# QBE Insurance Group (QBE.AU)

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

Analysis as of: 2026-10-16T07:34:27.317Z. Financial observations: FY2015–FY2025.

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 25.88 per share; close as of 2026-10-15.

Estimated value: low AUD 14.34 per share, central AUD 17.92 per share, high AUD 23.89 per share. Buy at or below the central value AUD 17.92 per share. Valuation as of 2026-10-16T07:34:27.317Z; scenarios are not confidence intervals.

Expected annual return: 8.8% at the stated quote. About 8.8% 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: 8

- Required profitable years: 8

- Return on common equity variation (informational): 2.42×

Chart: Net income; fiscal year observations.

- FY2016: AUD 844M

- FY2017: AUD -1.2B

- FY2018: AUD 390M

- FY2019: AUD 550M

- FY2020: AUD -1.5B

- FY2021: AUD 700M

- FY2022: AUD 770M

- FY2023: AUD 1.4B

- FY2024: AUD 1.8B

- FY2025: AUD 2.2B

### moat: pass

- Common book per share

- Parent-total proxy for preferred equity

- Underwriting economics assessed through return on tangible common equity

- Bank / P&C ROTE, median of available years: 16.6%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: -38.8%

- Years with reported combined ratio: 0

Chart: Return on tangible common equity; fiscal year observations.

- FY2016: 23.8%

- FY2017: -38.8%

- FY2018: 10.9%

- FY2019: 18.1%

- FY2020: -52.3%

- FY2021: 15.9%

- FY2022: 14.5%

- FY2023: 17.3%

- FY2024: 20.3%

- FY2025: 22.5%

### economics: fail

- Common book per share

- Parent-total proxy for preferred equity

- book value per share plus dividends compounded below 7% annually

- Book value per share + reinvested dividends, annualized return: 4.8%

- Book return interval: 10 years

- Starting book value per share: AUD 7.60

- Ending book value per share: AUD 7.67

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

- FY2016: 0.9%

- FY2017: -7.1%

- FY2018: 8.5%

- FY2019: -2.4%

- FY2020: -14.9%

- FY2021: 18.2%

- FY2022: 3.5%

- FY2023: 15.8%

- FY2024: 14.5%

- FY2025: 16.3%

### management: pass

- Common book per share

- Parent-total proxy for preferred equity

- Diluted shares, 10-year annual growth: 1.0%

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

- Share growth excluding flagged crisis recapitalisations: 1.0%

- Five-year share growth excluding flagged crisis recapitalisations: 0.7%

- Flagged crisis recapitalisations: 0

- Book value created per share: AUD 0.07

- Earnings retained per share after dividends and buybacks: AUD -0.74

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

The price is 1.6 times annual sales · "QBE Insurance's interim profit tops estimates on premium growth, lower claims" (finance.yahoo.com, Aug 2025) · net income +21.2%

Story as of 2026-10-16T10:00:00.667Z; price observation 2026-10-15.

The price is 1.6 times annual sales

### Net income · FY2025

net income +21.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: AUD 844M 

- FY2017: AUD -1.2B 

- FY2018: AUD 390M 

- FY2019: AUD 550M 

- FY2020: AUD -1.5B 

- FY2021: AUD 700M 

- FY2022: AUD 770M 

- FY2023: AUD 1.4B 

- FY2024: AUD 1.8B 

- FY2025: AUD 2.2B 

## Owner memo

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

### How it makes money

Operates in insurance property & casualty; annual sales are AUD 25 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:27.317Z); FY2025: revenue 24956980400.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); QBE.AU: QBE Insurance Group Limited engages in underwriting general insurance and reinsurance risks in the Australia Pacific, North America, and internationally. The company offers commercial and domestic property, agriculture, public/product liability, motor and motor casualty, professional indemnity, workers' compensation, accident, health, financial and credit, and other insurance products, as well as marine, energy and aviation insurance products. It also manages Lloyd's syndicates, as well as provides investment management services. The company was founded in 1886 and is headquartered in Sydney, Australia.

### Why customers stay

It earns 16.6% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:27.317Z); 10-year return on tangible equity observations [[2016,0.2380569851153302],[2017,-0.38750568479604236],[2018,0.10931629942463188],[2019,0.18130357669854838],[2020,-0.5234686758992237],[2021,0.1590008663221259],[2022,0.14529194023167194],[2023,0.17337291547798822],[2024,0.20292004106307746],[2025,0.22531048348684113]]; median 0.16618689090005706. 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 1.1 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:27.317Z); Dividend observations: [[2016,494000000],[2017,537000000],[2018,237000000],[2019,459000000],[2020,265000000],[2021,162000000],[2022,315000000],[2023,441000000],[2024,760000000],[2025,835141946]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:27.317Z); FY2025: cash repurchases 1134220041 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); QBE.AU SharesStats.PercentInsiders = 0.079 percentage points; cache date 2026-10-16.

### What the price says

The price is 1.6 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:27.317Z); Closing price 25.88 AUD; reporting-to-trading FX 1; FY2025 annual sales per share 16.386723834537097; price multiple 1.579327281116108. FY2025 cash earnings/share 1.553021971109652. Closing-price date 2026-10-15.

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

- 2016-10: AUD 9.99 per share

- 2016-11: AUD 11.17 per share

- 2016-12: AUD 12.42 per share

- 2017-01: AUD 12.50 per share

- 2017-02: AUD 12.31 per share

- 2017-03: AUD 12.89 per share

- 2017-04: AUD 12.87 per share

- 2017-05: AUD 12.90 per share

- 2017-06: AUD 11.81 per share

- 2017-07: AUD 11.85 per share

- 2017-08: AUD 10.44 per share

- 2017-09: AUD 10.01 per share

- 2017-10: AUD 10.68 per share

- 2017-11: AUD 10.62 per share

- 2017-12: AUD 10.68 per share

- 2018-01: AUD 10.78 per share

- 2018-02: AUD 10.19 per share

- 2018-03: AUD 9.63 per share

- 2018-04: AUD 9.96 per share

- 2018-05: AUD 9.48 per share

- 2018-06: AUD 9.74 per share

- 2018-07: AUD 10.10 per share

- 2018-08: AUD 11.01 per share

- 2018-09: AUD 11.12 per share

- 2018-10: AUD 11.32 per share

- 2018-11: AUD 11.32 per share

- 2018-12: AUD 10.10 per share

- 2019-01: AUD 10.73 per share

- 2019-02: AUD 12.35 per share

- 2019-03: AUD 12.31 per share

- 2019-04: AUD 12.93 per share

- 2019-05: AUD 11.67 per share

- 2019-06: AUD 11.83 per share

- 2019-07: AUD 12.49 per share

- 2019-08: AUD 12.53 per share

- 2019-09: AUD 12.56 per share

- 2019-10: AUD 12.60 per share

- 2019-11: AUD 12.68 per share

- 2019-12: AUD 12.88 per share

- 2020-01: AUD 13.75 per share

- 2020-02: AUD 13.59 per share

- 2020-03: AUD 8.60 per share

- 2020-04: AUD 8.45 per share

- 2020-05: AUD 8.83 per share

- 2020-06: AUD 8.86 per share

- 2020-07: AUD 9.91 per share

- 2020-08: AUD 10.61 per share

- 2020-09: AUD 8.61 per share

- 2020-10: AUD 8.25 per share

- 2020-11: AUD 10.00 per share

- 2020-12: AUD 8.53 per share

- 2021-01: AUD 8.03 per share

- 2021-02: AUD 9.29 per share

- 2021-03: AUD 9.62 per share

- 2021-04: AUD 9.86 per share

- 2021-05: AUD 10.95 per share

- 2021-06: AUD 10.79 per share

- 2021-07: AUD 10.89 per share

- 2021-08: AUD 11.83 per share

- 2021-09: AUD 11.66 per share

- 2021-10: AUD 11.83 per share

- 2021-11: AUD 11.62 per share

- 2021-12: AUD 11.35 per share

- 2022-01: AUD 11.13 per share

- 2022-02: AUD 11.49 per share

- 2022-03: AUD 11.50 per share

- 2022-04: AUD 12.32 per share

- 2022-05: AUD 12.03 per share

- 2022-06: AUD 12.15 per share

- 2022-07: AUD 11.53 per share

- 2022-08: AUD 12.07 per share

- 2022-09: AUD 11.53 per share

- 2022-10: AUD 12.24 per share

- 2022-11: AUD 12.87 per share

- 2022-12: AUD 13.43 per share

- 2023-01: AUD 13.74 per share

- 2023-02: AUD 15.08 per share

- 2023-03: AUD 14.59 per share

- 2023-04: AUD 15.33 per share

- 2023-05: AUD 14.62 per share

- 2023-06: AUD 15.67 per share

- 2023-07: AUD 15.77 per share

- 2023-08: AUD 14.98 per share

- 2023-09: AUD 15.71 per share

- 2023-10: AUD 15.60 per share

- 2023-11: AUD 15.37 per share

- 2023-12: AUD 14.81 per share

- 2024-01: AUD 15.85 per share

- 2024-02: AUD 17.29 per share

- 2024-03: AUD 18.13 per share

- 2024-04: AUD 17.73 per share

- 2024-05: AUD 17.80 per share

- 2024-06: AUD 17.39 per share

- 2024-07: AUD 18.08 per share

- 2024-08: AUD 15.79 per share

- 2024-09: AUD 16.54 per share

- 2024-10: AUD 17.21 per share

- 2024-11: AUD 20.00 per share

- 2024-12: AUD 19.20 per share

- 2025-01: AUD 20.94 per share

- 2025-02: AUD 21.53 per share

- 2025-03: AUD 21.90 per share

- 2025-04: AUD 21.59 per share

- 2025-05: AUD 23.16 per share

- 2025-06: AUD 23.39 per share

- 2025-07: AUD 23.20 per share

- 2025-08: AUD 21.65 per share

- 2025-09: AUD 20.59 per share

- 2025-10: AUD 19.84 per share

- 2025-11: AUD 19.25 per share

- 2025-12: AUD 19.89 per share

- 2026-01: AUD 19.74 per share

- 2026-02: AUD 21.73 per share

- 2026-03: AUD 21.23 per share

- 2026-04: AUD 22.34 per share

- 2026-05: AUD 22.64 per share

- 2026-06: AUD 25.19 per share

- 2026-07: AUD 24.73 per share

- 2026-08: AUD 22.26 per share

- 2026-09: AUD 23.36 per share

- 2026-10: AUD 25.62 per share

## Annual estimated value (AUD per share)

- FY2016: low AUD 4.87 per share, central AUD 5.36 per share, high AUD 5.95 per share

- FY2017: low AUD 3.71 per share, central AUD 4.08 per share, high AUD 4.53 per share

- FY2018: low AUD 3.58 per share, central AUD 3.93 per share, high AUD 4.37 per share

- FY2019: low AUD 4.13 per share, central AUD 5.13 per share, high AUD 6.76 per share

- FY2020: low AUD 2.36 per share, central AUD 2.60 per share, high AUD 2.89 per share

- FY2021: low AUD 4.00 per share, central AUD 4.87 per share, high AUD 6.21 per share

- FY2022: low AUD 3.87 per share, central AUD 4.70 per share, high AUD 5.99 per share

- FY2023: low AUD 8.86 per share, central AUD 11.07 per share, high AUD 14.76 per share

- FY2024: low AUD 12.91 per share, central AUD 16.14 per share, high AUD 21.52 per share

- FY2025: low AUD 14.06 per share, central AUD 17.58 per share, high AUD 23.44 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 2026-10-15T06:40:14.876Z 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.

QBE Insurance Group

QBE · AU

S&P/ASX 200

Not a wonderful business

1 quality test fails. A lower price would not fix the business.

Share price: AUD 25.88
Buy up to: AUD 17.92
Expected / yr: 8.8% 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 8 years (at least 8 needed).

Net income

10y median: AUD 735M
Worst year: AUD -1.5B
Latest · 2025: AUD 2.2B

Earned a median 16.6% on tangible equity (minimum 12%).

Return on tangible common equity

10y median: 16.6%
Worst year: -52.3%
Latest · 2025: 22.5%

Book value plus dividends grew 4.8% a year (minimum 7%).

Annual book + dividend return

10y median: 6.0%
Worst year: -14.9%
Latest · 2025: 16.3%

Ordinary share growth was 1% over the full period and 0.7% over five years (either must be at most 2% a year).

Filing signals · estimated likelihood

per-share value change
Passing bar: ≥ AUD 0

0 accounting warnings were found (none allowed).

accounting warnings: 0
Passing bar: ≤ 0

Profit record · pass 2 loss years in 10 (at most 2), three-year average earnings per share 1.16 AUD.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price AUD 9.99 · Value 5.36 · Buy at or below 5.36; 2016-11 · Price AUD 11.17 · Value 5.36 · Buy at or below 5.36; 2016-12 · Price AUD 12.42 · Value 5.36 · Buy at or below 5.36; 2017-01 · Price AUD 12.50 · Value 5.36 · Buy at or below 5.36; 2017-02 · Price AUD 12.31 · Value 4.08 · Buy at or below 4.08; 2017-03 · Price AUD 12.89 · Value 4.08 · Buy at or below 4.08; 2017-04 · Price AUD 12.87 · Value 4.08 · Buy at or below 4.08; 2017-05 · Price AUD 12.90 · Value 4.08 · Buy at or below 4.08; 2017-06 · Price AUD 11.81 · Value 4.08 · Buy at or below 4.08; 2017-07 · Price AUD 11.85 · Value 4.08 · Buy at or below 4.08; 2017-08 · Price AUD 10.44 · Value 4.08 · Buy at or below 4.08; 2017-09 · Price AUD 10.01 · Value 4.08 · Buy at or below 4.08; 2017-10 · Price AUD 10.68 · Value 4.08 · Buy at or below 4.08; 2017-11 · Price AUD 10.62 · Value 4.08 · Buy at or below 4.08; 2017-12 · Price AUD 10.68 · Value 4.08 · Buy at or below 4.08; 2018-01 · Price AUD 10.78 · Value 4.08 · Buy at or below 4.08; 2018-02 · Price AUD 10.19 · Value 3.93 · Buy at or below 3.93; 2018-03 · Price AUD 9.63 · Value 3.93 · Buy at or below 3.93; 2018-04 · Price AUD 9.96 · Value 3.93 · Buy at or below 3.93; 2018-05 · Price AUD 9.48 · Value 3.93 · Buy at or below 3.93; 2018-06 · Price AUD 9.74 · Value 3.93 · Buy at or below 3.93; 2018-07 · Price AUD 10.10 · Value 3.93 · Buy at or below 3.93; 2018-08 · Price AUD 11.01 · Value 3.93 · Buy at or below 3.93; 2018-09 · Price AUD 11.12 · Value 3.93 · Buy at or below 3.93; 2018-10 · Price AUD 11.32 · Value 3.93 · Buy at or below 3.93; 2018-11 · Price AUD 11.32 · Value 3.93 · Buy at or below 3.93; 2018-12 · Price AUD 10.10 · Value 3.93 · Buy at or below 3.93; 2019-01 · Price AUD 10.73 · Value 3.93 · Buy at or below 3.93; 2019-02 · Price AUD 12.35 · Value 5.13 · Buy at or below 5.13; 2019-03 · Price AUD 12.31 · Value 5.13 · Buy at or below 5.13; 2019-04 · Price AUD 12.93 · Value 5.13 · Buy at or below 5.13; 2019-05 · Price AUD 11.67 · Value 5.13 · Buy at or below 5.13; 2019-06 · Price AUD 11.83 · Value 5.13 · Buy at or below 5.13; 2019-07 · Price AUD 12.49 · Value 5.13 · Buy at or below 5.13; 2019-08 · Price AUD 12.53 · Value 5.13 · Buy at or below 5.13; 2019-09 · Price AUD 12.56 · Value 5.13 · Buy at or below 5.13; 2019-10 · Price AUD 12.60 · Value 5.13 · Buy at or below 5.13; 2019-11 · Price AUD 12.68 · Value 5.13 · Buy at or below 5.13; 2019-12 · Price AUD 12.88 · Value 5.13 · Buy at or below 5.13; 2020-01 · Price AUD 13.75 · Value 5.13 · Buy at or below 5.13; 2020-02 · Price AUD 13.59 · Value 2.60 · Buy at or below 2.60; 2020-03 · Price AUD 8.60 · Value 2.60 · Buy at or below 2.60; 2020-04 · Price AUD 8.45 · Value 2.60 · Buy at or below 2.60; 2020-05 · Price AUD 8.83 · Value 2.60 · Buy at or below 2.60; 2020-06 · Price AUD 8.86 · Value 2.60 · Buy at or below 2.60; 2020-07 · Price AUD 9.91 · Value 2.60 · Buy at or below 2.60; 2020-08 · Price AUD 10.61 · Value 2.60 · Buy at or below 2.60; 2020-09 · Price AUD 8.61 · Value 2.60 · Buy at or below 2.60; 2020-10 · Price AUD 8.25 · Value 2.60 · Buy at or below 2.60; 2020-11 · Price AUD 10.00 · Value 2.60 · Buy at or below 2.60; 2020-12 · Price AUD 8.53 · Value 2.60 · Buy at or below 2.60; 2021-01 · Price AUD 8.03 · Value 2.60 · Buy at or below 2.60; 2021-02 · Price AUD 9.29 · Value 4.87 · Buy at or below 4.87; 2021-03 · Price AUD 9.62 · Value 4.87 · Buy at or below 4.87; 2021-04 · Price AUD 9.86 · Value 4.87 · Buy at or below 4.87; 2021-05 · Price AUD 10.95 · Value 4.87 · Buy at or below 4.87; 2021-06 · Price AUD 10.79 · Value 4.87 · Buy at or below 4.87; 2021-07 · Price AUD 10.89 · Value 4.87 · Buy at or below 4.87; 2021-08 · Price AUD 11.83 · Value 4.87 · Buy at or below 4.87; 2021-09 · Price AUD 11.66 · Value 4.87 · Buy at or below 4.87; 2021-10 · Price AUD 11.83 · Value 4.87 · Buy at or below 4.87; 2021-11 · Price AUD 11.62 · Value 4.87 · Buy at or below 4.87; 2021-12 · Price AUD 11.35 · Value 4.87 · Buy at or below 4.87; 2022-01 · Price AUD 11.13 · Value 4.87 · Buy at or below 4.87; 2022-02 · Price AUD 11.49 · Value 4.70 · Buy at or below 4.70; 2022-03 · Price AUD 11.50 · Value 4.70 · Buy at or below 4.70; 2022-04 · Price AUD 12.32 · Value 4.70 · Buy at or below 4.70; 2022-05 · Price AUD 12.03 · Value 4.70 · Buy at or below 4.70; 2022-06 · Price AUD 12.15 · Value 4.70 · Buy at or below 4.70; 2022-07 · Price AUD 11.53 · Value 4.70 · Buy at or below 4.70; 2022-08 · Price AUD 12.07 · Value 4.70 · Buy at or below 4.70; 2022-09 · Price AUD 11.53 · Value 4.70 · Buy at or below 4.70; 2022-10 · Price AUD 12.24 · Value 4.70 · Buy at or below 4.70; 2022-11 · Price AUD 12.87 · Value 4.70 · Buy at or below 4.70; 2022-12 · Price AUD 13.43 · Value 4.70 · Buy at or below 4.70; 2023-01 · Price AUD 13.74 · Value 4.70 · Buy at or below 4.70; 2023-02 · Price AUD 15.08 · Value 11.07 · Buy at or below 11.07; 2023-03 · Price AUD 14.59 · Value 11.07 · Buy at or below 11.07; 2023-04 · Price AUD 15.33 · Value 11.07 · Buy at or below 11.07; 2023-05 · Price AUD 14.62 · Value 11.07 · Buy at or below 11.07; 2023-06 · Price AUD 15.67 · Value 11.07 · Buy at or below 11.07; 2023-07 · Price AUD 15.77 · Value 11.07 · Buy at or below 11.07; 2023-08 · Price AUD 14.98 · Value 11.07 · Buy at or below 11.07; 2023-09 · Price AUD 15.71 · Value 11.07 · Buy at or below 11.07; 2023-10 · Price AUD 15.60 · Value 11.07 · Buy at or below 11.07; 2023-11 · Price AUD 15.37 · Value 11.07 · Buy at or below 11.07; 2023-12 · Price AUD 14.81 · Value 11.07 · Buy at or below 11.07; 2024-01 · Price AUD 15.85 · Value 11.07 · Buy at or below 11.07; 2024-02 · Price AUD 17.29 · Value 16.14 · Buy at or below 16.14; 2024-03 · Price AUD 18.13 · Value 16.14 · Buy at or below 16.14; 2024-04 · Price AUD 17.73 · Value 16.14 · Buy at or below 16.14; 2024-05 · Price AUD 17.80 · Value 16.14 · Buy at or below 16.14; 2024-06 · Price AUD 17.39 · Value 16.14 · Buy at or below 16.14; 2024-07 · Price AUD 18.08 · Value 16.14 · Buy at or below 16.14; 2024-08 · Price AUD 15.79 · Value 16.14 · Buy at or below 16.14; 2024-09 · Price AUD 16.54 · Value 16.14 · Buy at or below 16.14; 2024-10 · Price AUD 17.21 · Value 16.14 · Buy at or below 16.14; 2024-11 · Price AUD 20.00 · Value 16.14 · Buy at or below 16.14; 2024-12 · Price AUD 19.20 · Value 16.14 · Buy at or below 16.14; 2025-01 · Price AUD 20.94 · Value 16.14 · Buy at or below 16.14; 2025-02 · Price AUD 21.53 · Value 17.58 · Buy at or below 17.58; 2025-03 · Price AUD 21.90 · Value 17.58 · Buy at or below 17.58; 2025-04 · Price AUD 21.59 · Value 17.58 · Buy at or below 17.58; 2025-05 · Price AUD 23.16 · Value 17.58 · Buy at or below 17.58; 2025-06 · Price AUD 23.39 · Value 17.58 · Buy at or below 17.58; 2025-07 · Price AUD 23.20 · Value 17.58 · Buy at or below 17.58; 2025-08 · Price AUD 21.65 · Value 17.58 · Buy at or below 17.58; 2025-09 · Price AUD 20.59 · Value 17.58 · Buy at or below 17.58; 2025-10 · Price AUD 19.84 · Value 17.58 · Buy at or below 17.58; 2025-11 · Price AUD 19.25 · Value 17.58 · Buy at or below 17.58; 2025-12 · Price AUD 19.89 · Value 17.58 · Buy at or below 17.58; 2026-01 · Price AUD 19.74 · Value 17.58 · Buy at or below 17.58; 2026-02 · Price AUD 21.73 · Value 17.92 · Buy at or below 17.92; 2026-03 · Price AUD 21.23 · Value 17.92 · Buy at or below 17.92; 2026-04 · Price AUD 22.34 · Value 17.92 · Buy at or below 17.92; 2026-05 · Price AUD 22.64 · Value 17.92 · Buy at or below 17.92; 2026-06 · Price AUD 25.19 · Value 17.92 · Buy at or below 17.92; 2026-07 · Price AUD 24.73 · Value 17.92 · Buy at or below 17.92; 2026-08 · Price AUD 22.26 · Value 17.92 · Buy at or below 17.92; 2026-09 · Price AUD 23.36 · Value 17.92 · Buy at or below 17.92; 2026-10 · Price AUD 25.62 · Value 17.92 · Buy at or below 17.92; 2026-10 · Price AUD 25.88 · Value 17.92 · Buy at or below 17.92

AUD per share · annual estimates

Price & return math
Value range	AUD 14.34 – AUD 23.89
Buy at or below	Central value AUD 17.92
Discount to value	1 − 25.88 / 17.92 = -44.4%
Return / year	About 8.8% a year at today's price (required return 10.0%)
Cash-flow inputs	Book AUD 6.41/share; ROE 17.2%; first payout AUD 0.72/share, growing 6.0% perpetually (4× book payout cap applied).
Required return	10.0% / year, earned by construction at the central value

Net incomeAUD 2.2B

Net income

Book / shareAUD 7.67

Book / share

Dividend / shareAUD 0.55

Dividend / share

Return on tangible equity22.5%

Return on tangible equity

Diluted shares1.5B

Diluted shares

Prices 15 Oct 2026 · FY2025