# NIB Holdings (NHF.AU)

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

Analysis as of: 2026-10-16T07:40:23.132Z. 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 6.62 per share; close as of 2026-10-15.

Estimated value: low AUD 4.46 per share, central AUD 5.58 per share, high AUD 7.43 per share. Buy at or below the central value AUD 5.58 per share. Valuation as of 2026-10-16T07:40:23.132Z; scenarios are not confidence intervals.

Expected annual return: 9.4% at the stated quote. About 9.4% 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): 0.18×

Chart: Net income; fiscal year observations.

- FY2017: AUD 120M

- FY2018: AUD 132M

- FY2019: AUD 150M

- FY2020: AUD 90M

- FY2021: AUD 161M

- FY2022: AUD 136M

- FY2023: AUD 197M

- FY2024: AUD 186M

- FY2025: AUD 200M

- FY2026: AUD 188M

### moat: pass

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- Bank / P&C ROTE, median of available years: 19.6%

- Required median return: 10.0%

- Return uses tangible common equity: No

- Bank ROTE, second-lowest year: 16.5%

- Years with reported combined ratio: 0

Chart: Return on common equity; fiscal year observations.

- FY2017: 27.9%

- FY2018: 23.7%

- FY2019: 23.7%

- FY2020: 15.4%

- FY2021: 23.3%

- FY2022: 18.8%

- FY2023: 20.4%

- FY2024: 17.8%

- FY2025: 18.0%

- FY2026: 16.5%

### economics: pass

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 25.5%

- Book return interval: 10 years

- Starting book value per share: AUD 0.88

- Ending book value per share: AUD 2.33

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

- FY2017: 28.2%

- FY2018: 47.6%

- FY2019: 30.2%

- FY2020: 9.0%

- FY2021: 28.3%

- FY2022: 18.3%

- FY2023: 47.7%

- FY2024: 20.6%

- FY2025: 17.5%

- FY2026: 13.6%

### management: pass

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- Diluted shares, 10-year annual growth: 1.1%

- Diluted shares, 5-year annual growth: 1.3%

- Share growth excluding flagged crisis recapitalisations: 1.1%

- Five-year share growth excluding flagged crisis recapitalisations: 1.3%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 1.46×

- Book value created per share: AUD 1.45

- Earnings retained per share after dividends and buybacks: AUD 0.99

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

- FY2016: 100

- FY2017: 102

- FY2018: 104

- FY2019: 104

- FY2020: 104

- FY2021: 104

- FY2022: 107

- FY2023: 108

- FY2024: 110

- FY2025: 111

- FY2026: 111

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

Down 22% since May 2023 · net income -6.2%

Story as of 2026-10-16T10:00:11.452Z; price observation 2026-10-15.

The price is 0.8 times annual sales

### Net income · FY2026

net income -6.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: AUD 120M 

- FY2018: AUD 132M 

- FY2019: AUD 150M 

- FY2020: AUD 90M 

- FY2021: AUD 161M 

- FY2022: AUD 136M 

- FY2023: AUD 197M 

- FY2024: AUD 186M 

- FY2025: AUD 200M 

- FY2026: AUD 188M 

## Owner memo

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

### How it makes money

Operates in insurance specialty; annual sales are AUD 3.8 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:23.132Z); FY2026: revenue 3817300000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); NHF.AU: nib holdings limited, together with its subsidiaries, engages in the underwriting and distribution of private health, life, and living insurance to residents, international students, and visitors in Australia and New Zealand. The company operates in six segments: Australian Residents Health Insurance, International (Inbound) Health Insurance, New Zealand Insurance, nib Travel, nib Thrive, and nib Health Services. It also offers travel and disability insurance products. In addition, the company provides health and wellbeing, telehealth, and treatment delivery services, as well as health management programs. Further, it provides digital marketplace platform under the national disability insurance scheme (NDIS). The company was founded in 1952 and is based in Newcastle, Australia.

### Why customers stay

It earns 19.6% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:23.132Z); 10-year return on tangible equity observations [[2017,0.2790480634624358],[2018,0.2373610613122983],[2019,0.23695033217336287],[2020,0.1536493860845839],[2021,0.2334444283437183],[2022,0.18844604915983892],[2023,0.20368072787427627],[2024,0.17798235519754507],[2025,0.1798217982179822],[2026,0.16464699683877765]]; median 0.1960633885170576. 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 1.6 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:23.132Z); Dividend observations: [[2017,76800000],[2018,87000000],[2019,95500000],[2020,104700000],[2021,63900000],[2022,114300000],[2023,113200000],[2024,145100000],[2025,119200000],[2026,128300000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:23.132Z); FY2026: cash repurchases 1600000 AUD.

### Are managers owners

Insiders own 1.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); NHF.AU SharesStats.PercentInsiders = 1.205 percentage points; cache date 2026-10-16.

### What the price says

The price is 0.8 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:23.132Z); Closing price 6.62 AUD; reporting-to-trading FX 1; FY2026 annual sales per share 7.823939331830293; price multiple 0.8461210803447463. FY2026 cash earnings/share 0.4486575117852019. Closing-price date 2026-10-15.

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

- 2016-10: AUD 4.82 per share

- 2016-11: AUD 4.87 per share

- 2016-12: AUD 4.75 per share

- 2017-01: AUD 4.61 per share

- 2017-02: AUD 5.33 per share

- 2017-03: AUD 5.92 per share

- 2017-04: AUD 6.00 per share

- 2017-05: AUD 5.42 per share

- 2017-06: AUD 5.75 per share

- 2017-07: AUD 5.74 per share

- 2017-08: AUD 5.91 per share

- 2017-09: AUD 5.74 per share

- 2017-10: AUD 6.30 per share

- 2017-11: AUD 6.76 per share

- 2017-12: AUD 6.76 per share

- 2018-01: AUD 6.71 per share

- 2018-02: AUD 7.04 per share

- 2018-03: AUD 6.38 per share

- 2018-04: AUD 5.57 per share

- 2018-05: AUD 5.47 per share

- 2018-06: AUD 5.73 per share

- 2018-07: AUD 5.64 per share

- 2018-08: AUD 6.52 per share

- 2018-09: AUD 5.85 per share

- 2018-10: AUD 5.54 per share

- 2018-11: AUD 4.96 per share

- 2018-12: AUD 5.20 per share

- 2019-01: AUD 5.34 per share

- 2019-02: AUD 5.77 per share

- 2019-03: AUD 5.24 per share

- 2019-04: AUD 5.75 per share

- 2019-05: AUD 6.85 per share

- 2019-06: AUD 7.67 per share

- 2019-07: AUD 7.99 per share

- 2019-08: AUD 7.39 per share

- 2019-09: AUD 7.30 per share

- 2019-10: AUD 7.01 per share

- 2019-11: AUD 6.75 per share

- 2019-12: AUD 6.27 per share

- 2020-01: AUD 5.41 per share

- 2020-02: AUD 4.63 per share

- 2020-03: AUD 5.13 per share

- 2020-04: AUD 4.92 per share

- 2020-05: AUD 4.71 per share

- 2020-06: AUD 4.61 per share

- 2020-07: AUD 4.43 per share

- 2020-08: AUD 4.61 per share

- 2020-09: AUD 4.08 per share

- 2020-10: AUD 4.16 per share

- 2020-11: AUD 5.14 per share

- 2020-12: AUD 5.97 per share

- 2021-01: AUD 5.52 per share

- 2021-02: AUD 5.54 per share

- 2021-03: AUD 5.23 per share

- 2021-04: AUD 6.18 per share

- 2021-05: AUD 6.29 per share

- 2021-06: AUD 6.51 per share

- 2021-07: AUD 7.14 per share

- 2021-08: AUD 6.77 per share

- 2021-09: AUD 6.97 per share

- 2021-10: AUD 6.62 per share

- 2021-11: AUD 7.00 per share

- 2021-12: AUD 7.01 per share

- 2022-01: AUD 6.23 per share

- 2022-02: AUD 6.53 per share

- 2022-03: AUD 6.36 per share

- 2022-04: AUD 7.08 per share

- 2022-05: AUD 7.39 per share

- 2022-06: AUD 7.38 per share

- 2022-07: AUD 7.24 per share

- 2022-08: AUD 8.18 per share

- 2022-09: AUD 7.43 per share

- 2022-10: AUD 6.67 per share

- 2022-11: AUD 7.30 per share

- 2022-12: AUD 7.75 per share

- 2023-01: AUD 7.87 per share

- 2023-02: AUD 7.60 per share

- 2023-03: AUD 7.05 per share

- 2023-04: AUD 7.72 per share

- 2023-05: AUD 8.45 per share

- 2023-06: AUD 8.45 per share

- 2023-07: AUD 8.28 per share

- 2023-08: AUD 8.32 per share

- 2023-09: AUD 7.43 per share

- 2023-10: AUD 7.24 per share

- 2023-11: AUD 7.58 per share

- 2023-12: AUD 7.39 per share

- 2024-01: AUD 8.14 per share

- 2024-02: AUD 7.32 per share

- 2024-03: AUD 7.86 per share

- 2024-04: AUD 7.45 per share

- 2024-05: AUD 7.44 per share

- 2024-06: AUD 7.35 per share

- 2024-07: AUD 7.53 per share

- 2024-08: AUD 6.26 per share

- 2024-09: AUD 5.94 per share

- 2024-10: AUD 5.78 per share

- 2024-11: AUD 5.68 per share

- 2024-12: AUD 5.48 per share

- 2025-01: AUD 5.78 per share

- 2025-02: AUD 6.68 per share

- 2025-03: AUD 6.85 per share

- 2025-04: AUD 6.84 per share

- 2025-05: AUD 6.73 per share

- 2025-06: AUD 7.08 per share

- 2025-07: AUD 7.41 per share

- 2025-08: AUD 7.68 per share

- 2025-09: AUD 7.42 per share

- 2025-10: AUD 7.54 per share

- 2025-11: AUD 7.17 per share

- 2025-12: AUD 6.86 per share

- 2026-01: AUD 6.73 per share

- 2026-02: AUD 6.41 per share

- 2026-03: AUD 6.36 per share

- 2026-04: AUD 6.65 per share

- 2026-05: AUD 6.68 per share

- 2026-06: AUD 7.06 per share

- 2026-07: AUD 7.50 per share

- 2026-08: AUD 6.80 per share

- 2026-09: AUD 6.56 per share

- 2026-10: AUD 6.59 per share

## Annual estimated value (AUD per share)

- FY2017: low AUD 0.78 per share, central AUD 0.97 per share, high AUD 1.29 per share

- FY2018: low AUD 0.92 per share, central AUD 1.14 per share, high AUD 1.53 per share

- FY2019: low AUD 1.19 per share, central AUD 1.48 per share, high AUD 1.98 per share

- FY2020: low AUD 0.18 per share, central AUD 0.22 per share, high AUD 0.29 per share

- FY2021: low AUD 1.02 per share, central AUD 1.28 per share, high AUD 1.70 per share

- FY2022: low AUD 0.98 per share, central AUD 1.23 per share, high AUD 1.63 per share

- FY2023: low AUD 0.80 per share, central AUD 1.00 per share, high AUD 1.33 per share

- FY2024: low AUD 3.32 per share, central AUD 4.15 per share, high AUD 5.53 per share

- FY2025: low AUD 4.15 per share, central AUD 5.19 per share, high AUD 6.91 per share

- FY2026: low AUD 4.49 per share, central AUD 5.61 per share, high AUD 7.48 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.

NIB Holdings

NHF · AU

S&P/ASX 200

A wonderful business at too high a price

Passes the quality tests.

Share price: AUD 6.62
Buy up to: AUD 5.58
Expected / yr: 9.4% 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 155M
Worst year: AUD 90M
Latest · 2026: AUD 188M

Earned a median 19.6% on equity (minimum 10%).

Return on common equity

10y median: 19.6%
Worst year: 15.4%
Latest · 2026: 16.5%

Book value plus dividends grew 25.5% a year (minimum 7%).

Annual book + dividend return

10y median: 24.4%
Worst year: 9.0%
Latest · 2026: 13.6%

Ordinary share growth was 1.1% over the full period and 1.3% over five years (either must be at most 2% a year).

Shares (first year = 100)

11y median: 104
Worst year: 111
Latest · 2026: 111

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 0.39 AUD.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price AUD 4.82; 2016-11 · Price AUD 4.87; 2016-12 · Price AUD 4.75; 2017-01 · Price AUD 4.61 · Value 0.97 · Buy at or below 0.97; 2017-02 · Price AUD 5.33 · Value 0.97 · Buy at or below 0.97; 2017-03 · Price AUD 5.92 · Value 0.97 · Buy at or below 0.97; 2017-04 · Price AUD 6.00 · Value 0.97 · Buy at or below 0.97; 2017-05 · Price AUD 5.42 · Value 0.97 · Buy at or below 0.97; 2017-06 · Price AUD 5.75 · Value 0.97 · Buy at or below 0.97; 2017-07 · Price AUD 5.74 · Value 0.97 · Buy at or below 0.97; 2017-08 · Price AUD 5.91 · Value 0.97 · Buy at or below 0.97; 2017-09 · Price AUD 5.74 · Value 0.97 · Buy at or below 0.97; 2017-10 · Price AUD 6.30 · Value 0.97 · Buy at or below 0.97; 2017-11 · Price AUD 6.76 · Value 0.97 · Buy at or below 0.97; 2017-12 · Price AUD 6.76 · Value 0.97 · Buy at or below 0.97; 2018-01 · Price AUD 6.71 · Value 0.97 · Buy at or below 0.97; 2018-02 · Price AUD 7.04 · Value 1.14 · Buy at or below 1.14; 2018-03 · Price AUD 6.38 · Value 1.14 · Buy at or below 1.14; 2018-04 · Price AUD 5.57 · Value 1.14 · Buy at or below 1.14; 2018-05 · Price AUD 5.47 · Value 1.14 · Buy at or below 1.14; 2018-06 · Price AUD 5.73 · Value 1.14 · Buy at or below 1.14; 2018-07 · Price AUD 5.64 · Value 1.14 · Buy at or below 1.14; 2018-08 · Price AUD 6.52 · Value 1.14 · Buy at or below 1.14; 2018-09 · Price AUD 5.85 · Value 1.14 · Buy at or below 1.14; 2018-10 · Price AUD 5.54 · Value 1.14 · Buy at or below 1.14; 2018-11 · Price AUD 4.96 · Value 1.14 · Buy at or below 1.14; 2018-12 · Price AUD 5.20 · Value 1.14 · Buy at or below 1.14; 2019-01 · Price AUD 5.34 · Value 1.14 · Buy at or below 1.14; 2019-02 · Price AUD 5.77 · Value 1.48 · Buy at or below 1.48; 2019-03 · Price AUD 5.24 · Value 1.48 · Buy at or below 1.48; 2019-04 · Price AUD 5.75 · Value 1.48 · Buy at or below 1.48; 2019-05 · Price AUD 6.85 · Value 1.48 · Buy at or below 1.48; 2019-06 · Price AUD 7.67 · Value 1.48 · Buy at or below 1.48; 2019-07 · Price AUD 7.99 · Value 1.48 · Buy at or below 1.48; 2019-08 · Price AUD 7.39 · Value 1.48 · Buy at or below 1.48; 2019-09 · Price AUD 7.30 · Value 1.48 · Buy at or below 1.48; 2019-10 · Price AUD 7.01 · Value 1.48 · Buy at or below 1.48; 2019-11 · Price AUD 6.75 · Value 1.48 · Buy at or below 1.48; 2019-12 · Price AUD 6.27 · Value 1.48 · Buy at or below 1.48; 2020-01 · Price AUD 5.41 · Value 1.48 · Buy at or below 1.48; 2020-02 · Price AUD 4.63 · Value 0.22 · Buy at or below 0.22; 2020-03 · Price AUD 5.13 · Value 0.22 · Buy at or below 0.22; 2020-04 · Price AUD 4.92 · Value 0.22 · Buy at or below 0.22; 2020-05 · Price AUD 4.71 · Value 0.22 · Buy at or below 0.22; 2020-06 · Price AUD 4.61 · Value 0.22 · Buy at or below 0.22; 2020-07 · Price AUD 4.43 · Value 0.22 · Buy at or below 0.22; 2020-08 · Price AUD 4.61 · Value 0.22 · Buy at or below 0.22; 2020-09 · Price AUD 4.08 · Value 0.22 · Buy at or below 0.22; 2020-10 · Price AUD 4.16 · Value 0.22 · Buy at or below 0.22; 2020-11 · Price AUD 5.14 · Value 0.22 · Buy at or below 0.22; 2020-12 · Price AUD 5.97 · Value 0.22 · Buy at or below 0.22; 2021-01 · Price AUD 5.52 · Value 0.22 · Buy at or below 0.22; 2021-02 · Price AUD 5.54 · Value 1.28 · Buy at or below 1.28; 2021-03 · Price AUD 5.23 · Value 1.28 · Buy at or below 1.28; 2021-04 · Price AUD 6.18 · Value 1.28 · Buy at or below 1.28; 2021-05 · Price AUD 6.29 · Value 1.28 · Buy at or below 1.28; 2021-06 · Price AUD 6.51 · Value 1.28 · Buy at or below 1.28; 2021-07 · Price AUD 7.14 · Value 1.28 · Buy at or below 1.28; 2021-08 · Price AUD 6.77 · Value 1.28 · Buy at or below 1.28; 2021-09 · Price AUD 6.97 · Value 1.28 · Buy at or below 1.28; 2021-10 · Price AUD 6.62 · Value 1.28 · Buy at or below 1.28; 2021-11 · Price AUD 7.00 · Value 1.28 · Buy at or below 1.28; 2021-12 · Price AUD 7.01 · Value 1.28 · Buy at or below 1.28; 2022-01 · Price AUD 6.23 · Value 1.28 · Buy at or below 1.28; 2022-02 · Price AUD 6.53 · Value 1.23 · Buy at or below 1.23; 2022-03 · Price AUD 6.36 · Value 1.23 · Buy at or below 1.23; 2022-04 · Price AUD 7.08 · Value 1.23 · Buy at or below 1.23; 2022-05 · Price AUD 7.39 · Value 1.23 · Buy at or below 1.23; 2022-06 · Price AUD 7.38 · Value 1.23 · Buy at or below 1.23; 2022-07 · Price AUD 7.24 · Value 1.23 · Buy at or below 1.23; 2022-08 · Price AUD 8.18 · Value 1.23 · Buy at or below 1.23; 2022-09 · Price AUD 7.43 · Value 1.23 · Buy at or below 1.23; 2022-10 · Price AUD 6.67 · Value 1.23 · Buy at or below 1.23; 2022-11 · Price AUD 7.30 · Value 1.23 · Buy at or below 1.23; 2022-12 · Price AUD 7.75 · Value 1.23 · Buy at or below 1.23; 2023-01 · Price AUD 7.87 · Value 1.23 · Buy at or below 1.23; 2023-02 · Price AUD 7.60 · Value 1.00 · Buy at or below 1.00; 2023-03 · Price AUD 7.05 · Value 1.00 · Buy at or below 1.00; 2023-04 · Price AUD 7.72 · Value 1.00 · Buy at or below 1.00; 2023-05 · Price AUD 8.45 · Value 1.00 · Buy at or below 1.00; 2023-06 · Price AUD 8.45 · Value 1.00 · Buy at or below 1.00; 2023-07 · Price AUD 8.28 · Value 1.00 · Buy at or below 1.00; 2023-08 · Price AUD 8.32 · Value 1.00 · Buy at or below 1.00; 2023-09 · Price AUD 7.43 · Value 1.00 · Buy at or below 1.00; 2023-10 · Price AUD 7.24 · Value 1.00 · Buy at or below 1.00; 2023-11 · Price AUD 7.58 · Value 1.00 · Buy at or below 1.00; 2023-12 · Price AUD 7.39 · Value 1.00 · Buy at or below 1.00; 2024-01 · Price AUD 8.14 · Value 1.00 · Buy at or below 1.00; 2024-02 · Price AUD 7.32 · Value 4.15 · Buy at or below 4.15; 2024-03 · Price AUD 7.86 · Value 4.15 · Buy at or below 4.15; 2024-04 · Price AUD 7.45 · Value 4.15 · Buy at or below 4.15; 2024-05 · Price AUD 7.44 · Value 4.15 · Buy at or below 4.15; 2024-06 · Price AUD 7.35 · Value 4.15 · Buy at or below 4.15; 2024-07 · Price AUD 7.53 · Value 4.15 · Buy at or below 4.15; 2024-08 · Price AUD 6.26 · Value 4.15 · Buy at or below 4.15; 2024-09 · Price AUD 5.94 · Value 4.15 · Buy at or below 4.15; 2024-10 · Price AUD 5.78 · Value 4.15 · Buy at or below 4.15; 2024-11 · Price AUD 5.68 · Value 4.15 · Buy at or below 4.15; 2024-12 · Price AUD 5.48 · Value 4.15 · Buy at or below 4.15; 2025-01 · Price AUD 5.78 · Value 4.15 · Buy at or below 4.15; 2025-02 · Price AUD 6.68 · Value 5.19 · Buy at or below 5.19; 2025-03 · Price AUD 6.85 · Value 5.19 · Buy at or below 5.19; 2025-04 · Price AUD 6.84 · Value 5.19 · Buy at or below 5.19; 2025-05 · Price AUD 6.73 · Value 5.19 · Buy at or below 5.19; 2025-06 · Price AUD 7.08 · Value 5.19 · Buy at or below 5.19; 2025-07 · Price AUD 7.41 · Value 5.19 · Buy at or below 5.19; 2025-08 · Price AUD 7.68 · Value 5.19 · Buy at or below 5.19; 2025-09 · Price AUD 7.42 · Value 5.19 · Buy at or below 5.19; 2025-10 · Price AUD 7.54 · Value 5.19 · Buy at or below 5.19; 2025-11 · Price AUD 7.17 · Value 5.19 · Buy at or below 5.19; 2025-12 · Price AUD 6.86 · Value 5.19 · Buy at or below 5.19; 2026-01 · Price AUD 6.73 · Value 5.19 · Buy at or below 5.19; 2026-02 · Price AUD 6.41 · Value 5.61 · Buy at or below 5.61; 2026-03 · Price AUD 6.36 · Value 5.61 · Buy at or below 5.61; 2026-04 · Price AUD 6.65 · Value 5.61 · Buy at or below 5.61; 2026-05 · Price AUD 6.68 · Value 5.61 · Buy at or below 5.61; 2026-06 · Price AUD 7.06 · Value 5.61 · Buy at or below 5.61; 2026-07 · Price AUD 7.50 · Value 5.61 · Buy at or below 5.61; 2026-08 · Price AUD 6.80 · Value 5.61 · Buy at or below 5.61; 2026-09 · Price AUD 6.56 · Value 5.61 · Buy at or below 5.61; 2026-10 · Price AUD 6.59 · Value 5.61 · Buy at or below 5.61; 2026-10 · Price AUD 6.62 · Value 5.61 · Buy at or below 5.61

AUD per share · annual estimates

Price & return math
Value range	AUD 4.46 – AUD 7.43
Buy at or below	Central value AUD 5.58
Discount to value	1 − 6.62 / 5.58 = -18.7%
Return / year	About 9.4% a year at today's price (required return 10.0%)
Cash-flow inputs	Book AUD 1.39/share; ROE 25.0%; first payout AUD 0.22/share, growing 6.0% perpetually (4× book payout cap applied).
Required return	10.0% / year, earned by construction at the central value

Net incomeAUD 188M

Net income

Book / shareAUD 2.33

Book / share

Dividend / shareAUD 0.26

Dividend / share

Return on equity16.5%

Return on equity

Diluted shares488M

Diluted shares

Prices 15 Oct 2026 · FY2026