# Ramelius Resources (RMS.AU)

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

Analysis as of: 2026-10-16T07:37:45.812Z. Financial observations: FY2002–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 3.55 per share; close as of 2026-10-15.

Estimated value: low AUD 1.43 per share, central AUD 1.59 per share, high AUD 1.79 per share. Buy at or below the central value AUD 1.59 per share. Valuation as of 2026-10-16T07:37:45.812Z; scenarios are not confidence intervals.

Expected annual return: 5.7% at the stated quote. About 5.7% 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

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.57×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.11×

- FY2018: 0.13×

- FY2019: 0.08×

- FY2020: 0.34×

- FY2021: 0.27×

- FY2022: 0.18×

- FY2023: 0.17×

- FY2024: 0.35×

- FY2025: 0.57×

- FY2026: 0.42×

### moat: fail

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

- ROIC, median of available years: 20.2%

- ROIC, second-lowest year: 8.6%

- Typical minus recent gross margin: -19.7 pp

- Typical gross margin (annual median): 23.9%

- Recent gross margin (lower of latest and 3-year median): 43.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 24.7%

- ROIC including acquisitions, ten-year median: 20.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 17.2%

- FY2018: 23.2%

- FY2019: 8.6%

- FY2020: 29.7%

- FY2021: 29.1%

- FY2022: 11.3%

- FY2023: 10.1%

- FY2024: 26.1%

- FY2025: 41.0%

- FY2026: 8.3%

### economics: pass

- Owner earnings / net income, 5-yr: 1.17×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: AUD 1.0B

- Net income, five-year total: AUD 884M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.4 pp

- Working capital / revenue, change between three-year averages: -3.0 pp

- Working capital / revenue, final three-year average: 9.6%

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

- FY2022: 3.29×

- FY2023: 0.83×

- FY2024: 1.27×

- FY2025: 1.00×

- FY2026: 1.63×

### management: fail

- 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: 17.2% vs 26.1%

- Per-share earnings: 0.05 to 0.19 (three-year endpoint medians)

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

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 13.7%

- Ordinary dilution, 5-year annual growth: 17.7%

- Market cap gain: AUD 5.3B

- Cumulative retained earnings: AUD 1.1B

- Diluted shares, 10-year annual growth: 13.7%

- Diluted shares, 5-year annual growth: 17.7%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 17.1%

- Per-share value change: AUD 0.13

- Per-share value, starting three-year median: AUD 0.05

- Per-share value, ending three-year median: AUD 0.19

- Buybacks concentrated in cheaper years (correlation): -1.00

- Average buyback yield: 1.1%

- Buyback history: 3 years

- Debt-funded buybacks: No

- Acquisition spending: AUD 5.4M

- Cumulative net income, 10 years: AUD 1.2B

- ROIC, first three-year median: 17.2%

- ROIC, last three-year median: 26.1%

Chart: Earnings per share; fiscal year observations.

- FY2017: AUD 0.03

- FY2018: AUD 0.06

- FY2019: AUD 0.03

- FY2020: AUD 0.14

- FY2021: AUD 0.15

- FY2022: AUD 0.01

- FY2023: AUD 0.06

- FY2024: AUD 0.19

- FY2025: AUD 0.26

- FY2026: AUD 0.06

### accounting: pass

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

- Sloan accruals: -8.7%

- Receivables to sales index (DSRI): 2.00×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 4.57×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -27.9%

- FY2018: -29.8%

- FY2019: -29.0%

- FY2020: -15.7%

- FY2021: -20.6%

- FY2022: -15.1%

- FY2023: -16.8%

- FY2024: -14.9%

- FY2025: -12.4%

- FY2026: -8.7%

## Holders

## Price story

Down 25% since Jan 2026 · sales -14.2%

Story as of 2026-10-16T10:00:09.443Z; price observation 2026-10-15.

Price needs cash profits to grow 12.6% a year for ten years

### Sales · FY2025–2026

sales -14.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: AUD 197M 

- FY2018: AUD 342M 

- FY2019: AUD 353M 

- FY2020: AUD 460M 

- FY2021: AUD 634M 

- FY2022: AUD 604M 

- FY2023: AUD 631M 

- FY2024: AUD 883M 

- FY2025: AUD 1.2B 

- FY2026: AUD 1.0B 

### Gross margin · FY2026

gross margin 43.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: 14.6% 

- FY2018: 17.5% 

- FY2019: 12.4% 

- FY2020: 35.4% 

- FY2021: 28.4% 

- FY2022: 19.5% 

- FY2023: 18.1% 

- FY2024: 35.5% 

- FY2025: 57.8% 

- FY2026: 43.6% 

## Owner memo

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

### How it makes money

Operates in gold; annual sales are AUD 1 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:45.812Z); FY2026: revenue 1032808000; grossProfit 450670000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 35.5% to 57.8% during 2024–26; it earns 20.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:45.812Z); FY2024: grossProfit / revenue = 35.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:45.812Z); FY2025: grossProfit / revenue = 57.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:45.812Z); FY2026: grossProfit / revenue = 43.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:45.812Z); 10-year return on capital observations [[2017,0.17171702606570446],[2018,0.23244560107596182],[2019,0.08608887190819003],[2020,0.2972635719622723],[2021,0.2913791565529377],[2022,0.11294812798825454],[2023,0.10142511819824425],[2024,0.261216639435753],[2025,0.41012036263415513],[2026,0.08286159608700794]]; median 0.20208131357083314. 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 142.5 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:45.812Z); FY2017: growth capex 11500000; upkeep 60597000; owner earnings 17675000. Growth capex / owner earnings = 0.6506364922206507.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:45.812Z); FY2018: growth capex 2594000; upkeep 81411000; owner earnings 30760000. Growth capex / owner earnings = 0.08433029908972692.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:45.812Z); FY2019: growth capex 2753000; upkeep 82437000; owner earnings 21832000. Growth capex / owner earnings = 0.12609930377427628.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:45.812Z); FY2020: growth capex 35448000; upkeep 104152000; owner earnings 107317200. Growth capex / owner earnings = 0.3303105187239324.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:45.812Z); FY2021: growth capex 1641000; upkeep 163904000; owner earnings 121570600. Growth capex / owner earnings = 0.013498329365817064.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:45.812Z); FY2022: growth capex 0; upkeep 145880000; owner earnings 40771000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:45.812Z); FY2023: growth capex 18066014.070563197; upkeep 171293985.9294368; owner earnings 50998414.0705632. Growth capex / owner earnings = 0.3542465858951305.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:45.812Z); FY2024: growth capex 0; upkeep 123149000; owner earnings 275509600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:45.812Z); FY2025: growth capex 1585000; upkeep 158913000; owner earnings 474168000. Growth capex / owner earnings = 0.003342697103136441.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:45.812Z); FY2026: growth capex 0; upkeep 255561000; owner earnings 193825000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:45.812Z); Dividend observations: [[2017,6579000],[2018,6579000],[2019,6579000],[2020,6579000],[2021,16170000],[2022,20352000],[2023,7219000],[2024,17331000],[2025,70252000],[2026,114320000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:45.812Z); FY2026: cash repurchases 142460000 AUD.

### Are managers owners

Insiders own 2.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); RMS.AU SharesStats.PercentInsiders = 2.932 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 12.6% yearly over ten years; actual growth was 6.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:45.812Z); Ten-year compound average after fade. Initial solved rate 0.16948260040882135. Price 3.55; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 0.05268558756482393 → FY2026 0.1026010999981314. Closing-price date 2026-10-15.

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

- 2016-10: AUD 0.48 per share

- 2016-11: AUD 0.50 per share

- 2016-12: AUD 0.50 per share

- 2017-01: AUD 0.60 per share

- 2017-02: AUD 0.63 per share

- 2017-03: AUD 0.51 per share

- 2017-04: AUD 0.40 per share

- 2017-05: AUD 0.41 per share

- 2017-06: AUD 0.45 per share

- 2017-07: AUD 0.40 per share

- 2017-08: AUD 0.41 per share

- 2017-09: AUD 0.38 per share

- 2017-10: AUD 0.39 per share

- 2017-11: AUD 0.39 per share

- 2017-12: AUD 0.39 per share

- 2018-01: AUD 0.43 per share

- 2018-02: AUD 0.43 per share

- 2018-03: AUD 0.52 per share

- 2018-04: AUD 0.52 per share

- 2018-05: AUD 0.59 per share

- 2018-06: AUD 0.58 per share

- 2018-07: AUD 0.55 per share

- 2018-08: AUD 0.48 per share

- 2018-09: AUD 0.48 per share

- 2018-10: AUD 0.42 per share

- 2018-11: AUD 0.39 per share

- 2018-12: AUD 0.47 per share

- 2019-01: AUD 0.57 per share

- 2019-02: AUD 0.62 per share

- 2019-03: AUD 0.86 per share

- 2019-04: AUD 0.75 per share

- 2019-05: AUD 0.94 per share

- 2019-06: AUD 0.73 per share

- 2019-07: AUD 1.01 per share

- 2019-08: AUD 1.29 per share

- 2019-09: AUD 1.13 per share

- 2019-10: AUD 1.25 per share

- 2019-11: AUD 1.02 per share

- 2019-12: AUD 1.24 per share

- 2020-01: AUD 1.32 per share

- 2020-02: AUD 1.15 per share

- 2020-03: AUD 1.01 per share

- 2020-04: AUD 1.35 per share

- 2020-05: AUD 1.76 per share

- 2020-06: AUD 1.99 per share

- 2020-07: AUD 2.18 per share

- 2020-08: AUD 2.08 per share

- 2020-09: AUD 2.07 per share

- 2020-10: AUD 1.93 per share

- 2020-11: AUD 1.69 per share

- 2020-12: AUD 1.69 per share

- 2021-01: AUD 1.53 per share

- 2021-02: AUD 1.28 per share

- 2021-03: AUD 1.48 per share

- 2021-04: AUD 1.70 per share

- 2021-05: AUD 1.97 per share

- 2021-06: AUD 1.70 per share

- 2021-07: AUD 1.71 per share

- 2021-08: AUD 1.54 per share

- 2021-09: AUD 1.34 per share

- 2021-10: AUD 1.59 per share

- 2021-11: AUD 1.59 per share

- 2021-12: AUD 1.57 per share

- 2022-01: AUD 1.34 per share

- 2022-02: AUD 1.52 per share

- 2022-03: AUD 1.44 per share

- 2022-04: AUD 1.51 per share

- 2022-05: AUD 1.32 per share

- 2022-06: AUD 0.87 per share

- 2022-07: AUD 1.08 per share

- 2022-08: AUD 0.81 per share

- 2022-09: AUD 0.72 per share

- 2022-10: AUD 0.74 per share

- 2022-11: AUD 0.86 per share

- 2022-12: AUD 0.93 per share

- 2023-01: AUD 1.00 per share

- 2023-02: AUD 0.90 per share

- 2023-03: AUD 1.27 per share

- 2023-04: AUD 1.32 per share

- 2023-05: AUD 1.36 per share

- 2023-06: AUD 1.26 per share

- 2023-07: AUD 1.28 per share

- 2023-08: AUD 1.38 per share

- 2023-09: AUD 1.44 per share

- 2023-10: AUD 1.66 per share

- 2023-11: AUD 1.71 per share

- 2023-12: AUD 1.69 per share

- 2024-01: AUD 1.60 per share

- 2024-02: AUD 1.45 per share

- 2024-03: AUD 1.86 per share

- 2024-04: AUD 2.09 per share

- 2024-05: AUD 1.97 per share

- 2024-06: AUD 1.92 per share

- 2024-07: AUD 1.94 per share

- 2024-08: AUD 2.22 per share

- 2024-09: AUD 2.20 per share

- 2024-10: AUD 2.39 per share

- 2024-11: AUD 2.10 per share

- 2024-12: AUD 2.07 per share

- 2025-01: AUD 2.47 per share

- 2025-02: AUD 2.63 per share

- 2025-03: AUD 2.37 per share

- 2025-04: AUD 2.63 per share

- 2025-05: AUD 2.88 per share

- 2025-06: AUD 2.52 per share

- 2025-07: AUD 2.52 per share

- 2025-08: AUD 3.17 per share

- 2025-09: AUD 3.88 per share

- 2025-10: AUD 3.32 per share

- 2025-11: AUD 3.66 per share

- 2025-12: AUD 4.16 per share

- 2026-01: AUD 4.72 per share

- 2026-02: AUD 4.59 per share

- 2026-03: AUD 3.67 per share

- 2026-04: AUD 3.36 per share

- 2026-05: AUD 3.22 per share

- 2026-06: AUD 2.92 per share

- 2026-07: AUD 3.05 per share

- 2026-08: AUD 3.83 per share

- 2026-09: AUD 3.92 per share

- 2026-10: AUD 3.70 per share

## Annual estimated value (AUD per share)

- FY2017: low AUD 0.46 per share, central AUD 0.51 per share, high AUD 0.56 per share

- FY2018: low AUD 0.89 per share, central AUD 1.22 per share, high AUD 1.42 per share

- FY2019: low AUD 0.76 per share, central AUD 1.00 per share, high AUD 1.14 per share

- FY2020: low AUD 0.86 per share, central AUD 1.11 per share, high AUD 1.27 per share

- FY2021: low AUD 1.00 per share, central AUD 1.11 per share, high AUD 1.24 per share

- FY2022: low AUD 0.99 per share, central AUD 1.35 per share, high AUD 1.56 per share

- FY2023: low AUD 0.80 per share, central AUD 0.96 per share, high AUD 1.09 per share

- FY2024: low AUD 2.33 per share, central AUD 3.18 per share, high AUD 3.67 per share

- FY2025: low AUD 2.16 per share, central AUD 2.91 per share, high AUD 3.34 per share

- FY2026: low AUD 1.43 per share, central AUD 1.59 per share, high AUD 1.79 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.

Ramelius Resources

RMS · AU

S&P/ASX 200

Not a wonderful business

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

Share price: AUD 3.55
Buy up to: AUD 1.59
Expected / yr: 5.7% 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 56.7% around their average (limit 35%).

Operating margin

10y median: 22.7%
Worst year: 7.8%
Latest · 2026: 42.0%

The second-worst year 8.6% (minimum 10%).

ROIC excluding acquisitions

10y median: 20.2%
Worst year: 8.3%
Latest · 2026: 8.3%

Each $1 of profit left $1.17 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 1.17×
Annual median: 1.27×
Latest · 2026: 1.63×

Share growth was 13.7% over ten years and 17.7% over five (either must be at most 1% a year).

Earnings per share

10y median: AUD 0.06
Worst year: AUD 0.01
Latest · 2026: AUD 0.06

Profits were backed by cash: accruals were -8.7% of assets (limit 10%).

Sloan accruals

10y median: -16.2%
Worst year: -8.7%
Latest · 2026: -8.7%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 26.3%, three-year average owner earnings per share 0.2 AUD.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price AUD 0.48; 2016-11 · Price AUD 0.50; 2016-12 · Price AUD 0.50; 2017-01 · Price AUD 0.60 · Value 0.51 · Buy at or below 0.51; 2017-02 · Price AUD 0.63 · Value 0.51 · Buy at or below 0.51; 2017-03 · Price AUD 0.51 · Value 0.51 · Buy at or below 0.51; 2017-04 · Price AUD 0.40 · Value 0.51 · Buy at or below 0.51; 2017-05 · Price AUD 0.41 · Value 0.51 · Buy at or below 0.51; 2017-06 · Price AUD 0.45 · Value 0.51 · Buy at or below 0.51; 2017-07 · Price AUD 0.40 · Value 0.51 · Buy at or below 0.51; 2017-08 · Price AUD 0.41 · Value 0.51 · Buy at or below 0.51; 2017-09 · Price AUD 0.38 · Value 0.51 · Buy at or below 0.51; 2017-10 · Price AUD 0.39 · Value 0.51 · Buy at or below 0.51; 2017-11 · Price AUD 0.39 · Value 0.51 · Buy at or below 0.51; 2017-12 · Price AUD 0.39 · Value 0.51 · Buy at or below 0.51; 2018-01 · Price AUD 0.43 · Value 0.51 · Buy at or below 0.51; 2018-02 · Price AUD 0.43 · Value 1.22 · Buy at or below 1.22; 2018-03 · Price AUD 0.52 · Value 1.22 · Buy at or below 1.22; 2018-04 · Price AUD 0.52 · Value 1.22 · Buy at or below 1.22; 2018-05 · Price AUD 0.59 · Value 1.22 · Buy at or below 1.22; 2018-06 · Price AUD 0.58 · Value 1.22 · Buy at or below 1.22; 2018-07 · Price AUD 0.55 · Value 1.22 · Buy at or below 1.22; 2018-08 · Price AUD 0.48 · Value 1.22 · Buy at or below 1.22; 2018-09 · Price AUD 0.48 · Value 1.22 · Buy at or below 1.22; 2018-10 · Price AUD 0.41 · Value 1.22 · Buy at or below 1.22; 2018-11 · Price AUD 0.39 · Value 1.22 · Buy at or below 1.22; 2018-12 · Price AUD 0.47 · Value 1.22 · Buy at or below 1.22; 2019-01 · Price AUD 0.57 · Value 1.22 · Buy at or below 1.22; 2019-02 · Price AUD 0.61 · Value 1.00 · Buy at or below 1.00; 2019-03 · Price AUD 0.85 · Value 1.00 · Buy at or below 1.00; 2019-04 · Price AUD 0.75 · Value 1.00 · Buy at or below 1.00; 2019-05 · Price AUD 0.94 · Value 1.00 · Buy at or below 1.00; 2019-06 · Price AUD 0.72 · Value 1.00 · Buy at or below 1.00; 2019-07 · Price AUD 1.01 · Value 1.00 · Buy at or below 1.00; 2019-08 · Price AUD 1.28 · Value 1.00 · Buy at or below 1.00; 2019-09 · Price AUD 1.13 · Value 1.00 · Buy at or below 1.00; 2019-10 · Price AUD 1.25 · Value 1.00 · Buy at or below 1.00; 2019-11 · Price AUD 1.01 · Value 1.00 · Buy at or below 1.00; 2019-12 · Price AUD 1.24 · Value 1.00 · Buy at or below 1.00; 2020-01 · Price AUD 1.31 · Value 1.00 · Buy at or below 1.00; 2020-02 · Price AUD 1.15 · Value 1.11 · Buy at or below 1.11; 2020-03 · Price AUD 1.01 · Value 1.11 · Buy at or below 1.11; 2020-04 · Price AUD 1.34 · Value 1.11 · Buy at or below 1.11; 2020-05 · Price AUD 1.75 · Value 1.11 · Buy at or below 1.11; 2020-06 · Price AUD 1.99 · Value 1.11 · Buy at or below 1.11; 2020-07 · Price AUD 2.18 · Value 1.11 · Buy at or below 1.11; 2020-08 · Price AUD 2.08 · Value 1.11 · Buy at or below 1.11; 2020-09 · Price AUD 2.07 · Value 1.11 · Buy at or below 1.11; 2020-10 · Price AUD 1.93 · Value 1.11 · Buy at or below 1.11; 2020-11 · Price AUD 1.69 · Value 1.11 · Buy at or below 1.11; 2020-12 · Price AUD 1.69 · Value 1.11 · Buy at or below 1.11; 2021-01 · Price AUD 1.53 · Value 1.11 · Buy at or below 1.11; 2021-02 · Price AUD 1.27 · Value 1.11 · Buy at or below 1.11; 2021-03 · Price AUD 1.48 · Value 1.11 · Buy at or below 1.11; 2021-04 · Price AUD 1.70 · Value 1.11 · Buy at or below 1.11; 2021-05 · Price AUD 1.97 · Value 1.11 · Buy at or below 1.11; 2021-06 · Price AUD 1.70 · Value 1.11 · Buy at or below 1.11; 2021-07 · Price AUD 1.71 · Value 1.11 · Buy at or below 1.11; 2021-08 · Price AUD 1.54 · Value 1.11 · Buy at or below 1.11; 2021-09 · Price AUD 1.33 · Value 1.11 · Buy at or below 1.11; 2021-10 · Price AUD 1.59 · Value 1.11 · Buy at or below 1.11; 2021-11 · Price AUD 1.58 · Value 1.11 · Buy at or below 1.11; 2021-12 · Price AUD 1.57 · Value 1.11 · Buy at or below 1.11; 2022-01 · Price AUD 1.33 · Value 1.11 · Buy at or below 1.11; 2022-02 · Price AUD 1.52 · Value 1.35 · Buy at or below 1.35; 2022-03 · Price AUD 1.44 · Value 1.35 · Buy at or below 1.35; 2022-04 · Price AUD 1.51 · Value 1.35 · Buy at or below 1.35; 2022-05 · Price AUD 1.31 · Value 1.35 · Buy at or below 1.35; 2022-06 · Price AUD 0.87 · Value 1.35 · Buy at or below 1.35; 2022-07 · Price AUD 1.08 · Value 1.35 · Buy at or below 1.35; 2022-08 · Price AUD 0.81 · Value 1.35 · Buy at or below 1.35; 2022-09 · Price AUD 0.71 · Value 1.35 · Buy at or below 1.35; 2022-10 · Price AUD 0.73 · Value 1.35 · Buy at or below 1.35; 2022-11 · Price AUD 0.85 · Value 1.35 · Buy at or below 1.35; 2022-12 · Price AUD 0.93 · Value 1.35 · Buy at or below 1.35; 2023-01 · Price AUD 1.00 · Value 1.35 · Buy at or below 1.35; 2023-02 · Price AUD 0.90 · Value 0.96 · Buy at or below 0.96; 2023-03 · Price AUD 1.27 · Value 0.96 · Buy at or below 0.96; 2023-04 · Price AUD 1.31 · Value 0.96 · Buy at or below 0.96; 2023-05 · Price AUD 1.36 · Value 0.96 · Buy at or below 0.96; 2023-06 · Price AUD 1.26 · Value 0.96 · Buy at or below 0.96; 2023-07 · Price AUD 1.27 · Value 0.96 · Buy at or below 0.96; 2023-08 · Price AUD 1.38 · Value 0.96 · Buy at or below 0.96; 2023-09 · Price AUD 1.44 · Value 0.96 · Buy at or below 0.96; 2023-10 · Price AUD 1.66 · Value 0.96 · Buy at or below 0.96; 2023-11 · Price AUD 1.71 · Value 0.96 · Buy at or below 0.96; 2023-12 · Price AUD 1.69 · Value 0.96 · Buy at or below 0.96; 2024-01 · Price AUD 1.59 · Value 0.96 · Buy at or below 0.96; 2024-02 · Price AUD 1.45 · Value 3.18 · Buy at or below 3.18; 2024-03 · Price AUD 1.86 · Value 3.18 · Buy at or below 3.18; 2024-04 · Price AUD 2.09 · Value 3.18 · Buy at or below 3.18; 2024-05 · Price AUD 1.97 · Value 3.18 · Buy at or below 3.18; 2024-06 · Price AUD 1.92 · Value 3.18 · Buy at or below 3.18; 2024-07 · Price AUD 1.94 · Value 3.18 · Buy at or below 3.18; 2024-08 · Price AUD 2.22 · Value 3.18 · Buy at or below 3.18; 2024-09 · Price AUD 2.20 · Value 3.18 · Buy at or below 3.18; 2024-10 · Price AUD 2.39 · Value 3.18 · Buy at or below 3.18; 2024-11 · Price AUD 2.10 · Value 3.18 · Buy at or below 3.18; 2024-12 · Price AUD 2.07 · Value 3.18 · Buy at or below 3.18; 2025-01 · Price AUD 2.47 · Value 3.18 · Buy at or below 3.18; 2025-02 · Price AUD 2.63 · Value 2.91 · Buy at or below 2.91; 2025-03 · Price AUD 2.37 · Value 2.91 · Buy at or below 2.91; 2025-04 · Price AUD 2.63 · Value 2.91 · Buy at or below 2.91; 2025-05 · Price AUD 2.88 · Value 2.91 · Buy at or below 2.91; 2025-06 · Price AUD 2.52 · Value 2.91 · Buy at or below 2.91; 2025-07 · Price AUD 2.52 · Value 2.91 · Buy at or below 2.91; 2025-08 · Price AUD 3.17 · Value 2.91 · Buy at or below 2.91; 2025-09 · Price AUD 3.88 · Value 2.91 · Buy at or below 2.91; 2025-10 · Price AUD 3.32 · Value 2.91 · Buy at or below 2.91; 2025-11 · Price AUD 3.66 · Value 2.91 · Buy at or below 2.91; 2025-12 · Price AUD 4.16 · Value 2.91 · Buy at or below 2.91; 2026-01 · Price AUD 4.72 · Value 2.91 · Buy at or below 2.91; 2026-02 · Price AUD 4.59 · Value 1.59 · Buy at or below 1.59; 2026-03 · Price AUD 3.67 · Value 1.59 · Buy at or below 1.59; 2026-04 · Price AUD 3.36 · Value 1.59 · Buy at or below 1.59; 2026-05 · Price AUD 3.22 · Value 1.59 · Buy at or below 1.59; 2026-06 · Price AUD 2.92 · Value 1.59 · Buy at or below 1.59; 2026-07 · Price AUD 3.05 · Value 1.59 · Buy at or below 1.59; 2026-08 · Price AUD 3.83 · Value 1.59 · Buy at or below 1.59; 2026-09 · Price AUD 3.92 · Value 1.59 · Buy at or below 1.59; 2026-10 · Price AUD 3.70 · Value 1.59 · Buy at or below 1.59; 2026-10 · Price AUD 3.55 · Value 1.59 · Buy at or below 1.59

AUD per share · annual estimates

Price & return math
Value range	AUD 1.43 – AUD 1.79
Buy at or below	Central value AUD 1.59
Discount to value	1 − 3.55 / 1.59 = -123.7%
Return / year	About 5.7% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash AUD 0.10/share; 0.0% growth for 5 years, then fades to 3.0%; excess cash AUD 0.31/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueAUD 1.0B

Revenue

Owner earningsAUD 194M

Owner earnings

Operating margin42.0%

Operating margin

Net cash / debtAUD 529M

Net cash / debt

Diluted shares1.9B

Diluted shares

Prices 15 Oct 2026 · FY2026