# Steadfast Group (SDF.AU)

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

Analysis as of: 2026-10-16T07:37:52.220Z. Financial observations: FY2009–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 5.79 per share; close as of 2026-10-15.

Estimated value: low AUD 3.55 per share, central AUD 4.04 per share, high AUD 4.69 per share. Buy at or below the central value AUD 4.04 per share. Valuation as of 2026-10-16T07:37:52.220Z; scenarios are not confidence intervals.

Expected annual return: 7.8% at the stated quote. About 7.8% 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

- 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: 1

- Operating margin variation: 2.45×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.53×

- FY2018: 0.27×

- FY2019: 0.28×

- FY2020: -1.00×

- FY2021: 0.23×

- FY2022: 0.30×

- FY2023: 0.33×

- FY2024: 0.34×

- FY2025: 0.15×

- FY2026: 0.22×

### moat: fail

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

- ROIC median below threshold

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

- ROIC, median of available years: 11.1%

- ROIC, second-lowest year: 5.1%

- Typical minus recent gross margin: -7.6 pp

- Typical gross margin (annual median): 49.8%

- Recent gross margin (lower of latest and 3-year median): 57.4%

- Years with nonpositive capital: 5

- Capital spending / revenue: 1.9%

- ROIC including acquisitions, ten-year median: 12.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: >100%

- FY2018: >100%

- FY2019: 8.7%

- FY2020: -150.8%

- FY2021: >100%

- FY2022: >100%

- FY2023: 10.4%

- FY2024: 11.8%

- FY2025: 5.1%

- FY2026: 7.2%

### economics: pass

- Owner earnings / net income, 5-yr: 0.92×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: AUD 1.1B

- Net income, five-year total: AUD 1.2B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -13.4 pp

- Working capital / revenue, change between three-year averages: -112.4 pp

- Working capital / revenue, final three-year average: 8.6%

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

- FY2022: 1.32×

- FY2023: 1.31×

- FY2024: 1.31×

- FY2025: 1.22×

- FY2026: -0.32×

### management: fail

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

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 495.9% vs 7.2%

- Per-share earnings: 0.10 to 0.24 (three-year endpoint medians)

- 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: 4.0%

- Ordinary dilution, 5-year annual growth: 4.1%

- Market cap gain: AUD 3.7B

- Cumulative retained earnings: AUD 353M

- Diluted shares, 10-year annual growth: 4.0%

- Diluted shares, 5-year annual growth: 4.1%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 12.3%

- Per-share value change: AUD 0.15

- Per-share value, starting three-year median: AUD 0.10

- Per-share value, ending three-year median: AUD 0.24

- Buybacks concentrated in cheaper years (correlation): -0.39

- Average buyback yield: 0.1%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: AUD 3.1B

- Cumulative net income, 10 years: AUD 1.5B

- ROIC, first three-year median: >100%

- ROIC, last three-year median: 7.2%

Chart: Earnings per share; fiscal year observations.

- FY2017: AUD 0.09

- FY2018: AUD 0.10

- FY2019: AUD 0.13

- FY2020: AUD -0.04

- FY2021: AUD 0.16

- FY2022: AUD 0.17

- FY2023: AUD 0.18

- FY2024: AUD 0.21

- FY2025: AUD 0.30

- FY2026: AUD 0.24

### accounting: pass

- Sloan accruals: -2.9%

- Receivables to sales index (DSRI): 0.92×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.75×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.41×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -2.3%

- FY2018: -2.3%

- FY2019: -2.7%

- FY2020: -9.2%

- FY2021: -3.5%

- FY2022: 2.5%

- FY2023: -4.8%

- FY2024: -1.2%

- FY2025: -2.5%

- FY2026: -2.9%

## Holders

## Price story

Price needs cash profits to grow 5.4% a year for ten years · sales +16.8%

Story as of 2026-10-16T10:00:09.536Z; price observation 2026-10-15.

Price needs cash profits to grow 5.4% a year for ten years

### Sales · FY2025–2026

sales +16.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: AUD 396M 

- FY2018: AUD 453M 

- FY2019: AUD 561M 

- FY2020: AUD 677M 

- FY2021: AUD 902M 

- FY2022: AUD 886M 

- FY2023: AUD 1.5B 

- FY2024: AUD 1.8B 

- FY2025: AUD 1.8B 

- FY2026: AUD 2.1B 

### Gross margin · FY2026

gross margin 57.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: 48.9% 

- FY2018: 50.6% 

- FY2019: 52.7% 

- FY2020: 43.2% 

- FY2021: 59.8% 

- FY2022: 47.8% 

- FY2023: 47.6% 

- FY2024: 49.0% 

- FY2025: 72.4% 

- FY2026: 57.4% 

## Owner memo

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

### How it makes money

Operates in insurance brokers; annual sales are AUD 2.1 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:52.220Z); FY2026: revenue 2128300000; grossProfit 1222500000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SDF.AU: Steadfast Group Limited operates insurance broker and agency networks in Australia, New Zealand, Singapore, Europe, and the United States. It operates through Broking, Underwriting agencies, International, Technology, and Complementary segments. The company offers business insurance products, such as aviation, business pack, business interruption, contract works, corporate travel, cyber, events, farm, marine, management liability, product liability, professional indemnity, public liability, trade credit, and workers compensation; and personal insurance products, including home and contents, landlord, motor, and Strata insurance products. It also provides market access, technology, risk solutions, and operational support services; and owns an established Lloyd's broking operation, offering wholesale placement for brokers and agents, as well as direct insurance solutions. In addition, the company is involved in the insurance underwriting agency and complementary businesses. Steadfast Group Limited was incorporated in 1996 and is based in Sydney, Australia.

### Why customers stay

Margins ranged from 49% to 72.4% during 2024–26; it earns 11.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:52.220Z); FY2024: grossProfit / revenue = 49%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:52.220Z); FY2025: grossProfit / revenue = 72.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:52.220Z); FY2026: grossProfit / revenue = 57.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:52.220Z); 10-year return on capital observations [[2017,4.958587011669203],[2018,6.715103247000364],[2019,0.08743795392150033],[2020,-1.5079687836714588],[2021,1.1057874890751551],[2022,1.045089640767678],[2023,0.10445370326470522],[2024,0.11784033053060185],[2025,0.050551506623274386],[2026,0.07217885689154262]]; median 0.11114701689765354. 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 3.4 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:52.220Z); FY2017: growth capex 0; upkeep 9836000; owner earnings 81721000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:52.220Z); FY2018: growth capex 0; upkeep 25423000; owner earnings 79263000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:52.220Z); FY2019: growth capex 0; upkeep 18502000; owner earnings 121472000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:52.220Z); FY2021: growth capex 0; upkeep 11200000; owner earnings 184980000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:52.220Z); FY2022: growth capex 0; upkeep 8500000; owner earnings 225860000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:52.220Z); FY2023: growth capex 0; upkeep 16200000; owner earnings 248120000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:52.220Z); FY2024: growth capex 0; upkeep 10700000; owner earnings 298640000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:52.220Z); FY2025: growth capex 0; upkeep 8200000; owner earnings 407160000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:52.220Z); Dividend observations: [[2017,56475000],[2018,68616000],[2019,78510000],[2020,91639000],[2021,80900000],[2022,130200000],[2023,165500000],[2024,168100000],[2025,248800000],[2026,186500000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:52.220Z); FY2026: cash repurchases 3400000 AUD.

### Are managers owners

Insiders own 16.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SDF.AU SharesStats.PercentInsiders = 16.442 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 5.4% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:52.220Z); Ten-year compound average after fade. Initial solved rate 0.0644847172780939. Price 5.79; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 0.11555176958007271 → FY2026 -0.07669597245106913. Closing-price date 2026-10-15.

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

- 2016-10: AUD 2.14 per share

- 2016-11: AUD 2.07 per share

- 2016-12: AUD 2.21 per share

- 2017-01: AUD 2.29 per share

- 2017-02: AUD 2.40 per share

- 2017-03: AUD 2.54 per share

- 2017-04: AUD 2.72 per share

- 2017-05: AUD 2.76 per share

- 2017-06: AUD 2.66 per share

- 2017-07: AUD 2.59 per share

- 2017-08: AUD 2.69 per share

- 2017-09: AUD 2.79 per share

- 2017-10: AUD 2.68 per share

- 2017-11: AUD 2.90 per share

- 2017-12: AUD 2.82 per share

- 2018-01: AUD 2.77 per share

- 2018-02: AUD 2.52 per share

- 2018-03: AUD 2.51 per share

- 2018-04: AUD 2.75 per share

- 2018-05: AUD 2.80 per share

- 2018-06: AUD 2.81 per share

- 2018-07: AUD 2.92 per share

- 2018-08: AUD 2.96 per share

- 2018-09: AUD 2.85 per share

- 2018-10: AUD 2.97 per share

- 2018-11: AUD 2.70 per share

- 2018-12: AUD 2.75 per share

- 2019-01: AUD 2.64 per share

- 2019-02: AUD 3.12 per share

- 2019-03: AUD 3.17 per share

- 2019-04: AUD 3.41 per share

- 2019-05: AUD 3.15 per share

- 2019-06: AUD 3.51 per share

- 2019-07: AUD 3.80 per share

- 2019-08: AUD 3.75 per share

- 2019-09: AUD 3.55 per share

- 2019-10: AUD 3.59 per share

- 2019-11: AUD 3.57 per share

- 2019-12: AUD 3.48 per share

- 2020-01: AUD 3.85 per share

- 2020-02: AUD 3.75 per share

- 2020-03: AUD 2.49 per share

- 2020-04: AUD 3.07 per share

- 2020-05: AUD 3.34 per share

- 2020-06: AUD 3.36 per share

- 2020-07: AUD 3.35 per share

- 2020-08: AUD 3.59 per share

- 2020-09: AUD 3.20 per share

- 2020-10: AUD 3.56 per share

- 2020-11: AUD 3.86 per share

- 2020-12: AUD 3.99 per share

- 2021-01: AUD 4.00 per share

- 2021-02: AUD 3.99 per share

- 2021-03: AUD 3.81 per share

- 2021-04: AUD 4.17 per share

- 2021-05: AUD 4.02 per share

- 2021-06: AUD 4.40 per share

- 2021-07: AUD 4.44 per share

- 2021-08: AUD 4.99 per share

- 2021-09: AUD 4.88 per share

- 2021-10: AUD 4.65 per share

- 2021-11: AUD 4.92 per share

- 2021-12: AUD 5.25 per share

- 2022-01: AUD 4.63 per share

- 2022-02: AUD 4.64 per share

- 2022-03: AUD 4.78 per share

- 2022-04: AUD 5.16 per share

- 2022-05: AUD 5.04 per share

- 2022-06: AUD 5.02 per share

- 2022-07: AUD 5.32 per share

- 2022-08: AUD 5.04 per share

- 2022-09: AUD 4.63 per share

- 2022-10: AUD 5.06 per share

- 2022-11: AUD 5.31 per share

- 2022-12: AUD 5.47 per share

- 2023-01: AUD 5.24 per share

- 2023-02: AUD 5.83 per share

- 2023-03: AUD 5.85 per share

- 2023-04: AUD 5.93 per share

- 2023-05: AUD 5.93 per share

- 2023-06: AUD 6.00 per share

- 2023-07: AUD 5.83 per share

- 2023-08: AUD 5.64 per share

- 2023-09: AUD 5.64 per share

- 2023-10: AUD 5.40 per share

- 2023-11: AUD 5.64 per share

- 2023-12: AUD 5.82 per share

- 2024-01: AUD 5.95 per share

- 2024-02: AUD 5.79 per share

- 2024-03: AUD 5.88 per share

- 2024-04: AUD 5.67 per share

- 2024-05: AUD 5.52 per share

- 2024-06: AUD 6.18 per share

- 2024-07: AUD 6.49 per share

- 2024-08: AUD 6.47 per share

- 2024-09: AUD 5.67 per share

- 2024-10: AUD 5.50 per share

- 2024-11: AUD 5.81 per share

- 2024-12: AUD 5.80 per share

- 2025-01: AUD 5.84 per share

- 2025-02: AUD 5.61 per share

- 2025-03: AUD 5.78 per share

- 2025-04: AUD 5.87 per share

- 2025-05: AUD 5.76 per share

- 2025-06: AUD 6.01 per share

- 2025-07: AUD 5.95 per share

- 2025-08: AUD 6.08 per share

- 2025-09: AUD 5.93 per share

- 2025-10: AUD 5.60 per share

- 2025-11: AUD 5.19 per share

- 2025-12: AUD 5.28 per share

- 2026-01: AUD 5.23 per share

- 2026-02: AUD 4.40 per share

- 2026-03: AUD 4.25 per share

- 2026-04: AUD 4.24 per share

- 2026-05: AUD 4.08 per share

- 2026-06: AUD 5.10 per share

- 2026-07: AUD 5.11 per share

- 2026-08: AUD 5.84 per share

- 2026-09: AUD 5.75 per share

- 2026-10: AUD 5.78 per share

## Annual estimated value (AUD per share)

- FY2017: low AUD 0.98 per share, central AUD 1.12 per share, high AUD 1.30 per share

- FY2018: low AUD 1.09 per share, central AUD 1.25 per share, high AUD 1.45 per share

- FY2019: low AUD 1.30 per share, central AUD 1.48 per share, high AUD 1.72 per share

- FY2020: low AUD 1.50 per share, central AUD 1.70 per share, high AUD 1.98 per share

- FY2021: low AUD 2.74 per share, central AUD 3.88 per share, high AUD 4.55 per share

- FY2022: low AUD 2.48 per share, central AUD 3.54 per share, high AUD 4.16 per share

- FY2023: low AUD 3.91 per share, central AUD 5.59 per share, high AUD 6.57 per share

- FY2024: low AUD 3.55 per share, central AUD 4.89 per share, high AUD 5.73 per share

- FY2025: low AUD 3.69 per share, central AUD 4.20 per share, high AUD 4.88 per share

- FY2026: low AUD 3.55 per share, central AUD 4.04 per share, high AUD 4.69 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.