# REA Group (REA.AU)

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

Analysis as of: 2026-10-16T07:35:15.072Z. Financial observations: FY1999–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 156.52 per share; close as of 2026-10-15.

Estimated value: low AUD 53.11 per share, central AUD 71.19 per share, high AUD 83.00 per share. Buy at or below the central value AUD 71.19 per share. Valuation as of 2026-10-16T07:35:15.072Z; scenarios are not confidence intervals.

Expected annual return: 6.2% at the stated quote. About 6.2% 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

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

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.09×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.51×

- FY2018: 0.48×

- FY2019: 0.48×

- FY2020: 0.46×

- FY2021: 0.46×

- FY2022: 0.39×

- FY2023: 0.39×

- FY2024: 0.41×

- FY2025: 0.41×

- FY2026: 0.48×

### moat: fail

- Recent gross margin fell 6.9pp below the typical margin (limit 4pp)

- ROIC, median of available years: 50.2%

- ROIC, second-lowest year: 37.0%

- Typical minus recent gross margin: 6.9 pp

- Typical gross margin (annual median): 57.4%

- Recent gross margin (lower of latest and 3-year median): 50.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 6.7%

- ROIC including acquisitions, ten-year median: 20.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 62.4%

- FY2018: 52.3%

- FY2019: 55.7%

- FY2020: 48.0%

- FY2021: 37.0%

- FY2022: 39.8%

- FY2023: 36.2%

- FY2024: 47.2%

- FY2025: 64.8%

- FY2026: 65.7%

### economics: pass

- Owner earnings / net income, 5-yr: 1.01×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: AUD 2.3B

- Net income, five-year total: AUD 2.3B

- Return on incremental invested capital: 183.2%

- Working capital / revenue, annual change: 1.3 pp

- Working capital / revenue, change between three-year averages: 8.6 pp

- Working capital / revenue, final three-year average: 20.3%

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

- FY2022: 0.96×

- FY2023: 0.88×

- FY2024: 0.95×

- FY2025: 0.98×

- FY2026: 1.20×

### management: pass

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

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 55.7% vs 64.8%

- Per-share earnings: 1.92 to 4.19 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.0%

- Ordinary dilution, 5-year annual growth: -0.1%

- Market cap gain: AUD 9.6B

- Cumulative retained earnings: AUD 1.2B

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

- Diluted shares, 5-year annual growth: -0.1%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 10.2%

- Per-share value change: AUD 2.27

- Per-share value, starting three-year median: AUD 1.92

- Per-share value, ending three-year median: AUD 4.19

- Buybacks concentrated in cheaper years (correlation): 0.81

- Average buyback yield: 0.2%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: AUD 857M

- Cumulative net income, 10 years: AUD 3.1B

- ROIC, first three-year median: 55.7%

- ROIC, last three-year median: 64.8%

Chart: Earnings per share; fiscal year observations.

- FY2017: AUD 0.36

- FY2018: AUD 1.96

- FY2019: AUD 0.80

- FY2020: AUD 0.85

- FY2021: AUD 2.44

- FY2022: AUD 2.91

- FY2023: AUD 2.69

- FY2024: AUD 2.29

- FY2025: AUD 5.13

- FY2026: AUD 4.19

### accounting: pass

- latest-year receivables to sales index (DSRI) exceeds 1.465

- Sloan accruals: -7.4%

- Receivables to sales index (DSRI): 1.68×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.40×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.50×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -15.8%

- FY2018: -4.3%

- FY2019: -16.4%

- FY2020: -19.3%

- FY2021: 0.1%

- FY2022: -4.0%

- FY2023: -4.4%

- FY2024: -10.8%

- FY2025: 0.1%

- FY2026: -7.4%

## Holders

## Price story

Down 38% since Nov 2024 · sales +2.5%

Story as of 2026-10-16T10:00:04.212Z; price observation 2026-10-15.

Price needs cash profits to grow 15.5% a year for ten years

### Sales · FY2025–2026

sales +2.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: AUD 671M 

- FY2018: AUD 867M 

- FY2019: AUD 941M 

- FY2020: AUD 882M 

- FY2021: AUD 1.0B 

- FY2022: AUD 1.4B 

- FY2023: AUD 1.4B 

- FY2024: AUD 1.7B 

- FY2025: AUD 1.9B 

- FY2026: AUD 2.0B 

### Gross margin · FY2026

gross margin 50.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: 78.3% 

- FY2018: 72.6% 

- FY2019: 73.2% 

- FY2020: 50.1% 

- FY2021: 49.6% 

- FY2022: 41.9% 

- FY2023: 45.7% 

- FY2024: 64.3% 

- FY2025: 96.5% 

- FY2026: 50.5% 

## Owner memo

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

### How it makes money

Operates in internet content & information; annual sales are AUD 2 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:15.072Z); FY2026: revenue 1976900000; grossProfit 997900000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); REA.AU: REA Group Limited, together with its subsidiaries, engages in digital advertising business in Australia, Asia, and North America. It provides property and property-related services on websites and mobile applications. The company operates residential, commercial, and share property sites, such as realestate.com.au, realcommercial.com.au, Flatmates.com.au, property.com.au, housing.com, and realtor.com. It is also involved in the provision of mortgage brokerage and home financing solutions; property data services; mortgage application and e-lodgement solutions for the broking and lending industries; commercial real estate information and technology; vendor paid advertising; digital non-bank lending solutions; and home loans. The company was formerly known as realestate.com.au Ltd. and changed its name to REA Group Limited in December 2008. The company was incorporated in 1995 and is headquartered in Richmond, Australia. REA Group Limited operates as a subsidiary of News Australia Pty Limited.

### Why customers stay

Margins ranged from 50.5% to 96.5% during 2024–26; it earns 50.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:15.072Z); FY2024: grossProfit / revenue = 64.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:15.072Z); FY2025: grossProfit / revenue = 96.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:15.072Z); FY2026: grossProfit / revenue = 50.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:15.072Z); 10-year return on capital observations [[2017,0.6243852741994121],[2018,0.5234195356414424],[2019,0.5573771494264119],[2020,0.4804623453746498],[2021,0.3698426177145395],[2022,0.39814046197465885],[2023,0.36225648349879164],[2024,0.47236536430834214],[2025,0.6478215853500139],[2026,0.6572009668725374]]; median 0.5019409405080462. 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 222.4 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:15.072Z); FY2017: growth capex 0; upkeep 11664000; owner earnings 73795000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:15.072Z); FY2018: growth capex 0; upkeep 8417000; owner earnings 293064000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:15.072Z); FY2019: growth capex 0; upkeep 4014000; owner earnings 160556000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:15.072Z); FY2020: growth capex 0; upkeep 73353000; owner earnings 116237200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:15.072Z); FY2021: growth capex 0; upkeep 66935000; owner earnings 321898000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:15.072Z); FY2022: growth capex 1900000; upkeep 93100000; owner earnings 369740000. Growth capex / owner earnings = 0.0051387461459403904.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:15.072Z); FY2023: growth capex 0; upkeep 117600000; owner earnings 313000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:15.072Z); FY2024: growth capex 11500000; upkeep 113500000; owner earnings 286920000. Growth capex / owner earnings = 0.04008085877596543.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:15.072Z); FY2025: growth capex 0; upkeep 138000000; owner earnings 665160000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:15.072Z); FY2026: growth capex 0; upkeep 6300000; owner earnings 663180000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:15.072Z); Dividend observations: [[2017,112953000],[2018,129365000],[2019,154434000],[2020,156205000],[2021,150639000],[2022,194400000],[2023,217100000],[2024,224600000],[2025,280400000],[2026,346100000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:15.072Z); FY2026: cash repurchases 222400000 AUD.

### Are managers owners

Insiders own 62.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); REA.AU SharesStats.PercentInsiders = 62.71 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 15.5% yearly over ten years; actual growth was 9.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:15.072Z); Ten-year compound average after fade. Initial solved rate 0.211155823462703. Price 156.52; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 2.1164913356940254 → FY2026 5.037979703136146. Closing-price date 2026-10-15.

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

- 2016-10: AUD 51.14 per share

- 2016-11: AUD 51.62 per share

- 2016-12: AUD 55.23 per share

- 2017-01: AUD 52.56 per share

- 2017-02: AUD 56.53 per share

- 2017-03: AUD 59.33 per share

- 2017-04: AUD 61.49 per share

- 2017-05: AUD 64.17 per share

- 2017-06: AUD 66.40 per share

- 2017-07: AUD 69.02 per share

- 2017-08: AUD 66.30 per share

- 2017-09: AUD 67.00 per share

- 2017-10: AUD 72.28 per share

- 2017-11: AUD 78.79 per share

- 2017-12: AUD 76.65 per share

- 2018-01: AUD 73.65 per share

- 2018-02: AUD 76.99 per share

- 2018-03: AUD 79.21 per share

- 2018-04: AUD 80.86 per share

- 2018-05: AUD 85.81 per share

- 2018-06: AUD 90.87 per share

- 2018-07: AUD 86.80 per share

- 2018-08: AUD 91.13 per share

- 2018-09: AUD 85.93 per share

- 2018-10: AUD 71.62 per share

- 2018-11: AUD 76.07 per share

- 2018-12: AUD 73.98 per share

- 2019-01: AUD 75.72 per share

- 2019-02: AUD 81.54 per share

- 2019-03: AUD 74.70 per share

- 2019-04: AUD 79.90 per share

- 2019-05: AUD 88.98 per share

- 2019-06: AUD 96.04 per share

- 2019-07: AUD 98.19 per share

- 2019-08: AUD 104.51 per share

- 2019-09: AUD 108.22 per share

- 2019-10: AUD 108.59 per share

- 2019-11: AUD 104.36 per share

- 2019-12: AUD 103.60 per share

- 2020-01: AUD 114.10 per share

- 2020-02: AUD 98.32 per share

- 2020-03: AUD 76.99 per share

- 2020-04: AUD 89.03 per share

- 2020-05: AUD 100.47 per share

- 2020-06: AUD 107.88 per share

- 2020-07: AUD 108.48 per share

- 2020-08: AUD 114.17 per share

- 2020-09: AUD 109.97 per share

- 2020-10: AUD 118.27 per share

- 2020-11: AUD 145.24 per share

- 2020-12: AUD 148.86 per share

- 2021-01: AUD 146.68 per share

- 2021-02: AUD 136.80 per share

- 2021-03: AUD 141.74 per share

- 2021-04: AUD 158.35 per share

- 2021-05: AUD 163.66 per share

- 2021-06: AUD 169.03 per share

- 2021-07: AUD 161.66 per share

- 2021-08: AUD 153.50 per share

- 2021-09: AUD 158.85 per share

- 2021-10: AUD 160.14 per share

- 2021-11: AUD 162.39 per share

- 2021-12: AUD 167.64 per share

- 2022-01: AUD 145.10 per share

- 2022-02: AUD 131.68 per share

- 2022-03: AUD 135.47 per share

- 2022-04: AUD 129.42 per share

- 2022-05: AUD 112.61 per share

- 2022-06: AUD 111.83 per share

- 2022-07: AUD 125.06 per share

- 2022-08: AUD 127.55 per share

- 2022-09: AUD 114.85 per share

- 2022-10: AUD 121.59 per share

- 2022-11: AUD 123.31 per share

- 2022-12: AUD 110.80 per share

- 2023-01: AUD 125.62 per share

- 2023-02: AUD 122.87 per share

- 2023-03: AUD 138.03 per share

- 2023-04: AUD 140.89 per share

- 2023-05: AUD 137.53 per share

- 2023-06: AUD 143.03 per share

- 2023-07: AUD 157.53 per share

- 2023-08: AUD 165.08 per share

- 2023-09: AUD 154.32 per share

- 2023-10: AUD 143.71 per share

- 2023-11: AUD 155.25 per share

- 2023-12: AUD 181.15 per share

- 2024-01: AUD 183.94 per share

- 2024-02: AUD 194.11 per share

- 2024-03: AUD 185.47 per share

- 2024-04: AUD 179.64 per share

- 2024-05: AUD 186.71 per share

- 2024-06: AUD 196.66 per share

- 2024-07: AUD 204.62 per share

- 2024-08: AUD 219.00 per share

- 2024-09: AUD 201.00 per share

- 2024-10: AUD 226.92 per share

- 2024-11: AUD 251.53 per share

- 2024-12: AUD 233.31 per share

- 2025-01: AUD 249.73 per share

- 2025-02: AUD 238.16 per share

- 2025-03: AUD 219.55 per share

- 2025-04: AUD 248.23 per share

- 2025-05: AUD 239.71 per share

- 2025-06: AUD 240.49 per share

- 2025-07: AUD 239.48 per share

- 2025-08: AUD 251.03 per share

- 2025-09: AUD 231.06 per share

- 2025-10: AUD 213.09 per share

- 2025-11: AUD 195.91 per share

- 2025-12: AUD 183.39 per share

- 2026-01: AUD 189.75 per share

- 2026-02: AUD 166.39 per share

- 2026-03: AUD 156.42 per share

- 2026-04: AUD 169.85 per share

- 2026-05: AUD 149.00 per share

- 2026-06: AUD 139.19 per share

- 2026-07: AUD 160.71 per share

- 2026-08: AUD 177.24 per share

- 2026-09: AUD 157.50 per share

- 2026-10: AUD 156.90 per share

## Annual estimated value (AUD per share)

- FY2017: low AUD 25.90 per share, central AUD 35.25 per share, high AUD 40.91 per share

- FY2018: low AUD 30.30 per share, central AUD 40.44 per share, high AUD 47.24 per share

- FY2019: low AUD 27.30 per share, central AUD 30.94 per share, high AUD 35.78 per share

- FY2020: low AUD 14.00 per share, central AUD 15.71 per share, high AUD 18.00 per share

- FY2021: low AUD 16.84 per share, central AUD 21.03 per share, high AUD 24.37 per share

- FY2022: low AUD 32.25 per share, central AUD 36.47 per share, high AUD 42.08 per share

- FY2023: low AUD 30.69 per share, central AUD 38.76 per share, high AUD 44.99 per share

- FY2024: low AUD 35.65 per share, central AUD 44.58 per share, high AUD 51.84 per share

- FY2025: low AUD 48.59 per share, central AUD 60.58 per share, high AUD 70.25 per share

- FY2026: low AUD 52.80 per share, central AUD 70.77 per share, high AUD 82.51 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 2026-10-15T06:40:57.514Z 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.

REA Group

REA · AU

S&P/ASX 200

Not a wonderful business

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

Share price: AUD 156.52
Buy up to: AUD 71.19
Expected / yr: 6.2% 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 9% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

10y median: 46.1%
Worst year: 39.0%
Latest · 2026: 47.7%

Gross margin fell 6.9 percentage points (limit 4).

ROIC excluding acquisitions

10y median: 50.2%
Worst year: 36.2%
Latest · 2026: 65.7%

Each $1 of profit left $1.01 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 1.01×
Annual median: 0.96×
Latest · 2026: 1.20×

Per-share value rose from 1.92 to 4.19, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: AUD 2.37
Worst year: AUD 0.36
Latest · 2026: AUD 4.19

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

Sloan accruals

10y median: -5.9%
Worst year: 0.1%
Latest · 2026: -7.4%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 44.8%, three-year average owner earnings per share 4.08 AUD.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price AUD 51.14; 2016-11 · Price AUD 51.62; 2016-12 · Price AUD 55.23; 2017-01 · Price AUD 52.56 · Value 35.25 · Buy at or below 35.25; 2017-02 · Price AUD 56.53 · Value 35.25 · Buy at or below 35.25; 2017-03 · Price AUD 59.33 · Value 35.25 · Buy at or below 35.25; 2017-04 · Price AUD 61.49 · Value 35.25 · Buy at or below 35.25; 2017-05 · Price AUD 64.17 · Value 35.25 · Buy at or below 35.25; 2017-06 · Price AUD 66.40 · Value 35.25 · Buy at or below 35.25; 2017-07 · Price AUD 69.02 · Value 35.25 · Buy at or below 35.25; 2017-08 · Price AUD 66.30 · Value 35.25 · Buy at or below 35.25; 2017-09 · Price AUD 67.00 · Value 35.25 · Buy at or below 35.25; 2017-10 · Price AUD 72.28 · Value 35.25 · Buy at or below 35.25; 2017-11 · Price AUD 78.79 · Value 35.25 · Buy at or below 35.25; 2017-12 · Price AUD 76.65 · Value 35.25 · Buy at or below 35.25; 2018-01 · Price AUD 73.65 · Value 35.25 · Buy at or below 35.25; 2018-02 · Price AUD 76.99 · Value 40.44 · Buy at or below 40.44; 2018-03 · Price AUD 79.21 · Value 40.44 · Buy at or below 40.44; 2018-04 · Price AUD 80.86 · Value 40.44 · Buy at or below 40.44; 2018-05 · Price AUD 85.81 · Value 40.44 · Buy at or below 40.44; 2018-06 · Price AUD 90.87 · Value 40.44 · Buy at or below 40.44; 2018-07 · Price AUD 86.80 · Value 40.44 · Buy at or below 40.44; 2018-08 · Price AUD 91.13 · Value 40.44 · Buy at or below 40.44; 2018-09 · Price AUD 85.93 · Value 40.44 · Buy at or below 40.44; 2018-10 · Price AUD 71.62 · Value 40.44 · Buy at or below 40.44; 2018-11 · Price AUD 76.07 · Value 40.44 · Buy at or below 40.44; 2018-12 · Price AUD 73.98 · Value 40.44 · Buy at or below 40.44; 2019-01 · Price AUD 75.72 · Value 40.44 · Buy at or below 40.44; 2019-02 · Price AUD 81.54 · Value 30.94 · Buy at or below 30.94; 2019-03 · Price AUD 74.70 · Value 30.94 · Buy at or below 30.94; 2019-04 · Price AUD 79.90 · Value 30.94 · Buy at or below 30.94; 2019-05 · Price AUD 88.98 · Value 30.94 · Buy at or below 30.94; 2019-06 · Price AUD 96.04 · Value 30.94 · Buy at or below 30.94; 2019-07 · Price AUD 98.19 · Value 30.94 · Buy at or below 30.94; 2019-08 · Price AUD 104.51 · Value 30.94 · Buy at or below 30.94; 2019-09 · Price AUD 108.22 · Value 30.94 · Buy at or below 30.94; 2019-10 · Price AUD 108.59 · Value 30.94 · Buy at or below 30.94; 2019-11 · Price AUD 104.36 · Value 30.94 · Buy at or below 30.94; 2019-12 · Price AUD 103.60 · Value 30.94 · Buy at or below 30.94; 2020-01 · Price AUD 114.10 · Value 30.94 · Buy at or below 30.94; 2020-02 · Price AUD 98.32 · Value 15.71 · Buy at or below 15.71; 2020-03 · Price AUD 76.99 · Value 15.71 · Buy at or below 15.71; 2020-04 · Price AUD 89.03 · Value 15.71 · Buy at or below 15.71; 2020-05 · Price AUD 100.47 · Value 15.71 · Buy at or below 15.71; 2020-06 · Price AUD 107.88 · Value 15.71 · Buy at or below 15.71; 2020-07 · Price AUD 108.48 · Value 15.71 · Buy at or below 15.71; 2020-08 · Price AUD 114.17 · Value 15.71 · Buy at or below 15.71; 2020-09 · Price AUD 109.97 · Value 15.71 · Buy at or below 15.71; 2020-10 · Price AUD 118.27 · Value 15.71 · Buy at or below 15.71; 2020-11 · Price AUD 145.24 · Value 15.71 · Buy at or below 15.71; 2020-12 · Price AUD 148.86 · Value 15.71 · Buy at or below 15.71; 2021-01 · Price AUD 146.68 · Value 15.71 · Buy at or below 15.71; 2021-02 · Price AUD 136.80 · Value 21.03 · Buy at or below 21.03; 2021-03 · Price AUD 141.74 · Value 21.03 · Buy at or below 21.03; 2021-04 · Price AUD 158.35 · Value 21.03 · Buy at or below 21.03; 2021-05 · Price AUD 163.66 · Value 21.03 · Buy at or below 21.03; 2021-06 · Price AUD 169.03 · Value 21.03 · Buy at or below 21.03; 2021-07 · Price AUD 161.66 · Value 21.03 · Buy at or below 21.03; 2021-08 · Price AUD 153.50 · Value 21.03 · Buy at or below 21.03; 2021-09 · Price AUD 158.85 · Value 21.03 · Buy at or below 21.03; 2021-10 · Price AUD 160.14 · Value 21.03 · Buy at or below 21.03; 2021-11 · Price AUD 162.39 · Value 21.03 · Buy at or below 21.03; 2021-12 · Price AUD 167.64 · Value 21.03 · Buy at or below 21.03; 2022-01 · Price AUD 145.10 · Value 21.03 · Buy at or below 21.03; 2022-02 · Price AUD 131.68 · Value 36.47 · Buy at or below 36.47; 2022-03 · Price AUD 135.47 · Value 36.47 · Buy at or below 36.47; 2022-04 · Price AUD 129.42 · Value 36.47 · Buy at or below 36.47; 2022-05 · Price AUD 112.61 · Value 36.47 · Buy at or below 36.47; 2022-06 · Price AUD 111.83 · Value 36.47 · Buy at or below 36.47; 2022-07 · Price AUD 125.06 · Value 36.47 · Buy at or below 36.47; 2022-08 · Price AUD 127.55 · Value 36.47 · Buy at or below 36.47; 2022-09 · Price AUD 114.85 · Value 36.47 · Buy at or below 36.47; 2022-10 · Price AUD 121.59 · Value 36.47 · Buy at or below 36.47; 2022-11 · Price AUD 123.31 · Value 36.47 · Buy at or below 36.47; 2022-12 · Price AUD 110.80 · Value 36.47 · Buy at or below 36.47; 2023-01 · Price AUD 125.62 · Value 36.47 · Buy at or below 36.47; 2023-02 · Price AUD 122.87 · Value 38.76 · Buy at or below 38.76; 2023-03 · Price AUD 138.03 · Value 38.76 · Buy at or below 38.76; 2023-04 · Price AUD 140.89 · Value 38.76 · Buy at or below 38.76; 2023-05 · Price AUD 137.53 · Value 38.76 · Buy at or below 38.76; 2023-06 · Price AUD 143.03 · Value 38.76 · Buy at or below 38.76; 2023-07 · Price AUD 157.53 · Value 38.76 · Buy at or below 38.76; 2023-08 · Price AUD 165.08 · Value 38.76 · Buy at or below 38.76; 2023-09 · Price AUD 154.32 · Value 38.76 · Buy at or below 38.76; 2023-10 · Price AUD 143.71 · Value 38.76 · Buy at or below 38.76; 2023-11 · Price AUD 155.25 · Value 38.76 · Buy at or below 38.76; 2023-12 · Price AUD 181.15 · Value 38.76 · Buy at or below 38.76; 2024-01 · Price AUD 183.94 · Value 38.76 · Buy at or below 38.76; 2024-02 · Price AUD 194.11 · Value 44.58 · Buy at or below 44.58; 2024-03 · Price AUD 185.47 · Value 44.58 · Buy at or below 44.58; 2024-04 · Price AUD 179.64 · Value 44.58 · Buy at or below 44.58; 2024-05 · Price AUD 186.71 · Value 44.58 · Buy at or below 44.58; 2024-06 · Price AUD 196.66 · Value 44.58 · Buy at or below 44.58; 2024-07 · Price AUD 204.62 · Value 44.58 · Buy at or below 44.58; 2024-08 · Price AUD 219.00 · Value 44.58 · Buy at or below 44.58; 2024-09 · Price AUD 201.00 · Value 44.58 · Buy at or below 44.58; 2024-10 · Price AUD 226.92 · Value 44.58 · Buy at or below 44.58; 2024-11 · Price AUD 251.53 · Value 44.58 · Buy at or below 44.58; 2024-12 · Price AUD 233.31 · Value 44.58 · Buy at or below 44.58; 2025-01 · Price AUD 249.73 · Value 44.58 · Buy at or below 44.58; 2025-02 · Price AUD 238.16 · Value 60.58 · Buy at or below 60.58; 2025-03 · Price AUD 219.55 · Value 60.58 · Buy at or below 60.58; 2025-04 · Price AUD 248.23 · Value 60.58 · Buy at or below 60.58; 2025-05 · Price AUD 239.71 · Value 60.58 · Buy at or below 60.58; 2025-06 · Price AUD 240.49 · Value 60.58 · Buy at or below 60.58; 2025-07 · Price AUD 239.48 · Value 60.58 · Buy at or below 60.58; 2025-08 · Price AUD 251.03 · Value 60.58 · Buy at or below 60.58; 2025-09 · Price AUD 231.06 · Value 60.58 · Buy at or below 60.58; 2025-10 · Price AUD 213.09 · Value 60.58 · Buy at or below 60.58; 2025-11 · Price AUD 195.91 · Value 60.58 · Buy at or below 60.58; 2025-12 · Price AUD 183.39 · Value 60.58 · Buy at or below 60.58; 2026-01 · Price AUD 189.75 · Value 60.58 · Buy at or below 60.58; 2026-02 · Price AUD 166.39 · Value 70.77 · Buy at or below 70.77; 2026-03 · Price AUD 156.42 · Value 70.77 · Buy at or below 70.77; 2026-04 · Price AUD 169.85 · Value 70.77 · Buy at or below 70.77; 2026-05 · Price AUD 149.00 · Value 70.77 · Buy at or below 70.77; 2026-06 · Price AUD 139.19 · Value 70.77 · Buy at or below 70.77; 2026-07 · Price AUD 160.71 · Value 70.77 · Buy at or below 70.77; 2026-08 · Price AUD 177.24 · Value 70.77 · Buy at or below 70.77; 2026-09 · Price AUD 157.50 · Value 70.77 · Buy at or below 70.77; 2026-10 · Price AUD 156.90 · Value 70.77 · Buy at or below 70.77; 2026-10 · Price AUD 156.52 · Value 70.77 · Buy at or below 70.77

AUD per share · annual estimates

Price & return math
Value range	AUD 53.11 – AUD 83.00
Buy at or below	Central value AUD 71.19
Discount to value	1 − 156.52 / 71.19 = -119.9%
Return / year	About 6.2% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash AUD 3.91/share; 6.2% growth for 5 years, then fades to 3.0%; excess cash AUD 2.49/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueAUD 2.0B

Revenue

Owner earningsAUD 663M

Owner earnings

Operating margin47.7%

Operating margin

Net cash / debtAUD 290M

Net cash / debt

Diluted shares132M

Diluted shares

Prices 15 Oct 2026 · FY2026