# Medibank Private (MPL.AU)

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

Analysis as of: 2026-10-16T07:36:06.842Z. 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 4.78 per share; close as of 2026-10-15.

Estimated value: low AUD 2.08 per share, central AUD 2.53 per share, high AUD 3.22 per share. Buy at or below the central value AUD 2.53 per share. Valuation as of 2026-10-16T07:36:06.842Z; scenarios are not confidence intervals.

Expected annual return: 7.8% at the stated quote. About 7.8% 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: 10

- Required profitable years: 8

- Return on common equity variation (informational): 0.11×

Chart: Net income; fiscal year observations.

- FY2017: AUD 450M

- FY2018: AUD 445M

- FY2019: AUD 459M

- FY2020: AUD 315M

- FY2021: AUD 441M

- FY2022: AUD 394M

- FY2023: AUD 511M

- FY2024: AUD 493M

- FY2025: AUD 501M

- FY2026: AUD 639M

### moat: pass

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- Bank / P&C ROTE, median of available years: 23.4%

- Required median return: 10.0%

- Return uses tangible common equity: No

- Bank ROTE, second-lowest year: 20.2%

- Years with reported combined ratio: 0

Chart: Return on common equity; fiscal year observations.

- FY2017: 26.1%

- FY2018: 24.3%

- FY2019: 23.7%

- FY2020: 17.5%

- FY2021: 23.1%

- FY2022: 20.2%

- FY2023: 24.5%

- FY2024: 21.4%

- FY2025: 21.4%

- FY2026: 26.3%

### economics: pass

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 24.5%

- Book return interval: 10 years

- Starting book value per share: AUD 0.57

- Ending book value per share: AUD 0.88

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

- FY2017: 28.6%

- FY2018: 25.5%

- FY2019: 25.9%

- FY2020: 15.1%

- FY2021: 24.6%

- FY2022: 20.9%

- FY2023: 26.4%

- FY2024: 31.1%

- FY2025: 21.9%

- FY2026: 25.9%

### management: pass

- Common book per share

- Parent-total proxy for preferred equity and common earnings

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

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

- Share growth excluding flagged crisis recapitalisations: -0.0%

- Five-year share growth excluding flagged crisis recapitalisations: 0.0%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 1.25×

- Book value created per share: AUD 0.31

- Earnings retained per share after dividends and buybacks: AUD 0.25

Chart: Shares (first year = 100); fiscal year observations.

- FY2016: 100

- FY2017: 100

- FY2018: 100

- FY2019: 100

- FY2020: 100

- FY2021: 100

- FY2022: 100

- FY2023: 100

- FY2024: 100

- FY2025: 100

- FY2026: 100

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

The price is 1.4 times annual sales · net income +27.5%

Story as of 2026-10-16T10:00:06.845Z; price observation 2026-10-15.

The price is 1.4 times annual sales

### Net income · FY2026

net income +27.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: AUD 450M 

- FY2018: AUD 445M 

- FY2019: AUD 459M 

- FY2020: AUD 315M 

- FY2021: AUD 441M 

- FY2022: AUD 394M 

- FY2023: AUD 511M 

- FY2024: AUD 493M 

- FY2025: AUD 501M 

- FY2026: AUD 639M 

## Owner memo

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

### How it makes money

Operates in insurance specialty; annual sales are AUD 9.3 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:06.842Z); FY2026: revenue 9325800000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); MPL.AU: Medibank Private Limited provides private health insurance in Australia. The company operates in two segments, Health Insurance and Medibank Health. The Health Insurance segment provides private health insurance products, including hospital cover that offers members with health cover for hospital treatments; and ancillary cover, which provides members with health cover for healthcare services comprising dental, optical, and physiotherapy, as well as offers health insurance products to overseas visitors and students. The Medibank Health segment provides health management and in-home care services, as well as a range of telehealth and primary care services to government and corporate customers; and distributes travel, life, and pet insurance products; It underwrites and distributes private health insurance policies under the Medibank and ahm brands for resident and nonresident customers, broader community with wellbeing, prevention, primary care and homecare, with investments in short stay surgical and mental health facilities. The company was founded in 1976 and is based in Docklands, Australia.

### Why customers stay

It earns 23.4% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:06.842Z); 10-year return on tangible equity observations [[2017,0.2613676008838237],[2018,0.2433304176689263],[2019,0.23700527022837656],[2020,0.175214150628546],[2021,0.2314673941556057],[2022,0.20245682565789475],[2023,0.24520245634235271],[2024,0.21360107559526392],[2025,0.2143927394152147],[2026,0.26276381289340517]]; median 0.23423633219199114. 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 10.7 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:06.842Z); Dividend observations: [[2017,309800000],[2018,337400000],[2019,355300000],[2020,429600000],[2021,333200000],[2022,358000000],[2023,374500000],[2024,426900000],[2025,473700000],[2026,509500000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:06.842Z); FY2026: cash repurchases 10700000 AUD.

### Are managers owners

Insiders own 0.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); MPL.AU SharesStats.PercentInsiders = 0.148 percentage points; cache date 2026-10-16.

### What the price says

The price is 1.4 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:06.842Z); Closing price 4.78 AUD; reporting-to-trading FX 1; FY2026 annual sales per share 3.386270525956244; price multiple 1.4115824365952518. FY2026 cash earnings/share 0.24575134486769884. Closing-price date 2026-10-15.

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

- 2016-10: AUD 2.58 per share

- 2016-11: AUD 2.60 per share

- 2016-12: AUD 2.82 per share

- 2017-01: AUD 2.70 per share

- 2017-02: AUD 2.82 per share

- 2017-03: AUD 2.82 per share

- 2017-04: AUD 2.91 per share

- 2017-05: AUD 2.75 per share

- 2017-06: AUD 2.80 per share

- 2017-07: AUD 2.72 per share

- 2017-08: AUD 3.04 per share

- 2017-09: AUD 2.92 per share

- 2017-10: AUD 3.07 per share

- 2017-11: AUD 3.27 per share

- 2017-12: AUD 3.29 per share

- 2018-01: AUD 3.35 per share

- 2018-02: AUD 3.17 per share

- 2018-03: AUD 2.90 per share

- 2018-04: AUD 2.93 per share

- 2018-05: AUD 2.93 per share

- 2018-06: AUD 2.92 per share

- 2018-07: AUD 3.11 per share

- 2018-08: AUD 3.04 per share

- 2018-09: AUD 2.91 per share

- 2018-10: AUD 2.79 per share

- 2018-11: AUD 2.42 per share

- 2018-12: AUD 2.57 per share

- 2019-01: AUD 2.62 per share

- 2019-02: AUD 2.84 per share

- 2019-03: AUD 2.76 per share

- 2019-04: AUD 2.86 per share

- 2019-05: AUD 3.31 per share

- 2019-06: AUD 3.49 per share

- 2019-07: AUD 3.61 per share

- 2019-08: AUD 3.64 per share

- 2019-09: AUD 3.40 per share

- 2019-10: AUD 3.38 per share

- 2019-11: AUD 3.26 per share

- 2019-12: AUD 3.16 per share

- 2020-01: AUD 3.10 per share

- 2020-02: AUD 2.83 per share

- 2020-03: AUD 2.66 per share

- 2020-04: AUD 2.70 per share

- 2020-05: AUD 2.85 per share

- 2020-06: AUD 2.99 per share

- 2020-07: AUD 2.82 per share

- 2020-08: AUD 2.73 per share

- 2020-09: AUD 2.51 per share

- 2020-10: AUD 2.67 per share

- 2020-11: AUD 2.85 per share

- 2020-12: AUD 3.01 per share

- 2021-01: AUD 2.92 per share

- 2021-02: AUD 2.77 per share

- 2021-03: AUD 2.80 per share

- 2021-04: AUD 3.08 per share

- 2021-05: AUD 3.13 per share

- 2021-06: AUD 3.16 per share

- 2021-07: AUD 3.31 per share

- 2021-08: AUD 3.55 per share

- 2021-09: AUD 3.59 per share

- 2021-10: AUD 3.32 per share

- 2021-11: AUD 3.45 per share

- 2021-12: AUD 3.35 per share

- 2022-01: AUD 3.09 per share

- 2022-02: AUD 3.18 per share

- 2022-03: AUD 3.08 per share

- 2022-04: AUD 3.20 per share

- 2022-05: AUD 3.22 per share

- 2022-06: AUD 3.25 per share

- 2022-07: AUD 3.41 per share

- 2022-08: AUD 3.71 per share

- 2022-09: AUD 3.47 per share

- 2022-10: AUD 2.81 per share

- 2022-11: AUD 2.93 per share

- 2022-12: AUD 2.95 per share

- 2023-01: AUD 2.94 per share

- 2023-02: AUD 3.34 per share

- 2023-03: AUD 3.36 per share

- 2023-04: AUD 3.56 per share

- 2023-05: AUD 3.57 per share

- 2023-06: AUD 3.52 per share

- 2023-07: AUD 3.51 per share

- 2023-08: AUD 3.66 per share

- 2023-09: AUD 3.44 per share

- 2023-10: AUD 3.43 per share

- 2023-11: AUD 3.46 per share

- 2023-12: AUD 3.56 per share

- 2024-01: AUD 3.84 per share

- 2024-02: AUD 3.59 per share

- 2024-03: AUD 3.76 per share

- 2024-04: AUD 3.56 per share

- 2024-05: AUD 3.72 per share

- 2024-06: AUD 3.73 per share

- 2024-07: AUD 3.98 per share

- 2024-08: AUD 3.86 per share

- 2024-09: AUD 3.65 per share

- 2024-10: AUD 3.59 per share

- 2024-11: AUD 3.82 per share

- 2024-12: AUD 3.79 per share

- 2025-01: AUD 4.00 per share

- 2025-02: AUD 4.35 per share

- 2025-03: AUD 4.44 per share

- 2025-04: AUD 4.65 per share

- 2025-05: AUD 4.77 per share

- 2025-06: AUD 5.05 per share

- 2025-07: AUD 5.10 per share

- 2025-08: AUD 5.10 per share

- 2025-09: AUD 4.82 per share

- 2025-10: AUD 4.88 per share

- 2025-11: AUD 4.75 per share

- 2025-12: AUD 4.79 per share

- 2026-01: AUD 4.62 per share

- 2026-02: AUD 4.38 per share

- 2026-03: AUD 4.36 per share

- 2026-04: AUD 4.69 per share

- 2026-05: AUD 4.80 per share

- 2026-06: AUD 4.97 per share

- 2026-07: AUD 5.17 per share

- 2026-08: AUD 4.84 per share

- 2026-09: AUD 4.62 per share

- 2026-10: AUD 4.68 per share

## Annual estimated value (AUD per share)

- FY2017: low AUD 1.52 per share, central AUD 1.90 per share, high AUD 2.53 per share

- FY2018: low AUD 1.14 per share, central AUD 1.26 per share, high AUD 1.40 per share

- FY2019: low AUD 1.20 per share, central AUD 1.32 per share, high AUD 1.46 per share

- FY2020: low AUD 1.01 per share, central AUD 1.12 per share, high AUD 1.24 per share

- FY2021: low AUD 1.58 per share, central AUD 1.97 per share, high AUD 2.63 per share

- FY2022: low AUD 1.65 per share, central AUD 2.05 per share, high AUD 2.69 per share

- FY2023: low AUD 1.82 per share, central AUD 2.25 per share, high AUD 2.97 per share

- FY2024: low AUD 2.15 per share, central AUD 2.67 per share, high AUD 3.52 per share

- FY2025: low AUD 2.15 per share, central AUD 2.67 per share, high AUD 3.51 per share

- FY2026: low AUD 2.08 per share, central AUD 2.53 per share, high AUD 3.22 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.

Medibank Private

MPL · AU

S&P/ASX 200

A wonderful business at too high a price

Passes the quality tests.

Share price: AUD 4.78
Buy up to: AUD 2.53
Expected / yr: 7.8% 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 10 years (at least 8 needed).

Net income

10y median: AUD 454M
Worst year: AUD 315M
Latest · 2026: AUD 639M

Earned a median 23.4% on equity (minimum 10%).

Return on common equity

10y median: 23.4%
Worst year: 17.5%
Latest · 2026: 26.3%

Book value plus dividends grew 24.5% a year (minimum 7%).

Annual book + dividend return

10y median: 25.7%
Worst year: 15.1%
Latest · 2026: 25.9%

Ordinary share growth was 0% over the full period and 0% over five years (either must be at most 2% a year).

Shares (first year = 100)

11y median: 100
Worst year: 100
Latest · 2026: 100

0 accounting warnings were found (none allowed).

accounting warnings: 0
Passing bar: ≤ 0

Profit record · pass 0 loss years in 10 (at most 2), three-year average earnings per share 0.2 AUD.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price AUD 2.58; 2016-11 · Price AUD 2.60; 2016-12 · Price AUD 2.82; 2017-01 · Price AUD 2.70 · Value 1.90 · Buy at or below 1.90; 2017-02 · Price AUD 2.82 · Value 1.90 · Buy at or below 1.90; 2017-03 · Price AUD 2.82 · Value 1.90 · Buy at or below 1.90; 2017-04 · Price AUD 2.91 · Value 1.90 · Buy at or below 1.90; 2017-05 · Price AUD 2.75 · Value 1.90 · Buy at or below 1.90; 2017-06 · Price AUD 2.80 · Value 1.90 · Buy at or below 1.90; 2017-07 · Price AUD 2.72 · Value 1.90 · Buy at or below 1.90; 2017-08 · Price AUD 3.04 · Value 1.90 · Buy at or below 1.90; 2017-09 · Price AUD 2.92 · Value 1.90 · Buy at or below 1.90; 2017-10 · Price AUD 3.07 · Value 1.90 · Buy at or below 1.90; 2017-11 · Price AUD 3.27 · Value 1.90 · Buy at or below 1.90; 2017-12 · Price AUD 3.29 · Value 1.90 · Buy at or below 1.90; 2018-01 · Price AUD 3.35 · Value 1.90 · Buy at or below 1.90; 2018-02 · Price AUD 3.17 · Value 1.26 · Buy at or below 1.26; 2018-03 · Price AUD 2.90 · Value 1.26 · Buy at or below 1.26; 2018-04 · Price AUD 2.93 · Value 1.26 · Buy at or below 1.26; 2018-05 · Price AUD 2.93 · Value 1.26 · Buy at or below 1.26; 2018-06 · Price AUD 2.92 · Value 1.26 · Buy at or below 1.26; 2018-07 · Price AUD 3.11 · Value 1.26 · Buy at or below 1.26; 2018-08 · Price AUD 3.04 · Value 1.26 · Buy at or below 1.26; 2018-09 · Price AUD 2.91 · Value 1.26 · Buy at or below 1.26; 2018-10 · Price AUD 2.79 · Value 1.26 · Buy at or below 1.26; 2018-11 · Price AUD 2.42 · Value 1.26 · Buy at or below 1.26; 2018-12 · Price AUD 2.57 · Value 1.26 · Buy at or below 1.26; 2019-01 · Price AUD 2.62 · Value 1.26 · Buy at or below 1.26; 2019-02 · Price AUD 2.84 · Value 1.32 · Buy at or below 1.32; 2019-03 · Price AUD 2.76 · Value 1.32 · Buy at or below 1.32; 2019-04 · Price AUD 2.86 · Value 1.32 · Buy at or below 1.32; 2019-05 · Price AUD 3.31 · Value 1.32 · Buy at or below 1.32; 2019-06 · Price AUD 3.49 · Value 1.32 · Buy at or below 1.32; 2019-07 · Price AUD 3.61 · Value 1.32 · Buy at or below 1.32; 2019-08 · Price AUD 3.64 · Value 1.32 · Buy at or below 1.32; 2019-09 · Price AUD 3.40 · Value 1.32 · Buy at or below 1.32; 2019-10 · Price AUD 3.38 · Value 1.32 · Buy at or below 1.32; 2019-11 · Price AUD 3.26 · Value 1.32 · Buy at or below 1.32; 2019-12 · Price AUD 3.16 · Value 1.32 · Buy at or below 1.32; 2020-01 · Price AUD 3.10 · Value 1.32 · Buy at or below 1.32; 2020-02 · Price AUD 2.83 · Value 1.12 · Buy at or below 1.12; 2020-03 · Price AUD 2.66 · Value 1.12 · Buy at or below 1.12; 2020-04 · Price AUD 2.70 · Value 1.12 · Buy at or below 1.12; 2020-05 · Price AUD 2.85 · Value 1.12 · Buy at or below 1.12; 2020-06 · Price AUD 2.99 · Value 1.12 · Buy at or below 1.12; 2020-07 · Price AUD 2.82 · Value 1.12 · Buy at or below 1.12; 2020-08 · Price AUD 2.73 · Value 1.12 · Buy at or below 1.12; 2020-09 · Price AUD 2.51 · Value 1.12 · Buy at or below 1.12; 2020-10 · Price AUD 2.67 · Value 1.12 · Buy at or below 1.12; 2020-11 · Price AUD 2.85 · Value 1.12 · Buy at or below 1.12; 2020-12 · Price AUD 3.01 · Value 1.12 · Buy at or below 1.12; 2021-01 · Price AUD 2.92 · Value 1.12 · Buy at or below 1.12; 2021-02 · Price AUD 2.77 · Value 1.97 · Buy at or below 1.97; 2021-03 · Price AUD 2.80 · Value 1.97 · Buy at or below 1.97; 2021-04 · Price AUD 3.08 · Value 1.97 · Buy at or below 1.97; 2021-05 · Price AUD 3.13 · Value 1.97 · Buy at or below 1.97; 2021-06 · Price AUD 3.16 · Value 1.97 · Buy at or below 1.97; 2021-07 · Price AUD 3.31 · Value 1.97 · Buy at or below 1.97; 2021-08 · Price AUD 3.55 · Value 1.97 · Buy at or below 1.97; 2021-09 · Price AUD 3.59 · Value 1.97 · Buy at or below 1.97; 2021-10 · Price AUD 3.32 · Value 1.97 · Buy at or below 1.97; 2021-11 · Price AUD 3.45 · Value 1.97 · Buy at or below 1.97; 2021-12 · Price AUD 3.35 · Value 1.97 · Buy at or below 1.97; 2022-01 · Price AUD 3.09 · Value 1.97 · Buy at or below 1.97; 2022-02 · Price AUD 3.18 · Value 2.05 · Buy at or below 2.05; 2022-03 · Price AUD 3.08 · Value 2.05 · Buy at or below 2.05; 2022-04 · Price AUD 3.20 · Value 2.05 · Buy at or below 2.05; 2022-05 · Price AUD 3.22 · Value 2.05 · Buy at or below 2.05; 2022-06 · Price AUD 3.25 · Value 2.05 · Buy at or below 2.05; 2022-07 · Price AUD 3.41 · Value 2.05 · Buy at or below 2.05; 2022-08 · Price AUD 3.71 · Value 2.05 · Buy at or below 2.05; 2022-09 · Price AUD 3.47 · Value 2.05 · Buy at or below 2.05; 2022-10 · Price AUD 2.81 · Value 2.05 · Buy at or below 2.05; 2022-11 · Price AUD 2.93 · Value 2.05 · Buy at or below 2.05; 2022-12 · Price AUD 2.95 · Value 2.05 · Buy at or below 2.05; 2023-01 · Price AUD 2.94 · Value 2.05 · Buy at or below 2.05; 2023-02 · Price AUD 3.34 · Value 2.25 · Buy at or below 2.25; 2023-03 · Price AUD 3.36 · Value 2.25 · Buy at or below 2.25; 2023-04 · Price AUD 3.56 · Value 2.25 · Buy at or below 2.25; 2023-05 · Price AUD 3.57 · Value 2.25 · Buy at or below 2.25; 2023-06 · Price AUD 3.52 · Value 2.25 · Buy at or below 2.25; 2023-07 · Price AUD 3.51 · Value 2.25 · Buy at or below 2.25; 2023-08 · Price AUD 3.66 · Value 2.25 · Buy at or below 2.25; 2023-09 · Price AUD 3.44 · Value 2.25 · Buy at or below 2.25; 2023-10 · Price AUD 3.43 · Value 2.25 · Buy at or below 2.25; 2023-11 · Price AUD 3.46 · Value 2.25 · Buy at or below 2.25; 2023-12 · Price AUD 3.56 · Value 2.25 · Buy at or below 2.25; 2024-01 · Price AUD 3.84 · Value 2.25 · Buy at or below 2.25; 2024-02 · Price AUD 3.59 · Value 2.67 · Buy at or below 2.67; 2024-03 · Price AUD 3.76 · Value 2.67 · Buy at or below 2.67; 2024-04 · Price AUD 3.56 · Value 2.67 · Buy at or below 2.67; 2024-05 · Price AUD 3.72 · Value 2.67 · Buy at or below 2.67; 2024-06 · Price AUD 3.73 · Value 2.67 · Buy at or below 2.67; 2024-07 · Price AUD 3.98 · Value 2.67 · Buy at or below 2.67; 2024-08 · Price AUD 3.86 · Value 2.67 · Buy at or below 2.67; 2024-09 · Price AUD 3.65 · Value 2.67 · Buy at or below 2.67; 2024-10 · Price AUD 3.59 · Value 2.67 · Buy at or below 2.67; 2024-11 · Price AUD 3.82 · Value 2.67 · Buy at or below 2.67; 2024-12 · Price AUD 3.79 · Value 2.67 · Buy at or below 2.67; 2025-01 · Price AUD 4.00 · Value 2.67 · Buy at or below 2.67; 2025-02 · Price AUD 4.35 · Value 2.67 · Buy at or below 2.67; 2025-03 · Price AUD 4.44 · Value 2.67 · Buy at or below 2.67; 2025-04 · Price AUD 4.65 · Value 2.67 · Buy at or below 2.67; 2025-05 · Price AUD 4.77 · Value 2.67 · Buy at or below 2.67; 2025-06 · Price AUD 5.05 · Value 2.67 · Buy at or below 2.67; 2025-07 · Price AUD 5.10 · Value 2.67 · Buy at or below 2.67; 2025-08 · Price AUD 5.10 · Value 2.67 · Buy at or below 2.67; 2025-09 · Price AUD 4.82 · Value 2.67 · Buy at or below 2.67; 2025-10 · Price AUD 4.88 · Value 2.67 · Buy at or below 2.67; 2025-11 · Price AUD 4.75 · Value 2.67 · Buy at or below 2.67; 2025-12 · Price AUD 4.79 · Value 2.67 · Buy at or below 2.67; 2026-01 · Price AUD 4.62 · Value 2.67 · Buy at or below 2.67; 2026-02 · Price AUD 4.38 · Value 2.53 · Buy at or below 2.53; 2026-03 · Price AUD 4.36 · Value 2.53 · Buy at or below 2.53; 2026-04 · Price AUD 4.69 · Value 2.53 · Buy at or below 2.53; 2026-05 · Price AUD 4.80 · Value 2.53 · Buy at or below 2.53; 2026-06 · Price AUD 4.97 · Value 2.53 · Buy at or below 2.53; 2026-07 · Price AUD 5.17 · Value 2.53 · Buy at or below 2.53; 2026-08 · Price AUD 4.84 · Value 2.53 · Buy at or below 2.53; 2026-09 · Price AUD 4.62 · Value 2.53 · Buy at or below 2.53; 2026-10 · Price AUD 4.68 · Value 2.53 · Buy at or below 2.53; 2026-10 · Price AUD 4.78 · Value 2.53 · Buy at or below 2.53

AUD per share · annual estimates

Price & return math
Value range	AUD 2.08 – AUD 3.22
Buy at or below	Central value AUD 2.53
Discount to value	1 − 4.78 / 2.53 = -89.0%
Return / year	About 7.8% a year at today's price (required return 10.0%)
Cash-flow inputs	Book AUD 0.63/share; ROE 25.0%; first payout AUD 0.12/share, growing 5.3% perpetually (4× book payout cap applied).
Required return	10.0% / year, earned by construction at the central value

Net incomeAUD 639M

Net income

Book / shareAUD 0.88

Book / share

Dividend / shareAUD 0.19

Dividend / share

Return on equity26.3%

Return on equity

Diluted shares2.8B

Diluted shares

Prices 15 Oct 2026 · FY2026