# Premier Investments (PMV.AU)

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

Analysis as of: 2026-10-16T07:42:36.889Z. Financial observations: FY1997–FY2026.

Listing currency: AUD. Reporting currency: AUD.

## 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 12.69 per share; close as of 2026-10-15.

Estimated value: low AUD 16.87 per share, central AUD 18.88 per share, high AUD 21.54 per share. Buy at or below the central value AUD 18.88 per share. Valuation as of 2026-10-16T07:42:36.889Z; scenarios are not confidence intervals.

Expected annual return: 14.4% at the stated quote. About 14.4% 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: fail

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 0

- Operating margin variation: 0.44×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.11×

- FY2018: 0.12×

- FY2019: 0.13×

- FY2020: 0.16×

- FY2021: 0.23×

- FY2022: 0.23×

- FY2023: 0.22×

- FY2024: 0.39×

- FY2025: 0.37×

- FY2026: 0.17×

### moat: fail

- Recent gross margin fell 34.2pp below the typical margin (limit 4pp)

- ROIC, median of available years: 15.8%

- ROIC, second-lowest year: 11.0%

- Typical minus recent gross margin: 34.2 pp

- Typical gross margin (annual median): 62.4%

- Recent gross margin (lower of latest and 3-year median): 28.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.7%

- ROIC including acquisitions, ten-year median: 19.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 11.0%

- FY2018: 11.0%

- FY2019: 13.7%

- FY2020: 15.8%

- FY2021: 26.6%

- FY2022: 24.2%

- FY2023: 19.0%

- FY2024: 14.9%

- FY2025: 30.7%

- FY2026: 15.8%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 1.26×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: AUD 1.6B

- Net income, five-year total: AUD 1.3B

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: 0.3 pp

- Working capital / revenue, change between three-year averages: 2.7 pp

- Working capital / revenue, final three-year average: 14.5%

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

- FY2022: 1.38×

- FY2023: 1.21×

- FY2024: 1.21×

- FY2025: 1.14×

- FY2026: 1.48×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 11.0% vs 15.8%

- Per-share earnings: 0.66 to 1.61 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.2%

- Ordinary dilution, 5-year annual growth: 0.3%

- Market cap gain: AUD 52M

- Cumulative retained earnings: AUD -287M

- Diluted shares, 10-year annual growth: 0.2%

- Diluted shares, 5-year annual growth: 0.3%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 11.8%

- Per-share value change: AUD 0.95

- Per-share value, starting three-year median: AUD 0.66

- Per-share value, ending three-year median: AUD 1.61

- Average buyback yield: 0.2%

- Buyback history: 1 years

- Debt-funded buybacks: No

- Acquisition spending: AUD 479M

- Cumulative net income, 10 years: AUD 2.0B

- ROIC, first three-year median: 11.0%

- ROIC, last three-year median: 15.8%

Chart: Earnings per share; fiscal year observations.

- FY2017: AUD 0.66

- FY2018: AUD 0.53

- FY2019: AUD 0.67

- FY2020: AUD 0.86

- FY2021: AUD 1.70

- FY2022: AUD 1.78

- FY2023: AUD 1.68

- FY2024: AUD 1.61

- FY2025: AUD 2.11

- FY2026: AUD 0.80

### accounting: pass

- Sloan accruals: -7.4%

- Receivables to sales index (DSRI): 0.42×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.82×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.31×

Chart: Sloan accruals; fiscal year observations.

- FY2017: 0.4%

- FY2018: -2.9%

- FY2019: -1.8%

- FY2020: -15.7%

- FY2021: -4.9%

- FY2022: -7.2%

- FY2023: -3.5%

- FY2024: -5.9%

- FY2025: 4.6%

- FY2026: -7.4%

## Holders

## Price story

Down 64% since Aug 2024 · sales -5.7%

Story as of 2026-10-16T10:00:12.406Z; price observation 2026-10-15.

Price needs cash profits to shrink 5% a year for ten years

### Sales · FY2025–2026

sales -5.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: AUD 1.1B 

- FY2018: AUD 1.2B 

- FY2019: AUD 1.3B 

- FY2020: AUD 1.2B 

- FY2021: AUD 1.4B 

- FY2022: AUD 1.5B 

- FY2023: AUD 1.6B 

- FY2024: AUD 823M 

- FY2025: AUD 853M 

- FY2026: AUD 805M 

### Gross margin · FY2026

gross margin 28.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: 63.3% 

- FY2018: 62.7% 

- FY2019: 62.0% 

- FY2020: 61.0% 

- FY2021: 64.3% 

- FY2022: 64.8% 

- FY2023: 62.2% 

- FY2024: 41.2% 

- FY2025: 67.1% 

- FY2026: 28.3% 

## Owner memo

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

### How it makes money

Operates in apparel retail; annual sales are AUD 804.6 million.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:36.889Z); FY2026: revenue 804552000; grossProfit 227386000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); PMV.AU: Premier Investments Limited operates various specialty retail fashion chains in Australia, New Zealand, Asia, and Europe. The company operates through two segments, Retail and Investment. It offers school, lifestyle, and stationery products under the Smiggle brand, as well as sleepwear under the Peter Alexander brand. The company sells its products through retail stores, as well as through wholesale and online channels. In addition, it invests in securities. The company was incorporated in 1987 and is based in Melbourne, Australia.

### Why customers stay

Margins ranged from 28.3% to 67.1% during 2024–26; it earns 15.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:36.889Z); FY2024: grossProfit / revenue = 41.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:36.889Z); FY2025: grossProfit / revenue = 67.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:36.889Z); FY2026: grossProfit / revenue = 28.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:36.889Z); 10-year return on capital observations [[2017,0.10964290576860994],[2018,0.11007500240960681],[2019,0.1371290967769148],[2020,0.15799815597217537],[2021,0.2656466943432785],[2022,0.24227306454119954],[2023,0.18996206658703418],[2024,0.14948807982537837],[2025,0.3071689595309637],[2026,0.1581818207078527]]; median 0.15808998834001403. 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 4.6 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:36.889Z); FY2017: growth capex 5472131.43642056; upkeep 100161868.56357944; owner earnings 30505131.43642056. Growth capex / owner earnings = 0.1793839652133836.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:36.889Z); FY2018: growth capex 13771754.646002606; upkeep 39400245.353997394; owner earnings 73141754.6460026. Growth capex / owner earnings = 0.18828854616157706.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:36.889Z); FY2019: growth capex 0; upkeep 19618000; owner earnings 118128000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:36.889Z); FY2020: growth capex 0; upkeep 7589000; owner earnings 285772200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:36.889Z); FY2021: growth capex 0; upkeep 3033000; owner earnings 399568000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:36.889Z); FY2022: growth capex 0; upkeep 8874000; owner earnings 394619800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:36.889Z); FY2023: growth capex 0; upkeep 16451000; owner earnings 328782600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:36.889Z); FY2024: growth capex 0; upkeep 28739000; owner earnings 313370600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:36.889Z); FY2025: growth capex 0; upkeep 31064000; owner earnings 384566000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:36.889Z); FY2026: growth capex 0; upkeep 14464000; owner earnings 190833999. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:36.889Z); Dividend observations: [[2017,80352000],[2018,88468000],[2019,104483000],[2020,58636000],[2021,165171000],[2022,146274000],[2023,237244000],[2024,196244000],[2025,111761000],[2026,79940000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:36.889Z); FY2026: cash repurchases 4565000 AUD.

### Are managers owners

Insiders own 42.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); PMV.AU SharesStats.PercentInsiders = 42.603 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 5% yearly over ten years; actual growth was 6.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:36.889Z); Ten-year compound average after fade. Initial solved rate -0.08305223543541546. Price 12.69; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 0.601961818334707 → FY2026 1.1777310191050963. Closing-price date 2026-10-15.

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

- 2016-10: AUD 14.19 per share

- 2016-11: AUD 13.78 per share

- 2016-12: AUD 14.44 per share

- 2017-01: AUD 12.90 per share

- 2017-02: AUD 13.45 per share

- 2017-03: AUD 14.32 per share

- 2017-04: AUD 13.12 per share

- 2017-05: AUD 12.41 per share

- 2017-06: AUD 12.67 per share

- 2017-07: AUD 13.65 per share

- 2017-08: AUD 12.66 per share

- 2017-09: AUD 13.01 per share

- 2017-10: AUD 13.24 per share

- 2017-11: AUD 14.41 per share

- 2017-12: AUD 14.85 per share

- 2018-01: AUD 14.72 per share

- 2018-02: AUD 13.65 per share

- 2018-03: AUD 15.79 per share

- 2018-04: AUD 15.75 per share

- 2018-05: AUD 15.89 per share

- 2018-06: AUD 16.88 per share

- 2018-07: AUD 17.37 per share

- 2018-08: AUD 19.65 per share

- 2018-09: AUD 18.50 per share

- 2018-10: AUD 16.42 per share

- 2018-11: AUD 16.71 per share

- 2018-12: AUD 14.71 per share

- 2019-01: AUD 13.82 per share

- 2019-02: AUD 16.44 per share

- 2019-03: AUD 16.26 per share

- 2019-04: AUD 17.08 per share

- 2019-05: AUD 17.26 per share

- 2019-06: AUD 15.17 per share

- 2019-07: AUD 15.76 per share

- 2019-08: AUD 14.86 per share

- 2019-09: AUD 19.36 per share

- 2019-10: AUD 19.18 per share

- 2019-11: AUD 19.64 per share

- 2019-12: AUD 18.76 per share

- 2020-01: AUD 19.89 per share

- 2020-02: AUD 16.86 per share

- 2020-03: AUD 12.39 per share

- 2020-04: AUD 15.55 per share

- 2020-05: AUD 16.56 per share

- 2020-06: AUD 17.25 per share

- 2020-07: AUD 16.76 per share

- 2020-08: AUD 18.92 per share

- 2020-09: AUD 20.56 per share

- 2020-10: AUD 21.35 per share

- 2020-11: AUD 22.70 per share

- 2020-12: AUD 23.51 per share

- 2021-01: AUD 22.43 per share

- 2021-02: AUD 21.10 per share

- 2021-03: AUD 26.03 per share

- 2021-04: AUD 26.29 per share

- 2021-05: AUD 26.63 per share

- 2021-06: AUD 28.55 per share

- 2021-07: AUD 26.84 per share

- 2021-08: AUD 28.45 per share

- 2021-09: AUD 30.36 per share

- 2021-10: AUD 30.58 per share

- 2021-11: AUD 30.73 per share

- 2021-12: AUD 30.32 per share

- 2022-01: AUD 28.80 per share

- 2022-02: AUD 27.57 per share

- 2022-03: AUD 27.50 per share

- 2022-04: AUD 25.47 per share

- 2022-05: AUD 22.44 per share

- 2022-06: AUD 19.27 per share

- 2022-07: AUD 21.04 per share

- 2022-08: AUD 21.28 per share

- 2022-09: AUD 22.55 per share

- 2022-10: AUD 25.03 per share

- 2022-11: AUD 25.37 per share

- 2022-12: AUD 24.84 per share

- 2023-01: AUD 27.74 per share

- 2023-02: AUD 27.34 per share

- 2023-03: AUD 26.09 per share

- 2023-04: AUD 26.04 per share

- 2023-05: AUD 22.41 per share

- 2023-06: AUD 20.26 per share

- 2023-07: AUD 22.12 per share

- 2023-08: AUD 25.69 per share

- 2023-09: AUD 25.00 per share

- 2023-10: AUD 22.71 per share

- 2023-11: AUD 24.42 per share

- 2023-12: AUD 27.59 per share

- 2024-01: AUD 28.14 per share

- 2024-02: AUD 30.19 per share

- 2024-03: AUD 32.81 per share

- 2024-04: AUD 30.20 per share

- 2024-05: AUD 30.06 per share

- 2024-06: AUD 31.15 per share

- 2024-07: AUD 33.14 per share

- 2024-08: AUD 35.29 per share

- 2024-09: AUD 30.80 per share

- 2024-10: AUD 33.75 per share

- 2024-11: AUD 34.69 per share

- 2024-12: AUD 32.13 per share

- 2025-01: AUD 23.88 per share

- 2025-02: AUD 22.70 per share

- 2025-03: AUD 19.93 per share

- 2025-04: AUD 20.89 per share

- 2025-05: AUD 20.46 per share

- 2025-06: AUD 20.23 per share

- 2025-07: AUD 21.18 per share

- 2025-08: AUD 22.34 per share

- 2025-09: AUD 19.25 per share

- 2025-10: AUD 17.81 per share

- 2025-11: AUD 17.90 per share

- 2025-12: AUD 13.79 per share

- 2026-01: AUD 13.39 per share

- 2026-02: AUD 13.44 per share

- 2026-03: AUD 12.52 per share

- 2026-04: AUD 12.29 per share

- 2026-05: AUD 12.53 per share

- 2026-06: AUD 14.94 per share

- 2026-07: AUD 13.69 per share

- 2026-08: AUD 11.55 per share

- 2026-09: AUD 12.14 per share

- 2026-10: AUD 12.45 per share

## Annual estimated value (AUD per share)

- FY2017: low AUD 7.27 per share, central AUD 8.13 per share, high AUD 9.28 per share

- FY2018: low AUD 6.36 per share, central AUD 7.40 per share, high AUD 8.45 per share

- FY2019: low AUD 8.75 per share, central AUD 10.29 per share, high AUD 11.79 per share

- FY2020: low AUD 10.38 per share, central AUD 11.70 per share, high AUD 13.18 per share

- FY2021: low AUD 12.36 per share, central AUD 13.63 per share, high AUD 15.31 per share

- FY2022: low AUD 26.72 per share, central AUD 30.02 per share, high AUD 34.42 per share

- FY2023: low AUD 28.57 per share, central AUD 32.18 per share, high AUD 36.99 per share

- FY2024: low AUD 17.23 per share, central AUD 19.27 per share, high AUD 21.98 per share

- FY2025: low AUD 18.18 per share, central AUD 20.40 per share, high AUD 23.36 per share

- FY2026: low AUD 16.62 per share, central AUD 18.59 per share, high AUD 21.21 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

Prior published observations retained from 2026-10-15T06:48:24.731Z where newer inputs omit a numeric field or fiscal period.

## 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.

Premier Investments

PMV · AU

S&P/ASX 200

Not a wonderful business

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

Share price: AUD 12.69
Buy up to: AUD 18.88
Expected / yr: 14.4% 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

Margins varied 44% around their average (limit 35%).

Operating margin

10y median: 19.3%
Worst year: 11.2%
Latest · 2026: 16.7%

Gross margin fell 34.2 percentage points (limit 4).

ROIC excluding acquisitions

10y median: 15.8%
Worst year: 11.0%
Latest · 2026: 15.8%

New investment earned 0% (minimum 12%).

Annual owner cash / profit

Five-year totals: 1.26×
Annual median: 1.21×
Latest · 2026: 1.48×

Per-share value rose from 0.66 to 1.61, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: AUD 1.24
Worst year: AUD 0.53
Latest · 2026: AUD 0.80

Profits were backed by cash: accruals were -7.4% of assets (limit 10%).

Sloan accruals

10y median: -4.2%
Worst year: 4.6%
Latest · 2026: -7.4%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 21.2%, three-year average owner earnings per share 1.85 AUD.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price AUD 14.19; 2016-11 · Price AUD 13.78; 2016-12 · Price AUD 14.44; 2017-01 · Price AUD 12.90 · Value 8.13 · Buy at or below 8.13; 2017-02 · Price AUD 13.45 · Value 8.13 · Buy at or below 8.13; 2017-03 · Price AUD 14.32 · Value 8.13 · Buy at or below 8.13; 2017-04 · Price AUD 13.12 · Value 8.13 · Buy at or below 8.13; 2017-05 · Price AUD 12.41 · Value 8.13 · Buy at or below 8.13; 2017-06 · Price AUD 12.67 · Value 8.13 · Buy at or below 8.13; 2017-07 · Price AUD 13.65 · Value 8.13 · Buy at or below 8.13; 2017-08 · Price AUD 12.66 · Value 8.13 · Buy at or below 8.13; 2017-09 · Price AUD 13.01 · Value 8.13 · Buy at or below 8.13; 2017-10 · Price AUD 13.24 · Value 8.13 · Buy at or below 8.13; 2017-11 · Price AUD 14.41 · Value 8.13 · Buy at or below 8.13; 2017-12 · Price AUD 14.85 · Value 8.13 · Buy at or below 8.13; 2018-01 · Price AUD 14.72 · Value 8.13 · Buy at or below 8.13; 2018-02 · Price AUD 13.65 · Value 7.40 · Buy at or below 7.40; 2018-03 · Price AUD 15.79 · Value 7.40 · Buy at or below 7.40; 2018-04 · Price AUD 15.75 · Value 7.40 · Buy at or below 7.40; 2018-05 · Price AUD 15.89 · Value 7.40 · Buy at or below 7.40; 2018-06 · Price AUD 16.88 · Value 7.40 · Buy at or below 7.40; 2018-07 · Price AUD 17.37 · Value 7.40 · Buy at or below 7.40; 2018-08 · Price AUD 19.65 · Value 7.40 · Buy at or below 7.40; 2018-09 · Price AUD 18.50 · Value 7.40 · Buy at or below 7.40; 2018-10 · Price AUD 16.42 · Value 7.40 · Buy at or below 7.40; 2018-11 · Price AUD 16.71 · Value 7.40 · Buy at or below 7.40; 2018-12 · Price AUD 14.71 · Value 7.40 · Buy at or below 7.40; 2019-01 · Price AUD 13.82 · Value 7.40 · Buy at or below 7.40; 2019-02 · Price AUD 16.44 · Value 10.29 · Buy at or below 10.29; 2019-03 · Price AUD 16.26 · Value 10.29 · Buy at or below 10.29; 2019-04 · Price AUD 17.08 · Value 10.29 · Buy at or below 10.29; 2019-05 · Price AUD 17.26 · Value 10.29 · Buy at or below 10.29; 2019-06 · Price AUD 15.17 · Value 10.29 · Buy at or below 10.29; 2019-07 · Price AUD 15.76 · Value 10.29 · Buy at or below 10.29; 2019-08 · Price AUD 14.86 · Value 10.29 · Buy at or below 10.29; 2019-09 · Price AUD 19.36 · Value 10.29 · Buy at or below 10.29; 2019-10 · Price AUD 19.18 · Value 10.29 · Buy at or below 10.29; 2019-11 · Price AUD 19.64 · Value 10.29 · Buy at or below 10.29; 2019-12 · Price AUD 18.76 · Value 10.29 · Buy at or below 10.29; 2020-01 · Price AUD 19.89 · Value 10.29 · Buy at or below 10.29; 2020-02 · Price AUD 16.86 · Value 11.70 · Buy at or below 11.70; 2020-03 · Price AUD 12.39 · Value 11.70 · Buy at or below 11.70; 2020-04 · Price AUD 15.55 · Value 11.70 · Buy at or below 11.70; 2020-05 · Price AUD 16.56 · Value 11.70 · Buy at or below 11.70; 2020-06 · Price AUD 17.25 · Value 11.70 · Buy at or below 11.70; 2020-07 · Price AUD 16.76 · Value 11.70 · Buy at or below 11.70; 2020-08 · Price AUD 18.92 · Value 11.70 · Buy at or below 11.70; 2020-09 · Price AUD 20.56 · Value 11.70 · Buy at or below 11.70; 2020-10 · Price AUD 21.35 · Value 11.70 · Buy at or below 11.70; 2020-11 · Price AUD 22.70 · Value 11.70 · Buy at or below 11.70; 2020-12 · Price AUD 23.51 · Value 11.70 · Buy at or below 11.70; 2021-01 · Price AUD 22.43 · Value 11.70 · Buy at or below 11.70; 2021-02 · Price AUD 21.10 · Value 13.63 · Buy at or below 13.63; 2021-03 · Price AUD 26.03 · Value 13.63 · Buy at or below 13.63; 2021-04 · Price AUD 26.29 · Value 13.63 · Buy at or below 13.63; 2021-05 · Price AUD 26.63 · Value 13.63 · Buy at or below 13.63; 2021-06 · Price AUD 28.55 · Value 13.63 · Buy at or below 13.63; 2021-07 · Price AUD 26.84 · Value 13.63 · Buy at or below 13.63; 2021-08 · Price AUD 28.45 · Value 13.63 · Buy at or below 13.63; 2021-09 · Price AUD 30.36 · Value 13.63 · Buy at or below 13.63; 2021-10 · Price AUD 30.58 · Value 13.63 · Buy at or below 13.63; 2021-11 · Price AUD 30.73 · Value 13.63 · Buy at or below 13.63; 2021-12 · Price AUD 30.32 · Value 13.63 · Buy at or below 13.63; 2022-01 · Price AUD 28.80 · Value 13.63 · Buy at or below 13.63; 2022-02 · Price AUD 27.57 · Value 30.02 · Buy at or below 30.02; 2022-03 · Price AUD 27.50 · Value 30.02 · Buy at or below 30.02; 2022-04 · Price AUD 25.47 · Value 30.02 · Buy at or below 30.02; 2022-05 · Price AUD 22.44 · Value 30.02 · Buy at or below 30.02; 2022-06 · Price AUD 19.27 · Value 30.02 · Buy at or below 30.02; 2022-07 · Price AUD 21.04 · Value 30.02 · Buy at or below 30.02; 2022-08 · Price AUD 21.28 · Value 30.02 · Buy at or below 30.02; 2022-09 · Price AUD 22.55 · Value 30.02 · Buy at or below 30.02; 2022-10 · Price AUD 25.03 · Value 30.02 · Buy at or below 30.02; 2022-11 · Price AUD 25.37 · Value 30.02 · Buy at or below 30.02; 2022-12 · Price AUD 24.84 · Value 30.02 · Buy at or below 30.02; 2023-01 · Price AUD 27.74 · Value 30.02 · Buy at or below 30.02; 2023-02 · Price AUD 27.34 · Value 32.18 · Buy at or below 32.18; 2023-03 · Price AUD 26.09 · Value 32.18 · Buy at or below 32.18; 2023-04 · Price AUD 26.04 · Value 32.18 · Buy at or below 32.18; 2023-05 · Price AUD 22.41 · Value 32.18 · Buy at or below 32.18; 2023-06 · Price AUD 20.26 · Value 32.18 · Buy at or below 32.18; 2023-07 · Price AUD 22.12 · Value 32.18 · Buy at or below 32.18; 2023-08 · Price AUD 25.69 · Value 32.18 · Buy at or below 32.18; 2023-09 · Price AUD 25.00 · Value 32.18 · Buy at or below 32.18; 2023-10 · Price AUD 22.71 · Value 32.18 · Buy at or below 32.18; 2023-11 · Price AUD 24.42 · Value 32.18 · Buy at or below 32.18; 2023-12 · Price AUD 27.59 · Value 32.18 · Buy at or below 32.18; 2024-01 · Price AUD 28.14 · Value 32.18 · Buy at or below 32.18; 2024-02 · Price AUD 30.19 · Value 19.27 · Buy at or below 19.27; 2024-03 · Price AUD 32.81 · Value 19.27 · Buy at or below 19.27; 2024-04 · Price AUD 30.20 · Value 19.27 · Buy at or below 19.27; 2024-05 · Price AUD 30.06 · Value 19.27 · Buy at or below 19.27; 2024-06 · Price AUD 31.15 · Value 19.27 · Buy at or below 19.27; 2024-07 · Price AUD 33.14 · Value 19.27 · Buy at or below 19.27; 2024-08 · Price AUD 35.29 · Value 19.27 · Buy at or below 19.27; 2024-09 · Price AUD 30.80 · Value 19.27 · Buy at or below 19.27; 2024-10 · Price AUD 33.75 · Value 19.27 · Buy at or below 19.27; 2024-11 · Price AUD 34.69 · Value 19.27 · Buy at or below 19.27; 2024-12 · Price AUD 32.13 · Value 19.27 · Buy at or below 19.27; 2025-01 · Price AUD 23.88 · Value 19.27 · Buy at or below 19.27; 2025-02 · Price AUD 22.70 · Value 20.40 · Buy at or below 20.40; 2025-03 · Price AUD 19.93 · Value 20.40 · Buy at or below 20.40; 2025-04 · Price AUD 20.89 · Value 20.40 · Buy at or below 20.40; 2025-05 · Price AUD 20.46 · Value 20.40 · Buy at or below 20.40; 2025-06 · Price AUD 20.23 · Value 20.40 · Buy at or below 20.40; 2025-07 · Price AUD 21.18 · Value 20.40 · Buy at or below 20.40; 2025-08 · Price AUD 22.34 · Value 20.40 · Buy at or below 20.40; 2025-09 · Price AUD 19.25 · Value 20.40 · Buy at or below 20.40; 2025-10 · Price AUD 17.81 · Value 20.40 · Buy at or below 20.40; 2025-11 · Price AUD 17.90 · Value 20.40 · Buy at or below 20.40; 2025-12 · Price AUD 13.79 · Value 20.40 · Buy at or below 20.40; 2026-01 · Price AUD 13.39 · Value 20.40 · Buy at or below 20.40; 2026-02 · Price AUD 13.44 · Value 18.59 · Buy at or below 18.59; 2026-03 · Price AUD 12.52 · Value 18.59 · Buy at or below 18.59; 2026-04 · Price AUD 12.29 · Value 18.59 · Buy at or below 18.59; 2026-05 · Price AUD 12.53 · Value 18.59 · Buy at or below 18.59; 2026-06 · Price AUD 14.94 · Value 18.59 · Buy at or below 18.59; 2026-07 · Price AUD 13.69 · Value 18.59 · Buy at or below 18.59; 2026-08 · Price AUD 11.55 · Value 18.59 · Buy at or below 18.59; 2026-09 · Price AUD 12.14 · Value 18.59 · Buy at or below 18.59; 2026-10 · Price AUD 12.45 · Value 18.59 · Buy at or below 18.59; 2026-10 · Price AUD 12.69 · Value 18.59 · Buy at or below 18.59

AUD per share · annual estimates

Price & return math
Value range	AUD 16.87 – AUD 21.54
Buy at or below	Central value AUD 18.88
Discount to value	1 − 12.69 / 18.88 = 32.8%
Return / year	About 14.4% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash AUD 1.33/share; 0.0% growth for 5 years, then fades to 3.0%; excess cash AUD 2.35/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueAUD 805M

Revenue

Owner earningsAUD 191M

Owner earnings

Operating margin16.7%

Operating margin

Net cash / debtAUD 171M

Net cash / debt

Diluted shares162M

Diluted shares

Prices 15 Oct 2026 · FY2026