AUD 8.24 per share

- 2018-08: AUD 7.91 per share

- 2018-09: AUD 7.50 per share

- 2018-10: AUD 7.19 per share

- 2018-11: AUD 7.28 per share

- 2018-12: AUD 7.00 per share

- 2019-01: AUD 7.09 per share

- 2019-02: AUD 7.35 per share

- 2019-03: AUD 7.68 per share

- 2019-04: AUD 7.88 per share

- 2019-05: AUD 7.65 per share

- 2019-06: AUD 8.26 per share

- 2019-07: AUD 8.63 per share

- 2019-08: AUD 8.06 per share

- 2019-09: AUD 7.90 per share

- 2019-10: AUD 7.94 per share

- 2019-11: AUD 7.89 per share

- 2019-12: AUD 7.66 per share

- 2020-01: AUD 7.08 per share

- 2020-02: AUD 6.38 per share

- 2020-03: AUD 6.20 per share

- 2020-04: AUD 5.78 per share

- 2020-05: AUD 6.11 per share

- 2020-06: AUD 5.77 per share

- 2020-07: AUD 5.09 per share

- 2020-08: AUD 4.77 per share

- 2020-09: AUD 4.38 per share

- 2020-10: AUD 4.77 per share

- 2020-11: AUD 5.15 per share

- 2020-12: AUD 4.70 per share

- 2021-01: AUD 4.85 per share

- 2021-02: AUD 4.99 per share

- 2021-03: AUD 4.68 per share

- 2021-04: AUD 4.90 per share

- 2021-05: AUD 5.02 per share

- 2021-06: AUD 5.16 per share

- 2021-07: AUD 4.85 per share

- 2021-08: AUD 5.24 per share

- 2021-09: AUD 4.92 per share

- 2021-10: AUD 4.80 per share

- 2021-11: AUD 4.43 per share

- 2021-12: AUD 4.26 per share

- 2022-01: AUD 4.24 per share

- 2022-02: AUD 4.60 per share

- 2022-03: AUD 4.38 per share

- 2022-04: AUD 4.54 per share

- 2022-05: AUD 4.37 per share

- 2022-06: AUD 4.36 per share

- 2022-07: AUD 4.47 per share

- 2022-08: AUD 4.65 per share

- 2022-09: AUD 4.60 per share

- 2022-10: AUD 4.90 per share

- 2022-11: AUD 4.78 per share

- 2022-12: AUD 4.75 per share

- 2023-01: AUD 4.90 per share

- 2023-02: AUD 4.65 per share

- 2023-03: AUD 4.69 per share

- 2023-04: AUD 4.98 per share

- 2023-05: AUD 5.19 per share

- 2023-06: AUD 5.70 per share

- 2023-07: AUD 5.93 per share

- 2023-08: AUD 5.82 per share

- 2023-09: AUD 5.68 per share

- 2023-10: AUD 5.67 per share

- 2023-11: AUD 5.94 per share

- 2023-12: AUD 5.66 per share

- 2024-01: AUD 6.04 per share

- 2024-02: AUD 6.20 per share

- 2024-03: AUD 6.40 per share

- 2024-04: AUD 6.44 per share

- 2024-05: AUD 6.20 per share

- 2024-06: AUD 7.14 per share

- 2024-07: AUD 7.40 per share

- 2024-08: AUD 7.55 per share

- 2024-09: AUD 7.36 per share

- 2024-10: AUD 7.50 per share

- 2024-11: AUD 8.53 per share

- 2024-12: AUD 8.46 per share

- 2025-01: AUD 9.20 per share

- 2025-02: AUD 7.90 per share

- 2025-03: AUD 7.71 per share

- 2025-04: AUD 8.21 per share

- 2025-05: AUD 8.64 per share

- 2025-06: AUD 9.03 per share

- 2025-07: AUD 8.77 per share

- 2025-08: AUD 8.71 per share

- 2025-09: AUD 8.20 per share

- 2025-10: AUD 7.86 per share

- 2025-11: AUD 7.76 per share

- 2025-12: AUD 7.98 per share

- 2026-01: AUD 7.60 per share

- 2026-02: AUD 6.66 per share

- 2026-03: AUD 7.34 per share

- 2026-04: AUD 7.51 per share

- 2026-05: AUD 7.66 per share

- 2026-06: AUD 8.09 per share

- 2026-07: AUD 8.49 per share

- 2026-08: AUD 7.85 per share

- 2026-09: AUD 7.94 per share

- 2026-10: AUD 8.26 per share

## Annual estimated value (AUD per share)

- FY2017: low AUD 1.31 per share, central AUD 1.45 per share, high AUD 1.61 per share

- FY2018: low AUD 2.25 per share, central AUD 2.48 per share, high AUD 2.75 per share

- FY2019: low AUD 0.37 per share, central AUD 0.41 per share, high AUD 0.45 per share

- FY2020: low AUD 0.08 per share, central AUD 0.09 per share, high AUD 0.10 per share

- FY2021: low AUD 0.16 per share, central AUD 0.18 per share, high AUD 0.20 per share

- FY2023: low AUD 0.15 per share, central AUD 0.17 per share, high AUD 0.19 per share

- FY2024: low AUD 2.96 per share, central AUD 3.37 per share, high AUD 3.92 per share

- FY2025: low AUD 3.69 per share, central AUD 4.20 per share, high AUD 4.89 per share

- FY2026: low AUD 3.74 per share, central AUD 4.55 per share, high AUD 5.80 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.

Insurance Australia Group

IAG · AU

S&P/ASX 200

A wonderful business at too high a price

Passes the quality tests.

Share price: AUD 8.48
Buy up to: AUD 4.88
Expected / yr: 8.0% 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 9 years (at least 8 needed).

Net income

10y median: AUD 911M
Worst year: AUD -427M
Latest · 2026: AUD 1.0B

Earned a median 38.1% on tangible equity (minimum 12%).

Return on tangible common equity

10y median: 38.1%
Worst year: -216.8%
Latest · 2026: 35.8%

Book value plus dividends grew 10.4% a year (minimum 7%).

Annual book + dividend return

10y median: 12.8%
Worst year: -10.7%
Latest · 2026: 9.4%

Ordinary share growth was -0.1% over the full period and -1.9% over five years (either must be at most 2% a year).

Filing signals · estimated likelihood

per-share value change
Passing bar: ≥ AUD 0

0 accounting warnings were found (none allowed).

accounting warnings: 0
Passing bar: ≤ 0

Profit record · pass 1 loss year in 10 (at most 2), three-year average earnings per share 0.43 AUD.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-11 · Price AUD 5.73; 2016-12 · Price AUD 6.14; 2017-01 · Price AUD 5.91 · Value 1.45 · Buy at or below 1.45; 2017-02 · Price AUD 6.15 · Value 1.45 · Buy at or below 1.45; 2017-03 · Price AUD 6.20 · Value 1.45 · Buy at or below 1.45; 2017-04 · Price AUD 6.36 · Value 1.45 · Buy at or below 1.45; 2017-05 · Price AUD 6.52 · Value 1.45 · Buy at or below 1.45; 2017-06 · Price AUD 6.95 · Value 1.45 · Buy at or below 1.45; 2017-07 · Price AUD 6.83 · Value 1.45 · Buy at or below 1.45; 2017-08 · Price AUD 6.57 · Value 1.45 · Buy at or below 1.45; 2017-09 · Price AUD 6.53 · Value 1.45 · Buy at or below 1.45; 2017-10 · Price AUD 6.72 · Value 1.45 · Buy at or below 1.45; 2017-11 · Price AUD 7.35 · Value 1.45 · Buy at or below 1.45; 2017-12 · Price AUD 7.42 · Value 1.45 · Buy at or below 1.45; 2018-01 · Price AUD 7.42 · Value 1.45 · Buy at or below 1.45; 2018-02 · Price AUD 8.40 · Value 2.48 · Buy at or below 2.48; 2018-03 · Price AUD 7.66 · Value 2.48 · Buy at or below 2.48; 2018-04 · Price AUD 8.09 · Value 2.48 · Buy at or below 2.48; 2018-05 · Price AUD 8.33 · Value 2.48 · Buy at or below 2.48; 2018-06 · Price AUD 8.74 · Value 2.48 · Buy at or below 2.48; 2018-07 · Price AUD 8.24 · Value 2.48 · Buy at or below 2.48; 2018-08 · Price AUD 7.91 · Value 2.48 · Buy at or below 2.48; 2018-09 · Price AUD 7.50 · Value 2.48 · Buy at or below 2.48; 2018-10 · Price AUD 7.19 · Value 2.48 · Buy at or below 2.48; 2018-11 · Price AUD 7.28 · Value 2.48 · Buy at or below 2.48; 2018-12 · Price AUD 7.00 · Value 2.48 · Buy at or below 2.48; 2019-01 · Price AUD 7.09 · Value 2.48 · Buy at or below 2.48; 2019-02 · Price AUD 7.35 · Value 0.41 · Buy at or below 0.41; 2019-03 · Price AUD 7.68 · Value 0.41 · Buy at or below 0.41; 2019-04 · Price AUD 7.88 · Value 0.41 · Buy at or below 0.41; 2019-05 · Price AUD 7.65 · Value 0.41 · Buy at or below 0.41; 2019-06 · Price AUD 8.26 · Value 0.41 · Buy at or below 0.41; 2019-07 · Price AUD 8.63 · Value 0.41 · Buy at or below 0.41; 2019-08 · Price AUD 8.06 · Value 0.41 · Buy at or below 0.41; 2019-09 · Price AUD 7.90 · Value 0.41 · Buy at or below 0.41; 2019-10 · Price AUD 7.94 · Value 0.41 · Buy at or below 0.41; 2019-11 · Price AUD 7.89 · Value 0.41 · Buy at or below 0.41; 2019-12 · Price AUD 7.66 · Value 0.41 · Buy at or below 0.41; 2020-01 · Price AUD 7.08 · Value 0.41 · Buy at or below 0.41; 2020-02 · Price AUD 6.38 · Value 0.09 · Buy at or below 0.09; 2020-03 · Price AUD 6.20 · Value 0.09 · Buy at or below 0.09; 2020-04 · Price AUD 5.78 · Value 0.09 · Buy at or below 0.09; 2020-05 · Price AUD 6.11 · Value 0.09 · Buy at or below 0.09; 2020-06 · Price AUD 5.77 · Value 0.09 · Buy at or below 0.09; 2020-07 · Price AUD 5.09 · Value 0.09 · Buy at or below 0.09; 2020-08 · Price AUD 4.77 · Value 0.09 · Buy at or below 0.09; 2020-09 · Price AUD 4.38 · Value 0.09 · Buy at or below 0.09; 2020-10 · Price AUD 4.77 · Value 0.09 · Buy at or below 0.09; 2020-11 · Price AUD 5.15 · Value 0.09 · Buy at or below 0.09; 2020-12 · Price AUD 4.70 · Value 0.09 · Buy at or below 0.09; 2021-01 · Price AUD 4.85 · Value 0.09 · Buy at or below 0.09; 2021-02 · Price AUD 4.99 · Value 0.18 · Buy at or below 0.18; 2021-03 · Price AUD 4.68 · Value 0.18 · Buy at or below 0.18; 2021-04 · Price AUD 4.90 · Value 0.18 · Buy at or below 0.18; 2021-05 · Price AUD 5.02 · Value 0.18 · Buy at or below 0.18; 2021-06 · Price AUD 5.16 · Value 0.18 · Buy at or below 0.18; 2021-07 · Price AUD 4.85 · Value 0.18 · Buy at or below 0.18; 2021-08 · Price AUD 5.24 · Value 0.18 · Buy at or below 0.18; 2021-09 · Price AUD 4.92 · Value 0.18 · Buy at or below 0.18; 2021-10 · Price AUD 4.80 · Value 0.18 · Buy at or below 0.18; 2021-11 · Price AUD 4.43 · Value 0.18 · Buy at or below 0.18; 2021-12 · Price AUD 4.26 · Value 0.18 · Buy at or below 0.18; 2022-01 · Price AUD 4.24 · Value 0.18 · Buy at or below 0.18; 2022-02 · Price AUD 4.60; 2022-03 · Price AUD 4.38; 2022-04 · Price AUD 4.54; 2022-05 · Price AUD 4.37; 2022-06 · Price AUD 4.36; 2022-07 · Price AUD 4.47; 2022-08 · Price AUD 4.65; 2022-09 · Price AUD 4.60; 2022-10 · Price AUD 4.90; 2022-11 · Price AUD 4.78; 2022-12 · Price AUD 4.75; 2023-01 · Price AUD 4.90 · Value 0.17 · Buy at or below 0.17; 2023-02 · Price AUD 4.65 · Value 0.17 · Buy at or below 0.17; 2023-03 · Price AUD 4.69 · Value 0.17 · Buy at or below 0.17; 2023-04 · Price AUD 4.98 · Value 0.17 · Buy at or below 0.17; 2023-05 · Price AUD 5.19 · Value 0.17 · Buy at or below 0.17; 2023-06 · Price AUD 5.70 · Value 0.17 · Buy at or below 0.17; 2023-07 · Price AUD 5.93 · Value 0.17 · Buy at or below 0.17; 2023-08 · Price AUD 5.82 · Value 0.17 · Buy at or below 0.17; 2023-09 · Price AUD 5.68 · Value 0.17 · Buy at or below 0.17; 2023-10 · Price AUD 5.67 · Value 0.17 · Buy at or below 0.17; 2023-11 · Price AUD 5.94 · Value 0.17 · Buy at or below 0.17; 2023-12 · Price AUD 5.66 · Value 0.17 · Buy at or below 0.17; 2024-01 · Price AUD 6.04 · Value 0.17 · Buy at or below 0.17; 2024-02 · Price AUD 6.20 · Value 3.37 · Buy at or below 3.37; 2024-03 · Price AUD 6.40 · Value 3.37 · Buy at or below 3.37; 2024-04 · Price AUD 6.44 · Value 3.37 · Buy at or below 3.37; 2024-05 · Price AUD 6.20 · Value 3.37 · Buy at or below 3.37; 2024-06 · Price AUD 7.14 · Value 3.37 · Buy at or below 3.37; 2024-07 · Price AUD 7.40 · Value 3.37 · Buy at or below 3.37; 2024-08 · Price AUD 7.55 · Value 3.37 · Buy at or below 3.37; 2024-09 · Price AUD 7.36 · Value 3.37 · Buy at or below 3.37; 2024-10 · Price AUD 7.50 · Value 3.37 · Buy at or below 3.37; 2024-11 · Price AUD 8.53 · Value 3.37 · Buy at or below 3.37; 2024-12 · Price AUD 8.46 · Value 3.37 · Buy at or below 3.37; 2025-01 · Price AUD 9.20 · Value 3.37 · Buy at or below 3.37; 2025-02 · Price AUD 7.90 · Value 4.20 · Buy at or below 4.20; 2025-03 · Price AUD 7.71 · Value 4.20 · Buy at or below 4.20; 2025-04 · Price AUD 8.21 · Value 4.20 · Buy at or below 4.20; 2025-05 · Price AUD 8.64 · Value 4.20 · Buy at or below 4.20; 2025-06 · Price AUD 9.03 · Value 4.20 · Buy at or below 4.20; 2025-07 · Price AUD 8.77 · Value 4.20 · Buy at or below 4.20; 2025-08 · Price AUD 8.71 · Value 4.20 · Buy at or below 4.20; 2025-09 · Price AUD 8.20 · Value 4.20 · Buy at or below 4.20; 2025-10 · Price AUD 7.86 · Value 4.20 · Buy at or below 4.20; 2025-11 · Price AUD 7.76 · Value 4.20 · Buy at or below 4.20; 2025-12 · Price AUD 7.98 · Value 4.20 · Buy at or below 4.20; 2026-01 · Price AUD 7.60 · Value 4.20 · Buy at or below 4.20; 2026-02 · Price AUD 6.66 · Value 4.55 · Buy at or below 4.55; 2026-03 · Price AUD 7.34 · Value 4.55 · Buy at or below 4.55; 2026-04 · Price AUD 7.51 · Value 4.55 · Buy at or below 4.55; 2026-05 · Price AUD 7.66 · Value 4.55 · Buy at or below 4.55; 2026-06 · Price AUD 8.09 · Value 4.55 · Buy at or below 4.55; 2026-07 · Price AUD 8.49 · Value 4.55 · Buy at or below 4.55; 2026-08 · Price AUD 7.85 · Value 4.55 · Buy at or below 4.55; 2026-09 · Price AUD 7.94 · Value 4.55 · Buy at or below 4.55; 2026-10 · Price AUD 8.26 · Value 4.55 · Buy at or below 4.55; 2026-10 · Price AUD 8.48 · Value 4.55 · Buy at or below 4.55

AUD per share · annual estimates

Price & return math
Value range	AUD 4.01 – AUD 6.23
Buy at or below	Central value AUD 4.88
Discount to value	1 − 8.48 / 4.88 = -73.8%
Return / year	About 8.0% a year at today's price (required return 10.0%)
Cash-flow inputs	Book AUD 1.22/share; ROE 25.0%; first payout AUD 0.23/share, growing 5.4% perpetually (4× book payout cap applied).
Required return	10.0% / year, earned by construction at the central value

Net incomeAUD 1.0B

Net income

Book / shareAUD 2.88

Book / share

Dividend / shareAUD 0.29

Dividend / share

Return on tangible equity35.8%

Return on tangible equity

Diluted shares2.5B

Diluted shares

Prices 15 Oct 2026 · FY2026