# SGH (SGH.AU)

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

Analysis as of: 2026-10-16T07:34:41.579Z. Financial observations: FY2017–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 38.06 per share; close as of 2026-10-15.

Estimated value: low AUD 8.74 per share, central AUD 9.94 per share, high AUD 11.53 per share. Buy at or below the central value AUD 9.94 per share. Valuation as of 2026-10-16T07:34:41.579Z; scenarios are not confidence intervals.

Expected annual return: 4.8% at the stated quote. About 4.8% 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

- 1 revenue decline in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.64×

Chart: Operating margin; fiscal year observations.

- FY2017: -0.05×

- FY2018: 0.04×

- FY2019: 0.13×

- FY2020: 0.08×

- FY2021: 0.19×

- FY2022: 0.10×

- FY2023: 0.12×

- FY2024: 0.11×

- FY2025: 0.10×

- FY2026: 0.12×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 9.4%

- ROIC, second-lowest year: 3.1%

- Typical minus recent gross margin: -2.2 pp

- Typical gross margin (annual median): 18.0%

- Recent gross margin (lower of latest and 3-year median): 20.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 6.4%

- ROIC including acquisitions, ten-year median: 3.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: -9.0%

- FY2018: 3.1%

- FY2019: 19.1%

- FY2020: 6.0%

- FY2021: 17.0%

- FY2022: 8.1%

- FY2023: 10.5%

- FY2024: 10.6%

- FY2025: 8.6%

- FY2026: 10.3%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: 0.46×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: AUD 1.3B

- Net income, five-year total: AUD 2.8B

- Return on incremental invested capital: 33.5%

- Working capital / revenue, annual change: 1.4 pp

- Working capital / revenue, change between three-year averages: 8.1 pp

- Working capital / revenue, final three-year average: 24.8%

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

- FY2022: 0.56×

- FY2023: 0.70×

- FY2024: 0.62×

- FY2025: 0.13×

- FY2026: 0.25×

### 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: 3.1% vs 10.3%

- Per-share earnings: 2.59 to 1.28 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 2.2%

- Market cap gain: AUD 18B

- Cumulative retained earnings: AUD 2.2B

- Diluted shares, 5-year annual growth: 2.2%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: -9.5%

- Per-share value change: AUD -1.30

- Per-share value, starting three-year median: AUD 2.59

- Per-share value, ending three-year median: AUD 1.28

- Buybacks concentrated in cheaper years (correlation): 0.56

- Average buyback yield: 0.3%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: AUD 3.5B

- Cumulative net income, 10 years: AUD 4.1B

- ROIC, first three-year median: 3.1%

- ROIC, last three-year median: 10.3%

Chart: Earnings per share; fiscal year observations.

- FY2017: AUD 0.38

- FY2018: AUD 4.88

- FY2019: AUD 2.59

- FY2020: AUD 1.50

- FY2021: AUD 1.74

- FY2022: AUD 1.21

- FY2023: AUD 1.79

- FY2024: AUD 1.28

- FY2025: AUD 1.20

- FY2026: AUD 1.62

### accounting: pass

- Sloan accruals: -6.5%

- Receivables to sales index (DSRI): 1.23×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.27×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.74×

Chart: Sloan accruals; fiscal year observations.

- FY2017: 2.5%

- FY2018: 7.2%

- FY2019: -3.0%

- FY2020: -5.6%

- FY2021: 0.1%

- FY2022: -0.5%

- FY2023: -3.9%

- FY2024: -2.1%

- FY2025: -7.2%

- FY2026: -6.5%

## Holders

## Price story

Down 30% since Jun 2025 · sales -1.4%

Story as of 2026-10-16T10:00:01.959Z; price observation 2026-10-15.

Price needs cash profits to grow 18% a year for ten years

### Sales · FY2025–2026

sales -1.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: AUD 2.9B 

- FY2018: AUD 3.4B 

- FY2019: AUD 4.1B 

- FY2020: AUD 4.6B 

- FY2021: AUD 4.8B 

- FY2022: AUD 8.0B 

- FY2023: AUD 9.6B 

- FY2024: AUD 11B 

- FY2025: AUD 11B 

- FY2026: AUD 11B 

### Gross margin · FY2026

gross margin 21.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: 18.1% 

- FY2018: 4.7% 

- FY2019: 16.9% 

- FY2020: 12.0% 

- FY2021: 22.1% 

- FY2022: 16.1% 

- FY2023: 17.9% 

- FY2024: 18.8% 

- FY2025: 20.2% 

- FY2026: 21.3% 

## Owner memo

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

### How it makes money

Operates in conglomerates; annual sales are AUD 10.6 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:41.579Z); FY2026: revenue 10589000000; grossProfit 2251800000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 18.8% to 21.3% during 2024–26; it earns 9.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:41.579Z); FY2024: grossProfit / revenue = 18.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:41.579Z); FY2025: grossProfit / revenue = 20.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:41.579Z); FY2026: grossProfit / revenue = 21.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:41.579Z); 10-year return on capital observations [[2017,-0.09046555279810341],[2018,0.030740176793917967],[2019,0.19050273382994876],[2020,0.06019425295973374],[2021,0.17008756070958958],[2022,0.08110638425370353],[2023,0.10534175251593916],[2024,0.10599482505490257],[2025,0.08571642667881593],[2026,0.10327947658503697]]; median 0.09449795163192645. 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 17.9 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:41.579Z); FY2017: growth capex 0; upkeep 8191000; owner earnings 38709000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:41.579Z); FY2018: growth capex 0; upkeep 3809000; owner earnings 547191000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:41.579Z); FY2019: growth capex 88469024.69802037; upkeep 203330975.30197963; owner earnings 199249024.69802037. Growth capex / owner earnings = 0.4440123349768113.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:41.579Z); FY2021: growth capex 0; upkeep 202100000; owner earnings 525780000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:41.579Z); FY2022: growth capex 168200000; upkeep 474500000; owner earnings 250340000. Growth capex / owner earnings = 0.6718862347207797.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:41.579Z); FY2023: growth capex 92200000; upkeep 511600000; owner earnings 459500000. Growth capex / owner earnings = 0.20065288356909686.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:41.579Z); FY2024: growth capex 169600000; upkeep 505400000; owner earnings 324080000. Growth capex / owner earnings = 0.5233275734386571.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:41.579Z); FY2025: growth capex 37386014.26318967; upkeep 728813985.7368103; owner earnings 63446014.26318967. Growth capex / owner earnings = 0.5892570982962506.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:41.579Z); FY2026: growth capex 0; upkeep 782700000; owner earnings 165900000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:41.579Z); Dividend observations: [[2017,148700000],[2018,137700000],[2019,138600000],[2020,142800000],[2021,150000000],[2022,192000000],[2023,170300000],[2024,235100000],[2025,246700000],[2026,260500000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:41.579Z); FY2026: cash repurchases 17900000 AUD.

### Are managers owners

Insiders own 52.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SGH.AU SharesStats.PercentInsiders = 52.84100000000001 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 18% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:41.579Z); Ten-year compound average after fade. Initial solved rate 0.24852303005716464. Price 38.06; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

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

- 2016-10: AUD 9.09 per share

- 2016-11: AUD 8.52 per share

- 2016-12: AUD 7.84 per share

- 2017-01: AUD 7.31 per share

- 2017-02: AUD 9.94 per share

- 2017-03: AUD 10.71 per share

- 2017-04: AUD 11.09 per share

- 2017-05: AUD 11.30 per share

- 2017-06: AUD 10.94 per share

- 2017-07: AUD 11.96 per share

- 2017-08: AUD 12.75 per share

- 2017-09: AUD 11.99 per share

- 2017-10: AUD 13.25 per share

- 2017-11: AUD 13.76 per share

- 2017-12: AUD 15.31 per share

- 2018-01: AUD 16.38 per share

- 2018-02: AUD 18.45 per share

- 2018-03: AUD 17.50 per share

- 2018-04: AUD 18.23 per share

- 2018-05: AUD 19.76 per share

- 2018-06: AUD 19.03 per share

- 2018-07: AUD 19.18 per share

- 2018-08: AUD 20.85 per share

- 2018-09: AUD 22.63 per share

- 2018-10: AUD 17.75 per share

- 2018-11: AUD 15.92 per share

- 2018-12: AUD 14.18 per share

- 2019-01: AUD 15.79 per share

- 2019-02: AUD 19.35 per share

- 2019-03: AUD 17.60 per share

- 2019-04: AUD 19.59 per share

- 2019-05: AUD 18.76 per share

- 2019-06: AUD 18.49 per share

- 2019-07: AUD 18.11 per share

- 2019-08: AUD 16.64 per share

- 2019-09: AUD 17.42 per share

- 2019-10: AUD 18.76 per share

- 2019-11: AUD 19.15 per share

- 2019-12: AUD 19.47 per share

- 2020-01: AUD 20.26 per share

- 2020-02: AUD 17.57 per share

- 2020-03: AUD 11.24 per share

- 2020-04: AUD 15.31 per share

- 2020-05: AUD 16.24 per share

- 2020-06: AUD 17.18 per share

- 2020-07: AUD 17.03 per share

- 2020-08: AUD 19.08 per share

- 2020-09: AUD 17.92 per share

- 2020-10: AUD 19.42 per share

- 2020-11: AUD 22.01 per share

- 2020-12: AUD 23.35 per share

- 2021-01: AUD 22.40 per share

- 2021-02: AUD 21.69 per share

- 2021-03: AUD 22.55 per share

- 2021-04: AUD 21.54 per share

- 2021-05: AUD 20.04 per share

- 2021-06: AUD 20.35 per share

- 2021-07: AUD 23.25 per share

- 2021-08: AUD 21.25 per share

- 2021-09: AUD 20.69 per share

- 2021-10: AUD 21.53 per share

- 2021-11: AUD 21.33 per share

- 2021-12: AUD 21.60 per share

- 2022-01: AUD 21.68 per share

- 2022-02: AUD 22.19 per share

- 2022-03: AUD 21.21 per share

- 2022-04: AUD 19.99 per share

- 2022-05: AUD 18.79 per share

- 2022-06: AUD 16.61 per share

- 2022-07: AUD 17.55 per share

- 2022-08: AUD 18.58 per share

- 2022-09: AUD 16.95 per share

- 2022-10: AUD 18.34 per share

- 2022-11: AUD 20.96 per share

- 2022-12: AUD 20.97 per share

- 2023-01: AUD 22.67 per share

- 2023-02: AUD 24.48 per share

- 2023-03: AUD 23.10 per share

- 2023-04: AUD 23.71 per share

- 2023-05: AUD 23.38 per share

- 2023-06: AUD 24.65 per share

- 2023-07: AUD 26.22 per share

- 2023-08: AUD 27.96 per share

- 2023-09: AUD 31.15 per share

- 2023-10: AUD 27.74 per share

- 2023-11: AUD 32.14 per share

- 2023-12: AUD 36.90 per share

- 2024-01: AUD 36.11 per share

- 2024-02: AUD 38.51 per share

- 2024-03: AUD 40.77 per share

- 2024-04: AUD 38.05 per share

- 2024-05: AUD 39.19 per share

- 2024-06: AUD 37.68 per share

- 2024-07: AUD 39.18 per share

- 2024-08: AUD 41.08 per share

- 2024-09: AUD 42.88 per share

- 2024-10: AUD 41.72 per share

- 2024-11: AUD 49.51 per share

- 2024-12: AUD 46.11 per share

- 2025-01: AUD 48.04 per share

- 2025-02: AUD 51.62 per share

- 2025-03: AUD 49.65 per share

- 2025-04: AUD 51.05 per share

- 2025-05: AUD 50.75 per share

- 2025-06: AUD 54.07 per share

- 2025-07: AUD 51.26 per share

- 2025-08: AUD 50.51 per share

- 2025-09: AUD 49.93 per share

- 2025-10: AUD 48.50 per share

- 2025-11: AUD 47.29 per share

- 2025-12: AUD 46.45 per share

- 2026-01: AUD 46.42 per share

- 2026-02: AUD 46.70 per share

- 2026-03: AUD 40.41 per share

- 2026-04: AUD 38.74 per share

- 2026-05: AUD 41.20 per share

- 2026-06: AUD 46.64 per share

- 2026-07: AUD 44.23 per share

- 2026-08: AUD 39.61 per share

- 2026-09: AUD 37.52 per share

- 2026-10: AUD 38.08 per share

## Annual estimated value (AUD per share)

- FY2021: low AUD 7.08 per share, central AUD 8.06 per share, high AUD 9.35 per share

- FY2022: low AUD 14.71 per share, central AUD 16.32 per share, high AUD 18.47 per share

- FY2023: low AUD 15.31 per share, central AUD 17.19 per share, high AUD 19.71 per share

- FY2024: low AUD 10.00 per share, central AUD 11.23 per share, high AUD 12.86 per share

- FY2025: low AUD 8.98 per share, central AUD 10.22 per share, high AUD 11.87 per share

- FY2026: low AUD 8.74 per share, central AUD 9.94 per share, high AUD 11.53 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.

SGH

SGH · AU

S&P/ASX 200

Not a wonderful business

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

Share price: AUD 38.06
Buy up to: AUD 9.94
Expected / yr: 4.8% 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 63.9% around their average (limit 35%).

Operating margin

10y median: 10.9%
Worst year: -5.1%
Latest · 2026: 11.7%

Capital return excluding acquisitions: median 9.4% (minimum 15%), and the second-worst year 3.1% (minimum 10%).

ROIC excluding acquisitions

10y median: 9.4%
Worst year: -9.0%
Latest · 2026: 10.3%

Each $1 of profit left $0.46 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 0.46×
Annual median: 0.56×
Latest · 2026: 0.25×

Per-share value fell from 2.59 to 1.28, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: AUD 1.56
Worst year: AUD 0.38
Latest · 2026: AUD 1.62

Profits were backed by cash: accruals were -6.5% of assets (limit 10%).

Sloan accruals

10y median: -2.6%
Worst year: 7.2%
Latest · 2026: -6.5%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 9.5%, three-year average owner earnings per share 0.45 AUD.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price AUD 9.09; 2016-11 · Price AUD 8.52; 2016-12 · Price AUD 7.84; 2017-01 · Price AUD 7.31; 2017-02 · Price AUD 9.94; 2017-03 · Price AUD 10.71; 2017-04 · Price AUD 11.09; 2017-05 · Price AUD 11.30; 2017-06 · Price AUD 10.94; 2017-07 · Price AUD 11.96; 2017-08 · Price AUD 12.75; 2017-09 · Price AUD 11.99; 2017-10 · Price AUD 13.25; 2017-11 · Price AUD 13.76; 2017-12 · Price AUD 15.31; 2018-01 · Price AUD 16.38; 2018-02 · Price AUD 18.45; 2018-03 · Price AUD 17.50; 2018-04 · Price AUD 18.23; 2018-05 · Price AUD 19.76; 2018-06 · Price AUD 19.03; 2018-07 · Price AUD 19.18; 2018-08 · Price AUD 20.85; 2018-09 · Price AUD 22.63; 2018-10 · Price AUD 17.75; 2018-11 · Price AUD 15.92; 2018-12 · Price AUD 14.18; 2019-01 · Price AUD 15.79; 2019-02 · Price AUD 19.35; 2019-03 · Price AUD 17.60; 2019-04 · Price AUD 19.59; 2019-05 · Price AUD 18.76; 2019-06 · Price AUD 18.49; 2019-07 · Price AUD 18.11; 2019-08 · Price AUD 16.64; 2019-09 · Price AUD 17.42; 2019-10 · Price AUD 18.76; 2019-11 · Price AUD 19.15; 2019-12 · Price AUD 19.47; 2020-01 · Price AUD 20.26; 2020-02 · Price AUD 17.57; 2020-03 · Price AUD 11.24; 2020-04 · Price AUD 15.31; 2020-05 · Price AUD 16.24; 2020-06 · Price AUD 17.18; 2020-07 · Price AUD 17.03; 2020-08 · Price AUD 19.08; 2020-09 · Price AUD 17.92; 2020-10 · Price AUD 19.42; 2020-11 · Price AUD 22.01; 2020-12 · Price AUD 23.35; 2021-01 · Price AUD 22.40 · Value 8.06 · Buy at or below 8.06; 2021-02 · Price AUD 21.69 · Value 8.06 · Buy at or below 8.06; 2021-03 · Price AUD 22.55 · Value 8.06 · Buy at or below 8.06; 2021-04 · Price AUD 21.54 · Value 8.06 · Buy at or below 8.06; 2021-05 · Price AUD 20.04 · Value 8.06 · Buy at or below 8.06; 2021-06 · Price AUD 20.35 · Value 8.06 · Buy at or below 8.06; 2021-07 · Price AUD 23.25 · Value 8.06 · Buy at or below 8.06; 2021-08 · Price AUD 21.25 · Value 8.06 · Buy at or below 8.06; 2021-09 · Price AUD 20.69 · Value 8.06 · Buy at or below 8.06; 2021-10 · Price AUD 21.53 · Value 8.06 · Buy at or below 8.06; 2021-11 · Price AUD 21.33 · Value 8.06 · Buy at or below 8.06; 2021-12 · Price AUD 21.60 · Value 8.06 · Buy at or below 8.06; 2022-01 · Price AUD 21.68 · Value 8.06 · Buy at or below 8.06; 2022-02 · Price AUD 22.19 · Value 16.32 · Buy at or below 16.32; 2022-03 · Price AUD 21.21 · Value 16.32 · Buy at or below 16.32; 2022-04 · Price AUD 19.99 · Value 16.32 · Buy at or below 16.32; 2022-05 · Price AUD 18.79 · Value 16.32 · Buy at or below 16.32; 2022-06 · Price AUD 16.61 · Value 16.32 · Buy at or below 16.32; 2022-07 · Price AUD 17.55 · Value 16.32 · Buy at or below 16.32; 2022-08 · Price AUD 18.58 · Value 16.32 · Buy at or below 16.32; 2022-09 · Price AUD 16.95 · Value 16.32 · Buy at or below 16.32; 2022-10 · Price AUD 18.34 · Value 16.32 · Buy at or below 16.32; 2022-11 · Price AUD 20.96 · Value 16.32 · Buy at or below 16.32; 2022-12 · Price AUD 20.97 · Value 16.32 · Buy at or below 16.32; 2023-01 · Price AUD 22.67 · Value 16.32 · Buy at or below 16.32; 2023-02 · Price AUD 24.48 · Value 17.19 · Buy at or below 17.19; 2023-03 · Price AUD 23.10 · Value 17.19 · Buy at or below 17.19; 2023-04 · Price AUD 23.71 · Value 17.19 · Buy at or below 17.19; 2023-05 · Price AUD 23.38 · Value 17.19 · Buy at or below 17.19; 2023-06 · Price AUD 24.65 · Value 17.19 · Buy at or below 17.19; 2023-07 · Price AUD 26.22 · Value 17.19 · Buy at or below 17.19; 2023-08 · Price AUD 27.96 · Value 17.19 · Buy at or below 17.19; 2023-09 · Price AUD 31.15 · Value 17.19 · Buy at or below 17.19; 2023-10 · Price AUD 27.74 · Value 17.19 · Buy at or below 17.19; 2023-11 · Price AUD 32.14 · Value 17.19 · Buy at or below 17.19; 2023-12 · Price AUD 36.90 · Value 17.19 · Buy at or below 17.19; 2024-01 · Price AUD 36.11 · Value 17.19 · Buy at or below 17.19; 2024-02 · Price AUD 38.51 · Value 11.23 · Buy at or below 11.23; 2024-03 · Price AUD 40.77 · Value 11.23 · Buy at or below 11.23; 2024-04 · Price AUD 38.05 · Value 11.23 · Buy at or below 11.23; 2024-05 · Price AUD 39.19 · Value 11.23 · Buy at or below 11.23; 2024-06 · Price AUD 37.68 · Value 11.23 · Buy at or below 11.23; 2024-07 · Price AUD 39.18 · Value 11.23 · Buy at or below 11.23; 2024-08 · Price AUD 41.08 · Value 11.23 · Buy at or below 11.23; 2024-09 · Price AUD 42.88 · Value 11.23 · Buy at or below 11.23; 2024-10 · Price AUD 41.72 · Value 11.23 · Buy at or below 11.23; 2024-11 · Price AUD 49.51 · Value 11.23 · Buy at or below 11.23; 2024-12 · Price AUD 46.11 · Value 11.23 · Buy at or below 11.23; 2025-01 · Price AUD 48.04 · Value 11.23 · Buy at or below 11.23; 2025-02 · Price AUD 51.62 · Value 10.22 · Buy at or below 10.22; 2025-03 · Price AUD 49.65 · Value 10.22 · Buy at or below 10.22; 2025-04 · Price AUD 51.05 · Value 10.22 · Buy at or below 10.22; 2025-05 · Price AUD 50.75 · Value 10.22 · Buy at or below 10.22; 2025-06 · Price AUD 54.07 · Value 10.22 · Buy at or below 10.22; 2025-07 · Price AUD 51.26 · Value 10.22 · Buy at or below 10.22; 2025-08 · Price AUD 50.51 · Value 10.22 · Buy at or below 10.22; 2025-09 · Price AUD 49.93 · Value 10.22 · Buy at or below 10.22; 2025-10 · Price AUD 48.50 · Value 10.22 · Buy at or below 10.22; 2025-11 · Price AUD 47.29 · Value 10.22 · Buy at or below 10.22; 2025-12 · Price AUD 46.45 · Value 10.22 · Buy at or below 10.22; 2026-01 · Price AUD 46.42 · Value 10.22 · Buy at or below 10.22; 2026-02 · Price AUD 46.70 · Value 9.94 · Buy at or below 9.94; 2026-03 · Price AUD 40.41 · Value 9.94 · Buy at or below 9.94; 2026-04 · Price AUD 38.74 · Value 9.94 · Buy at or below 9.94; 2026-05 · Price AUD 41.20 · Value 9.94 · Buy at or below 9.94; 2026-06 · Price AUD 46.64 · Value 9.94 · Buy at or below 9.94; 2026-07 · Price AUD 44.23 · Value 9.94 · Buy at or below 9.94; 2026-08 · Price AUD 39.61 · Value 9.94 · Buy at or below 9.94; 2026-09 · Price AUD 37.52 · Value 9.94 · Buy at or below 9.94; 2026-10 · Price AUD 38.08 · Value 9.94 · Buy at or below 9.94; 2026-10 · Price AUD 38.06 · Value 9.94 · Buy at or below 9.94

AUD per share · annual estimates

Price & return math
Value range	AUD 8.74 – AUD 11.53
Buy at or below	Central value AUD 9.94
Discount to value	1 − 38.06 / 9.94 = -283.1%
Return / year	About 4.8% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash AUD 0.79/share; 0.0% growth for 5 years, then fades to 3.0%; excess cash AUD 0.05/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueAUD 11B

Revenue

Owner earningsAUD 166M

Owner earnings

Operating margin11.7%

Operating margin

Net cash / debtAUD -4.8B

Net cash / debt

Diluted shares407M

Diluted shares

Prices 15 Oct 2026 · FY2026