# Argosy Property (IGPYF.US)

Canonical: https://gigainvestors.com/s/IGPYF

Analysis as of: 2026-10-16T07:33:44.693Z. Financial observations: FY2020–FY2026.

Listing currency: USD. 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: $0.75 per share; close as of 2026-10-14.

Estimated value: low $0.58 per share, central $0.66 per share, high $0.77 per share. Buy at or below the central value $0.66 per share. Valuation as of 2026-10-16T07:33:44.693Z; scenarios are not confidence intervals.

Expected annual return: 9.2% at the stated quote. About 9.2% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; NZ 10-year bond 5.0% + 4 points).

## Checklist

### understandable: pass

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

- Financial history: 7 years

- Years with declining revenue: 0

- Years with a net loss: 2

- Operating margin variation: 0.23×

Chart: Operating margin; fiscal year observations.

- FY2020: 1.22×

- FY2021: 0.92×

- FY2022: 0.91×

- FY2023: 0.93×

- FY2024: 0.62×

- FY2025: 0.64×

- FY2026: 0.68×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 5.0%

- ROIC, second-lowest year: 4.3%

- Typical minus recent gross margin: 2.5 pp

- Typical gross margin (annual median): 78.0%

- Recent gross margin (lower of latest and 3-year median): 75.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.0%

- ROIC including acquisitions, ten-year median: 3.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2020: 7.7%

- FY2021: 5.7%

- FY2022: 5.3%

- FY2023: 5.0%

- FY2024: 3.8%

- FY2025: 4.3%

- FY2026: 4.3%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.58×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: NZD 204M

- Net income, five-year total: NZD 354M

- Return on incremental invested capital: -24.8%

- Working capital / revenue, annual change: -11.1 pp

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

- FY2022: 0.60×

- FY2023: 1.29×

- FY2024: 0.83×

- FY2025: 1.03×

- FY2026: 0.64×

### management: fail

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 5.7% vs 4.3%

- Per-share earnings: 0.28 to 0.15 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 0.7%

- Diluted shares, 5-year annual growth: 0.7%

- Per-share value growth: -14.7%

- Per-share value change: NZD -0.13

- Per-share value, starting three-year median: NZD 0.28

- Per-share value, ending three-year median: NZD 0.15

- Buybacks concentrated in cheaper years (correlation): 0.20

- Average buyback yield: 0.0%

- Buyback history: 4 years

- Debt-funded buybacks: No

- ROIC, first three-year median: 5.7%

- ROIC, last three-year median: 4.3%

Chart: Earnings per share; fiscal year observations.

- FY2020: NZD 0.14

- FY2021: NZD 0.29

- FY2022: NZD 0.28

- FY2023: NZD -0.10

- FY2024: NZD -0.07

- FY2025: NZD 0.15

- FY2026: NZD 0.15

### accounting: pass

- Sloan accruals: 2.6%

- Receivables to sales index (DSRI): 1.45×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.53×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2020: 3.1%

- FY2021: 7.1%

- FY2022: 7.3%

- FY2023: -6.5%

- FY2024: -5.6%

- FY2025: 3.1%

- FY2026: 2.6%

## Holders

## Price story

Down 46% since Jan 2022 · sales +2.6%

Story as of 2026-10-16T09:59:56.208Z; price observation 2026-10-14.

Price needs cash profits to grow 2.4% a year for ten years

### Sales · FY2025–2026

sales +2.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2020: NZD 121M 

- FY2021: NZD 131M 

- FY2022: NZD 132M 

- FY2023: NZD 145M 

- FY2024: NZD 153M 

- FY2025: NZD 156M 

- FY2026: NZD 160M 

### Gross margin · FY2026

gross margin 75.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2020: 80.4% 

- FY2021: 80.4% 

- FY2022: 79.9% 

- FY2023: 78.0% 

- FY2024: 76.0% 

- FY2025: 75.1% 

- FY2026: 75.6% 

## Owner memo

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

### How it makes money

Operates in property rentals; annual sales are NZD 159.8 million.

- Source: https://eodhd.com/api/fundamentals/IGPYF.US.json#2026-03-31 (filed 2026-10-16T07:33:44.693Z); FY2026: revenue 159807000; grossProfit 120774000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); IGPYF.US: Argosy Property Limited (APL or the Company) is an FMC Reporting Entity under the Financial Markets Conduct Act 2013 and the Financial Reporting Act 2013. APL is incorporated under the Companies Act 1993 and domiciled in New Zealand. The Company's principal activity is investment in properties which include Industrial, Office and Large Format Retail properties, predominantly in Auckland and Wellington. Argosy Property Limited was incorporated in 2002 in New Zealand.

### Why customers stay

Margins ranged from 75.1% to 76% during 2024–26; it earns 5% on its capital.

- Source: https://eodhd.com/api/fundamentals/IGPYF.US.json#2024-03-31 (filed 2026-10-16T07:33:44.693Z); FY2024: grossProfit / revenue = 76%.

- Source: https://eodhd.com/api/fundamentals/IGPYF.US.json#2025-03-31 (filed 2026-10-16T07:33:44.693Z); FY2025: grossProfit / revenue = 75.1%.

- Source: https://eodhd.com/api/fundamentals/IGPYF.US.json#2026-03-31 (filed 2026-10-16T07:33:44.693Z); FY2026: grossProfit / revenue = 75.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:44.693Z); 7-year return on capital observations [[2020,0.07697655488761203],[2021,0.05651634142684925],[2022,0.05312547513133083],[2023,0.04951812412505396],[2024,0.037724671403685475],[2025,0.042922055309364084],[2026,0.04303301499677887]]; median 0.04951812412505396. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 7 of 7 years; bought back NZD 54539 of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:44.693Z); FY2020: growth capex 0; upkeep 0; owner earnings 33377000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:44.693Z); FY2021: growth capex 25730.705045649443; upkeep -25730.705045649443; owner earnings 148109730.70504564. Growth capex / owner earnings = 0.00017372730963160734.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:44.693Z); FY2022: growth capex 361.3093773508517; upkeep 39638.69062264915; owner earnings 142778361.30937737. Growth capex / owner earnings = 0.000002530561172136955.

- Source: https://eodhd.com/api/fundamentals/IGPYF.US.json#2025-03-31 (filed 2026-10-16T07:33:44.693Z); FY2025: growth capex 0; upkeep 2928000; owner earnings 129363000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/IGPYF.US.json#2026-03-31 (filed 2026-10-16T07:33:44.693Z); FY2026: growth capex 6731.57454379648; upkeep 53845722.4254562; owner earnings 82059277.5745438. Growth capex / owner earnings = 0.00008203307100384138.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:44.693Z); Dividend observations: [[2020,53137000],[2021,37209000],[2022,45052000],[2023,56573000],[2024,56670000],[2025,47558000],[2026,38686000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/IGPYF.US.json#2026-03-31 (filed 2026-10-16T07:33:44.693Z); FY2026: cash repurchases 54539 NZD.

### Are managers owners

Insiders own 10.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); IGPYF.US SharesStats.PercentInsiders = 10.649000000000001 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 2.4% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:44.693Z); Ten-year compound average after fade. Initial solved rate 0.021548474835495823. Price 0.75; FX 0.56204; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-14.

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

- 2016-10: $0.64 per share

- 2016-11: $0.64 per share

- 2016-12: $0.64 per share

- 2017-01: $0.64 per share

- 2017-02: $0.64 per share

- 2017-03: $0.64 per share

- 2017-04: $0.64 per share

- 2017-05: $0.64 per share

- 2017-06: $0.64 per share

- 2017-07: $0.64 per share

- 2017-08: $0.64 per share

- 2017-09: $0.64 per share

- 2017-10: $0.64 per share

- 2017-11: $0.64 per share

- 2017-12: $0.64 per share

- 2018-01: $0.64 per share

- 2018-02: $0.64 per share

- 2018-03: $0.64 per share

- 2018-04: $0.64 per share

- 2018-05: $0.64 per share

- 2018-06: $0.64 per share

- 2018-07: $0.64 per share

- 2018-08: $0.64 per share

- 2018-09: $0.64 per share

- 2018-10: $0.64 per share

- 2018-11: $0.64 per share

- 2018-12: $0.64 per share

- 2019-01: $0.64 per share

- 2019-02: $0.64 per share

- 2019-03: $0.64 per share

- 2019-04: $0.64 per share

- 2019-05: $0.64 per share

- 2019-06: $0.64 per share

- 2019-07: $0.64 per share

- 2019-08: $0.64 per share

- 2019-09: $0.64 per share

- 2019-10: $0.64 per share

- 2019-11: $0.64 per share

- 2019-12: $0.64 per share

- 2020-01: $0.64 per share

- 2020-02: $0.85 per share

- 2020-03: $0.55 per share

- 2020-04: $0.55 per share

- 2020-05: $0.60 per share

- 2020-06: $0.60 per share

- 2020-07: $0.60 per share

- 2020-08: $0.80 per share

- 2020-09: $0.85 per share

- 2020-10: $0.89 per share

- 2020-11: $1.00 per share

- 2020-12: $1.11 per share

- 2021-01: $1.09 per share

- 2021-02: $1.07 per share

- 2021-03: $0.97 per share

- 2021-04: $1.04 per share

- 2021-05: $1.05 per share

- 2021-06: $1.07 per share

- 2021-07: $1.10 per share

- 2021-08: $1.10 per share

- 2021-09: $1.10 per share

- 2021-10: $1.10 per share

- 2021-11: $0.98 per share

- 2021-12: $1.08 per share

- 2022-01: $1.40 per share

- 2022-02: $0.96 per share

- 2022-03: $0.96 per share

- 2022-04: $0.96 per share

- 2022-05: $0.98 per share

- 2022-06: $0.98 per share

- 2022-07: $0.98 per share

- 2022-08: $1.01 per share

- 2022-09: $1.01 per share

- 2022-10: $0.64 per share

- 2022-11: $0.64 per share

- 2022-12: $0.75 per share

- 2023-01: $0.69 per share

- 2023-02: $0.69 per share

- 2023-03: $0.69 per share

- 2023-04: $0.69 per share

- 2023-05: $0.69 per share

- 2023-06: $0.69 per share

- 2023-07: $0.69 per share

- 2023-08: $0.69 per share

- 2023-09: $0.69 per share

- 2023-10: $0.69 per share

- 2023-11: $0.69 per share

- 2023-12: $0.69 per share

- 2024-01: $0.69 per share

- 2024-02: $0.69 per share

- 2024-03: $0.69 per share

- 2024-04: $0.69 per share

- 2024-05: $0.69 per share

- 2024-06: $0.69 per share

- 2024-07: $0.69 per share

- 2024-08: $0.69 per share

- 2024-09: $0.69 per share

- 2024-10: $0.69 per share

- 2024-11: $0.69 per share

- 2024-12: $0.69 per share

- 2025-01: $0.69 per share

- 2025-02: $0.69 per share

- 2025-03: $0.69 per share

- 2025-04: $0.69 per share

- 2025-05: $0.69 per share

- 2025-06: $0.69 per share

- 2025-07: $0.69 per share

- 2025-08: $0.69 per share

- 2025-09: $0.69 per share

- 2025-10: $0.69 per share

- 2025-11: $0.69 per share

- 2025-12: $0.71 per share

- 2026-01: $0.71 per share

- 2026-02: $0.71 per share

- 2026-03: $0.75 per share

- 2026-04: $0.75 per share

- 2026-05: $0.75 per share

- 2026-06: $0.75 per share

- 2026-07: $0.75 per share

- 2026-08: $0.75 per share

- 2026-09: $0.75 per share

- 2026-10: $0.75 per share

## Annual estimated value (USD per share)

- FY2024: low $0.31 per share, central $0.35 per share, high $0.41 per share

- FY2025: low $0.94 per share, central $1.07 per share, high $1.24 per share

- FY2026: low $0.58 per share, central $0.66 per share, high $0.77 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.

## Reported holder observations