# Perpetual (PPT.AU)

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

Analysis as of: 2026-10-16T07:42:44.048Z. Financial observations: FY1997–FY2026.

Listing currency: AUD. Reporting currency: AUD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: AUD 17.07 per share; close as of 2026-10-15.

Estimated value: low AUD 15.24 per share, central AUD 16.70 per share, high AUD 18.65 per share. Buy at or below the central value AUD 16.70 per share. Valuation as of 2026-10-16T07:42:44.048Z; scenarios are not confidence intervals.

Expected annual return: 9.8% at the stated quote. About 9.8% 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: fail

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 2

- Operating margin variation: 0.52×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.43×

- FY2018: 0.38×

- FY2019: 0.33×

- FY2020: 0.32×

- FY2021: 0.14×

- FY2022: 0.26×

- FY2023: 0.17×

- FY2024: 0.12×

- FY2025: 0.08×

- FY2026: 0.10×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

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

- ROIC, median of available years: 18.0%

- ROIC, second-lowest year: 9.3%

- Typical minus recent gross margin: -4.9 pp

- Typical gross margin (annual median): 69.6%

- Recent gross margin (lower of latest and 3-year median): 74.5%

- Years with nonpositive capital: 1

- Capital spending / revenue: 2.4%

- ROIC including acquisitions, ten-year median: 12.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 39.4%

- FY2018: 33.6%

- FY2019: 70.1%

- FY2020: 14.8%

- FY2021: 21.2%

- FY2022: 52.8%

- FY2023: 9.4%

- FY2024: 9.3%

- FY2025: 5.3%

- FY2026: 10.9%

### economics: fail

- incremental invested capital return below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: AUD 8.7M

- Net income, five-year total: AUD -281M

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: 1.3 pp

- Working capital / revenue, change between three-year averages: 4.2 pp

- Working capital / revenue, final three-year average: 12.6%

Chart: Owner earnings · five years; fiscal year observations.

- FY2022: AUD 124M

- FY2023: AUD 99M

- FY2024: AUD -416M

- FY2025: AUD 12M

- FY2026: AUD 190M

### management: fail

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

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 39.4% vs 9.3%

- Per-share earnings: 2.94 to -0.50 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- five-year and ten-year diluted share growth both above threshold

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 9.7%

- Ordinary dilution, 5-year annual growth: 15.5%

- Market cap gain: AUD -790M

- Cumulative retained earnings: AUD -950M

- Diluted shares, 10-year annual growth: 9.7%

- Diluted shares, 5-year annual growth: 15.5%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value change: AUD -3.44

- Per-share value, starting three-year median: AUD 2.94

- Per-share value, ending three-year median: AUD -0.50

- Buybacks concentrated in cheaper years (correlation): 0.68

- Average buyback yield: 0.3%

- Buyback history: 7 years

- Debt-funded buybacks: Yes

- Acquisition spending: AUD 4.0B

- Cumulative net income, 10 years: AUD 269M

- ROIC, first three-year median: 39.4%

- ROIC, last three-year median: 9.3%

Chart: Earnings per share; fiscal year observations.

- FY2017: AUD 2.94

- FY2018: AUD 2.99

- FY2019: AUD 2.45

- FY2020: AUD 1.49

- FY2021: AUD 1.31

- FY2022: AUD 1.74

- FY2023: AUD 0.51

- FY2024: AUD -4.20

- FY2025: AUD -0.50

- FY2026: AUD 0.76

### accounting: pass

- Sloan accruals: -5.6%

- Receivables to sales index (DSRI): 0.84×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 3.06×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.98×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -1.8%

- FY2018: -0.3%

- FY2019: -1.5%

- FY2020: -5.8%

- FY2021: -2.8%

- FY2022: -4.0%

- FY2023: -1.9%

- FY2024: -22.6%

- FY2025: -8.1%

- FY2026: -5.6%

## Holders

## Price story

Down 55% since Oct 2021 · sales -14.5%

Story as of 2026-10-16T10:00:12.468Z; price observation 2026-10-15.

Price needs cash profits to grow 1.3% a year for ten years

### Sales · FY2025–2026

sales -14.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: AUD 504M 

- FY2018: AUD 527M 

- FY2019: AUD 509M 

- FY2020: AUD 484M 

- FY2021: AUD 623M 

- FY2022: AUD 774M 

- FY2023: AUD 996M 

- FY2024: AUD 1.4B 

- FY2025: AUD 1.3B 

- FY2026: AUD 1.2B 

### Gross margin · FY2026

gross margin 74.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: 64.8% 

- FY2018: 63.5% 

- FY2019: 63.5% 

- FY2020: 57.4% 

- FY2021: 49.8% 

- FY2022: 92.0% 

- FY2023: 88.3% 

- FY2024: 94.8% 

- FY2026: 74.5% 

## Owner memo

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

### How it makes money

Operates in asset management; annual sales are AUD 1.2 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:44.048Z); FY2026: revenue 1152600000; grossProfit 858700000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 74.5% to 100% during 2024–26; it earns 18% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:44.048Z); FY2024: grossProfit / revenue = 94.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:44.048Z); FY2025: grossProfit / revenue = 100%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:44.048Z); FY2026: grossProfit / revenue = 74.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:44.048Z); 10-year return on capital observations [[2017,0.39385344337431943],[2018,0.3362196308667139],[2019,0.7009107707889706],[2020,0.1478533052908897],[2021,0.2124120470507913],[2022,0.5284867950846356],[2023,0.09407223918971658],[2024,0.09338237425713872],[2025,0.05346018963501754],[2026,0.10943396226415095]]; median 0.1801326761708405. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:44.048Z); FY2017: growth capex 0; upkeep 12467000; owner earnings 144036000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:44.048Z); FY2018: growth capex 0; upkeep 15907000; owner earnings 142684000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:44.048Z); FY2019: growth capex 0; upkeep 20002000; owner earnings 115952000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:44.048Z); FY2020: growth capex 0; upkeep 13616000; owner earnings 84037399. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:44.048Z); FY2021: growth capex 0; upkeep 13700000; owner earnings 88236200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:44.048Z); FY2022: growth capex 0; upkeep 15000000; owner earnings 124440000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:44.048Z); FY2023: growth capex 0; upkeep 25400000; owner earnings 98620000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:44.048Z); FY2025: growth capex 0; upkeep 20700000; owner earnings 11940000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:44.048Z); FY2026: growth capex 0; upkeep 15800000; owner earnings 190100000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:44.048Z); Dividend observations: [[2017,121094000],[2018,125750000],[2019,123422000],[2020,105250000],[2021,72400000],[2022,112400000],[2023,131600000],[2024,141800000],[2025,126700000],[2026,126500000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); PPT.AU SharesStats.PercentInsiders = 1.9720000000000002 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 1.3% yearly over ten years; actual decline was 5.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:44.048Z); Ten-year compound average after fade. Initial solved rate 0.005390774031630163. Price 17.07; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 2.8215755186010627 → FY2026 1.616284942277967. Closing-price date 2026-10-15.

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

- 2016-10: AUD 45.24 per share

- 2016-11: AUD 47.57 per share

- 2016-12: AUD 48.76 per share

- 2017-01: AUD 46.80 per share

- 2017-02: AUD 51.76 per share

- 2017-03: AUD 52.15 per share

- 2017-04: AUD 52.78 per share

- 2017-05: AUD 53.16 per share

- 2017-06: AUD 55.87 per share

- 2017-07: AUD 50.48 per share

- 2017-08: AUD 54.94 per share

- 2017-09: AUD 51.82 per share

- 2017-10: AUD 48.48 per share

- 2017-11: AUD 48.50 per share

- 2017-12: AUD 48.35 per share

- 2018-01: AUD 52.38 per share

- 2018-02: AUD 51.87 per share

- 2018-03: AUD 46.55 per share

- 2018-04: AUD 40.29 per share

- 2018-05: AUD 38.40 per share

- 2018-06: AUD 41.60 per share

- 2018-07: AUD 43.62 per share

- 2018-08: AUD 43.89 per share

- 2018-09: AUD 42.57 per share

- 2018-10: AUD 34.65 per share

- 2018-11: AUD 35.41 per share

- 2018-12: AUD 32.48 per share

- 2019-01: AUD 32.69 per share

- 2019-02: AUD 41.09 per share

- 2019-03: AUD 38.68 per share

- 2019-04: AUD 40.92 per share

- 2019-05: AUD 40.01 per share

- 2019-06: AUD 42.24 per share

- 2019-07: AUD 39.51 per share

- 2019-08: AUD 35.55 per share

- 2019-09: AUD 37.44 per share

- 2019-10: AUD 35.93 per share

- 2019-11: AUD 39.73 per share

- 2019-12: AUD 41.12 per share

- 2020-01: AUD 42.70 per share

- 2020-02: AUD 38.36 per share

- 2020-03: AUD 25.23 per share

- 2020-04: AUD 30.10 per share

- 2020-05: AUD 31.27 per share

- 2020-06: AUD 29.67 per share

- 2020-07: AUD 30.33 per share

- 2020-08: AUD 31.00 per share

- 2020-09: AUD 27.97 per share

- 2020-10: AUD 27.20 per share

- 2020-11: AUD 33.47 per share

- 2020-12: AUD 34.76 per share

- 2021-01: AUD 32.27 per share

- 2021-02: AUD 30.66 per share

- 2021-03: AUD 32.99 per share

- 2021-04: AUD 34.65 per share

- 2021-05: AUD 37.72 per share

- 2021-06: AUD 40.05 per share

- 2021-07: AUD 37.52 per share

- 2021-08: AUD 42.27 per share

- 2021-09: AUD 38.23 per share

- 2021-10: AUD 37.66 per share

- 2021-11: AUD 34.33 per share

- 2021-12: AUD 35.97 per share

- 2022-01: AUD 32.70 per share

- 2022-02: AUD 35.19 per share

- 2022-03: AUD 34.75 per share

- 2022-04: AUD 32.99 per share

- 2022-05: AUD 32.59 per share

- 2022-06: AUD 28.88 per share

- 2022-07: AUD 30.30 per share

- 2022-08: AUD 27.42 per share

- 2022-09: AUD 23.59 per share

- 2022-10: AUD 24.90 per share

- 2022-11: AUD 25.00 per share

- 2022-12: AUD 24.60 per share

- 2023-01: AUD 25.53 per share

- 2023-02: AUD 24.39 per share

- 2023-03: AUD 21.96 per share

- 2023-04: AUD 24.53 per share

- 2023-05: AUD 24.74 per share

- 2023-06: AUD 25.88 per share

- 2023-07: AUD 24.66 per share

- 2023-08: AUD 21.07 per share

- 2023-09: AUD 20.95 per share

- 2023-10: AUD 19.15 per share

- 2023-11: AUD 22.53 per share

- 2023-12: AUD 25.48 per share

- 2024-01: AUD 26.00 per share

- 2024-02: AUD 24.02 per share

- 2024-03: AUD 25.09 per share

- 2024-04: AUD 23.83 per share

- 2024-05: AUD 21.65 per share

- 2024-06: AUD 21.31 per share

- 2024-07: AUD 22.17 per share

- 2024-08: AUD 19.65 per share

- 2024-09: AUD 18.62 per share

- 2024-10: AUD 20.26 per share

- 2024-11: AUD 21.68 per share

- 2024-12: AUD 19.89 per share

- 2025-01: AUD 21.45 per share

- 2025-02: AUD 19.81 per share

- 2025-03: AUD 19.36 per share

- 2025-04: AUD 16.56 per share

- 2025-05: AUD 17.70 per share

- 2025-06: AUD 18.06 per share

- 2025-07: AUD 21.02 per share

- 2025-08: AUD 21.73 per share

- 2025-09: AUD 18.73 per share

- 2025-10: AUD 19.19 per share

- 2025-11: AUD 19.19 per share

- 2025-12: AUD 18.66 per share

- 2026-01: AUD 18.11 per share

- 2026-02: AUD 18.54 per share

- 2026-03: AUD 15.86 per share

- 2026-04: AUD 16.57 per share

- 2026-05: AUD 15.90 per share

- 2026-06: AUD 15.50 per share

- 2026-07: AUD 18.96 per share

- 2026-08: AUD 19.07 per share

- 2026-09: AUD 17.21 per share

- 2026-10: AUD 17.27 per share

## Annual estimated value (AUD per share)

- FY2017: low AUD 35.82 per share, central AUD 39.84 per share, high AUD 45.19 per share

- FY2018: low AUD 39.50 per share, central AUD 44.04 per share, high AUD 50.08 per share

- FY2019: low AUD 45.80 per share, central AUD 60.80 per share, high AUD 70.24 per share

- FY2020: low AUD 32.91 per share, central AUD 36.47 per share, high AUD 41.21 per share

- FY2021: low AUD 32.32 per share, central AUD 36.05 per share, high AUD 41.03 per share

- FY2022: low AUD 31.22 per share, central AUD 34.71 per share, high AUD 39.35 per share

- FY2023: low AUD 18.68 per share, central AUD 20.78 per share, high AUD 23.56 per share

- FY2024: low AUD 20.39 per share, central AUD 22.96 per share, high AUD 26.38 per share

- FY2025: low AUD 15.30 per share, central AUD 17.04 per share, high AUD 19.34 per share

- FY2026: low AUD 15.24 per share, central AUD 16.70 per share, high AUD 18.65 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.

Perpetual

PPT · AU

S&P/ASX 200

Not a wonderful business

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

Share price: AUD 17.07
Buy up to: AUD 16.70
Expected / yr: 9.8% 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

Margins varied 51.7% around their average (limit 35%).

Operating margin

10y median: 21.4%
Worst year: 7.7%
Latest · 2026: 10.1%

The second-worst year 9.3% (minimum 10%).

ROIC excluding acquisitions

10y median: 18.0%
Worst year: 5.3%
Latest · 2026: 10.9%

New investment earned 0% (minimum 12%).

Owner earnings · five years

5y median: AUD 99M
Worst year: AUD -416M
Latest · 2026: AUD 190M

Per-share value fell from 2.94 to -0.5, comparing three-year medians at each end (must rise and stay positive), and share growth was 9.7% over ten years and 15.5% over five (either must be at most 1% a year), and acquisitions used 1475.8% of profits (limit 50%) while returns fell to 9.3% (minimum 15% and two-thirds of their starting level).

Earnings per share

10y median: AUD 1.40
Worst year: AUD -4.20
Latest · 2026: AUD 0.76

Profits were backed by cash: accruals were -5.6% of assets (limit 10%).

Sloan accruals

10y median: -3.4%
Worst year: -0.3%
Latest · 2026: -5.6%

Profit record · fail 2 loss years in 10 (at most 2), mean operating margin 23.3%, three-year average owner earnings per share -0.66 AUD. Three-year average owner earnings per share is not positive.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price AUD 45.24; 2016-11 · Price AUD 47.57; 2016-12 · Price AUD 48.76; 2017-01 · Price AUD 46.80 · Value 39.84 · Buy at or below 39.84; 2017-02 · Price AUD 51.76 · Value 39.84 · Buy at or below 39.84; 2017-03 · Price AUD 52.15 · Value 39.84 · Buy at or below 39.84; 2017-04 · Price AUD 52.78 · Value 39.84 · Buy at or below 39.84; 2017-05 · Price AUD 53.16 · Value 39.84 · Buy at or below 39.84; 2017-06 · Price AUD 55.87 · Value 39.84 · Buy at or below 39.84; 2017-07 · Price AUD 50.48 · Value 39.84 · Buy at or below 39.84; 2017-08 · Price AUD 54.94 · Value 39.84 · Buy at or below 39.84; 2017-09 · Price AUD 51.82 · Value 39.84 · Buy at or below 39.84; 2017-10 · Price AUD 48.48 · Value 39.84 · Buy at or below 39.84; 2017-11 · Price AUD 48.50 · Value 39.84 · Buy at or below 39.84; 2017-12 · Price AUD 48.35 · Value 39.84 · Buy at or below 39.84; 2018-01 · Price AUD 52.38 · Value 39.84 · Buy at or below 39.84; 2018-02 · Price AUD 51.87 · Value 44.04 · Buy at or below 44.04; 2018-03 · Price AUD 46.55 · Value 44.04 · Buy at or below 44.04; 2018-04 · Price AUD 40.29 · Value 44.04 · Buy at or below 44.04; 2018-05 · Price AUD 38.40 · Value 44.04 · Buy at or below 44.04; 2018-06 · Price AUD 41.60 · Value 44.04 · Buy at or below 44.04; 2018-07 · Price AUD 43.62 · Value 44.04 · Buy at or below 44.04; 2018-08 · Price AUD 43.89 · Value 44.04 · Buy at or below 44.04; 2018-09 · Price AUD 42.57 · Value 44.04 · Buy at or below 44.04; 2018-10 · Price AUD 34.65 · Value 44.04 · Buy at or below 44.04; 2018-11 · Price AUD 35.41 · Value 44.04 · Buy at or below 44.04; 2018-12 · Price AUD 32.48 · Value 44.04 · Buy at or below 44.04; 2019-01 · Price AUD 32.69 · Value 44.04 · Buy at or below 44.04; 2019-02 · Price AUD 41.09 · Value 60.80 · Buy at or below 60.80; 2019-03 · Price AUD 38.68 · Value 60.80 · Buy at or below 60.80; 2019-04 · Price AUD 40.92 · Value 60.80 · Buy at or below 60.80; 2019-05 · Price AUD 40.01 · Value 60.80 · Buy at or below 60.80; 2019-06 · Price AUD 42.24 · Value 60.80 · Buy at or below 60.80; 2019-07 · Price AUD 39.51 · Value 60.80 · Buy at or below 60.80; 2019-08 · Price AUD 35.55 · Value 60.80 · Buy at or below 60.80; 2019-09 · Price AUD 37.44 · Value 60.80 · Buy at or below 60.80; 2019-10 · Price AUD 35.93 · Value 60.80 · Buy at or below 60.80; 2019-11 · Price AUD 39.73 · Value 60.80 · Buy at or below 60.80; 2019-12 · Price AUD 41.12 · Value 60.80 · Buy at or below 60.80; 2020-01 · Price AUD 42.70 · Value 60.80 · Buy at or below 60.80; 2020-02 · Price AUD 38.36 · Value 36.47 · Buy at or below 36.47; 2020-03 · Price AUD 25.23 · Value 36.47 · Buy at or below 36.47; 2020-04 · Price AUD 30.10 · Value 36.47 · Buy at or below 36.47; 2020-05 · Price AUD 31.27 · Value 36.47 · Buy at or below 36.47; 2020-06 · Price AUD 29.67 · Value 36.47 · Buy at or below 36.47; 2020-07 · Price AUD 30.33 · Value 36.47 · Buy at or below 36.47; 2020-08 · Price AUD 31.00 · Value 36.47 · Buy at or below 36.47; 2020-09 · Price AUD 27.97 · Value 36.47 · Buy at or below 36.47; 2020-10 · Price AUD 27.20 · Value 36.47 · Buy at or below 36.47; 2020-11 · Price AUD 33.47 · Value 36.47 · Buy at or below 36.47; 2020-12 · Price AUD 34.76 · Value 36.47 · Buy at or below 36.47; 2021-01 · Price AUD 32.27 · Value 36.47 · Buy at or below 36.47; 2021-02 · Price AUD 30.66 · Value 36.05 · Buy at or below 36.05; 2021-03 · Price AUD 32.99 · Value 36.05 · Buy at or below 36.05; 2021-04 · Price AUD 34.65 · Value 36.05 · Buy at or below 36.05; 2021-05 · Price AUD 37.72 · Value 36.05 · Buy at or below 36.05; 2021-06 · Price AUD 40.05 · Value 36.05 · Buy at or below 36.05; 2021-07 · Price AUD 37.52 · Value 36.05 · Buy at or below 36.05; 2021-08 · Price AUD 42.27 · Value 36.05 · Buy at or below 36.05; 2021-09 · Price AUD 38.23 · Value 36.05 · Buy at or below 36.05; 2021-10 · Price AUD 37.66 · Value 36.05 · Buy at or below 36.05; 2021-11 · Price AUD 34.33 · Value 36.05 · Buy at or below 36.05; 2021-12 · Price AUD 35.97 · Value 36.05 · Buy at or below 36.05; 2022-01 · Price AUD 32.70 · Value 36.05 · Buy at or below 36.05; 2022-02 · Price AUD 35.19 · Value 34.71 · Buy at or below 34.71; 2022-03 · Price AUD 34.75 · Value 34.71 · Buy at or below 34.71; 2022-04 · Price AUD 32.99 · Value 34.71 · Buy at or below 34.71; 2022-05 · Price AUD 32.59 · Value 34.71 · Buy at or below 34.71; 2022-06 · Price AUD 28.88 · Value 34.71 · Buy at or below 34.71; 2022-07 · Price AUD 30.30 · Value 34.71 · Buy at or below 34.71; 2022-08 · Price AUD 27.42 · Value 34.71 · Buy at or below 34.71; 2022-09 · Price AUD 23.59 · Value 34.71 · Buy at or below 34.71; 2022-10 · Price AUD 24.90 · Value 34.71 · Buy at or below 34.71; 2022-11 · Price AUD 25.00 · Value 34.71 · Buy at or below 34.71; 2022-12 · Price AUD 24.60 · Value 34.71 · Buy at or below 34.71; 2023-01 · Price AUD 25.53 · Value 34.71 · Buy at or below 34.71; 2023-02 · Price AUD 24.39 · Value 20.78 · Buy at or below 20.78; 2023-03 · Price AUD 21.96 · Value 20.78 · Buy at or below 20.78; 2023-04 · Price AUD 24.53 · Value 20.78 · Buy at or below 20.78; 2023-05 · Price AUD 24.74 · Value 20.78 · Buy at or below 20.78; 2023-06 · Price AUD 25.88 · Value 20.78 · Buy at or below 20.78; 2023-07 · Price AUD 24.66 · Value 20.78 · Buy at or below 20.78; 2023-08 · Price AUD 21.07 · Value 20.78 · Buy at or below 20.78; 2023-09 · Price AUD 20.95 · Value 20.78 · Buy at or below 20.78; 2023-10 · Price AUD 19.15 · Value 20.78 · Buy at or below 20.78; 2023-11 · Price AUD 22.53 · Value 20.78 · Buy at or below 20.78; 2023-12 · Price AUD 25.48 · Value 20.78 · Buy at or below 20.78; 2024-01 · Price AUD 26.00 · Value 20.78 · Buy at or below 20.78; 2024-02 · Price AUD 24.02 · Value 22.96 · Buy at or below 22.96; 2024-03 · Price AUD 25.09 · Value 22.96 · Buy at or below 22.96; 2024-04 · Price AUD 23.83 · Value 22.96 · Buy at or below 22.96; 2024-05 · Price AUD 21.65 · Value 22.96 · Buy at or below 22.96; 2024-06 · Price AUD 21.31 · Value 22.96 · Buy at or below 22.96; 2024-07 · Price AUD 22.17 · Value 22.96 · Buy at or below 22.96; 2024-08 · Price AUD 19.65 · Value 22.96 · Buy at or below 22.96; 2024-09 · Price AUD 18.62 · Value 22.96 · Buy at or below 22.96; 2024-10 · Price AUD 20.26 · Value 22.96 · Buy at or below 22.96; 2024-11 · Price AUD 21.68 · Value 22.96 · Buy at or below 22.96; 2024-12 · Price AUD 19.89 · Value 22.96 · Buy at or below 22.96; 2025-01 · Price AUD 21.45 · Value 22.96 · Buy at or below 22.96; 2025-02 · Price AUD 19.81 · Value 17.04 · Buy at or below 17.04; 2025-03 · Price AUD 19.36 · Value 17.04 · Buy at or below 17.04; 2025-04 · Price AUD 16.56 · Value 17.04 · Buy at or below 17.04; 2025-05 · Price AUD 17.70 · Value 17.04 · Buy at or below 17.04; 2025-06 · Price AUD 18.06 · Value 17.04 · Buy at or below 17.04; 2025-07 · Price AUD 21.02 · Value 17.04 · Buy at or below 17.04; 2025-08 · Price AUD 21.73 · Value 17.04 · Buy at or below 17.04; 2025-09 · Price AUD 18.73 · Value 17.04 · Buy at or below 17.04; 2025-10 · Price AUD 19.19 · Value 17.04 · Buy at or below 17.04; 2025-11 · Price AUD 19.19 · Value 17.04 · Buy at or below 17.04; 2025-12 · Price AUD 18.66 · Value 17.04 · Buy at or below 17.04; 2026-01 · Price AUD 18.11 · Value 17.04 · Buy at or below 17.04; 2026-02 · Price AUD 18.54 · Value 16.70 · Buy at or below 16.70; 2026-03 · Price AUD 15.86 · Value 16.70 · Buy at or below 16.70; 2026-04 · Price AUD 16.57 · Value 16.70 · Buy at or below 16.70; 2026-05 · Price AUD 15.90 · Value 16.70 · Buy at or below 16.70; 2026-06 · Price AUD 15.50 · Value 16.70 · Buy at or below 16.70; 2026-07 · Price AUD 18.96 · Value 16.70 · Buy at or below 16.70; 2026-08 · Price AUD 19.07 · Value 16.70 · Buy at or below 16.70; 2026-09 · Price AUD 17.21 · Value 16.70 · Buy at or below 16.70; 2026-10 · Price AUD 17.27 · Value 16.70 · Buy at or below 16.70; 2026-10 · Price AUD 17.07 · Value 16.70 · Buy at or below 16.70

AUD per share · annual estimates

Price & return math
Value range	AUD 15.24 – AUD 18.65
Buy at or below	Central value AUD 16.70
Discount to value	1 − 17.07 / 16.70 = -2.2%
Return / year	About 9.8% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash AUD 0.97/share; 0.0% growth for 5 years, then fades to 3.0%; excess cash AUD 4.63/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueAUD 1.2B

Revenue

Owner earningsAUD 190M

Owner earnings

Operating margin10.1%

Operating margin

Net cash / debtAUD -174M

Net cash / debt

Diluted shares118M

Diluted shares

Prices 15 Oct 2026 · FY2026