# Sonic Healthcare (SHL.AU)

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

Analysis as of: 2026-10-16T07:36:55.752Z. Financial observations: FY1997–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 18.49 per share; close as of 2026-10-15.

Estimated value: low AUD 18.88 per share, central AUD 21.36 per share, high AUD 24.67 per share. Buy at or below the central value AUD 21.36 per share. Valuation as of 2026-10-16T07:36:55.752Z; scenarios are not confidence intervals.

Expected annual return: 11.2% at the stated quote. About 11.2% 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: 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: 0.50×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.13×

- FY2018: 0.12×

- FY2019: 0.12×

- FY2020: 0.12×

- FY2021: 0.26×

- FY2022: 0.23×

- FY2023: 0.10×

- FY2024: 0.06×

- FY2025: 0.30×

- FY2026: 0.10×

### moat: fail

- Recent gross margin fell 5.6pp below the typical margin (limit 4pp)

- ROIC, median of available years: 36.1%

- ROIC, second-lowest year: 12.2%

- Typical minus recent gross margin: 5.6 pp

- Typical gross margin (annual median): 33.3%

- Recent gross margin (lower of latest and 3-year median): 27.7%

- Years with nonpositive capital: 0

- Capital spending / revenue: 5.4%

- ROIC including acquisitions, ten-year median: 6.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 37.4%

- FY2018: 34.9%

- FY2019: 42.2%

- FY2020: 23.9%

- FY2021: 67.8%

- FY2022: 58.8%

- FY2023: 22.3%

- FY2024: 12.2%

- FY2025: 55.9%

- FY2026: 6.2%

### economics: pass

- Owner earnings / net income, 5-yr: 1.05×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: AUD 4.0B

- Net income, five-year total: AUD 3.8B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.2 pp

- Working capital / revenue, change between three-year averages: -0.9 pp

- Working capital / revenue, final three-year average: 10.4%

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

- FY2022: 1.01×

- FY2023: 0.88×

- FY2024: 0.79×

- FY2025: 1.28×

- FY2026: 1.39×

### management: fail

- 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: 37.4% vs 12.2%

- Per-share earnings: 1.08 to 1.06 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- 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: 1.7%

- Ordinary dilution, 5-year annual growth: 0.4%

- Market cap gain: AUD 68M

- Cumulative retained earnings: AUD 2.6B

- Diluted shares, 10-year annual growth: 1.7%

- Diluted shares, 5-year annual growth: 0.4%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: -0.2%

- Per-share value change: AUD -0.02

- Per-share value, starting three-year median: AUD 1.08

- Per-share value, ending three-year median: AUD 1.06

- Buybacks concentrated in cheaper years (correlation): 0.70

- Average buyback yield: 0.6%

- Buyback history: 5 years

- Debt-funded buybacks: No

- Acquisition spending: AUD 11B

- Cumulative net income, 10 years: AUD 7.1B

- ROIC, first three-year median: 37.4%

- ROIC, last three-year median: 12.2%

Chart: Earnings per share; fiscal year observations.

- FY2017: AUD 1.01

- FY2018: AUD 1.11

- FY2019: AUD 1.15

- FY2020: AUD 1.10

- FY2021: AUD 2.71

- FY2022: AUD 3.09

- FY2023: AUD 1.44

- FY2024: AUD 1.06

- FY2025: AUD 1.04

- FY2026: AUD 1.23

### accounting: pass

- Sloan accruals: -4.8%

- Receivables to sales index (DSRI): 1.02×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.31×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.20×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -3.9%

- FY2018: -3.6%

- FY2019: -3.0%

- FY2020: -6.6%

- FY2021: -5.9%

- FY2022: -5.8%

- FY2023: -5.8%

- FY2024: -3.8%

- FY2025: -4.9%

- FY2026: -4.8%

## Holders

## Price story

Down 60% since Dec 2021 · sales +13.5%

Story as of 2026-10-16T10:00:08.355Z; price observation 2026-10-15.

Price needs cash profits to shrink 1% a year for ten years

### Sales · FY2025–2026

sales +13.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: AUD 5.1B 

- FY2018: AUD 5.5B 

- FY2019: AUD 6.1B 

- FY2020: AUD 6.6B 

- FY2021: AUD 8.8B 

- FY2022: AUD 9.3B 

- FY2023: AUD 8.1B 

- FY2024: AUD 8.9B 

- FY2025: AUD 9.6B 

- FY2026: AUD 11B 

### Gross margin · FY2026

gross margin 27.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: 83.7% 

- FY2018: 32.9% 

- FY2019: 32.3% 

- FY2020: 33.5% 

- FY2021: 81.5% 

- FY2022: 36.7% 

- FY2023: 84.3% 

- FY2024: 26.1% 

- FY2025: 33.1% 

- FY2026: 27.7% 

## Owner memo

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

### How it makes money

Operates in diagnostics & research; annual sales are AUD 10.9 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:55.752Z); FY2026: revenue 10949838000; grossProfit 3028138000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SHL.AU: Sonic Healthcare Limited offers medical diagnostic services, and administrative services and facilities to medical practitioners in Australia, the United States, Germany, and internationally. The company provides laboratory medicine/pathology testing services, such as biochemistry, cytopathology, genetics, haematology, histopathology, immunoserology, microbiology, molecular pathology, prenatal testing, toxicology, and ancillary functions; and radiology services, including magnetic resonance imaging (MRI), computed tomography (CT), ultrasound, X-ray, mammography, nuclear medicine, PET CT, interventional procedures, and bone mineral densitometry (BMD). It also offers primary care medical services comprising general practice clinics, occupational health services, skin cancer clinics, general practice IT solutions, and community-based healthcare services, as well as clinical trials and chronic disease management program services. Sonic Healthcare Limited was incorporated in 1934 and is headquartered in Sydney, Australia.

### Why customers stay

Margins ranged from 26.1% to 33.1% during 2024–26; it earns 36.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:55.752Z); FY2024: grossProfit / revenue = 26.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:55.752Z); FY2025: grossProfit / revenue = 33.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:55.752Z); FY2026: grossProfit / revenue = 27.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:55.752Z); 10-year return on capital observations [[2017,0.3736017326819939],[2018,0.34888346573168283],[2019,0.4219082989024135],[2020,0.23904543231901104],[2021,0.6780152053664283],[2022,0.5883822532639654],[2023,0.22260731109274712],[2024,0.12153296720229387],[2025,0.5593618179712815],[2026,0.061990539687701365]]; median 0.3612425992068384. 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 313000 of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:55.752Z); FY2017: growth capex 20742647.007220685; upkeep 316160352.9927793; owner earnings 339185647.0072207. Growth capex / owner earnings = 0.061154259297944616.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:55.752Z); FY2018: growth capex 0; upkeep 225617000; owner earnings 506027000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:55.752Z); FY2019: growth capex 113504000; upkeep 273144000; owner earnings 549158800. Growth capex / owner earnings = 0.2066870275046125.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:55.752Z); FY2020: growth capex 0; upkeep 333092000; owner earnings 524674200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:55.752Z); FY2021: growth capex 0; upkeep 363192000; owner earnings 1310744800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:55.752Z); FY2022: growth capex 0; upkeep 378589000; owner earnings 1470233400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:55.752Z); FY2023: growth capex 0; upkeep 497013000; owner earnings 605495200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:55.752Z); FY2024: growth capex 0; upkeep 579501000; owner earnings 403402400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:55.752Z); FY2025: growth capex 0; upkeep 336243000; owner earnings 656400600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:55.752Z); FY2026: growth capex 0; upkeep 630738000; owner earnings 846601000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:55.752Z); Dividend observations: [[2017,281361000],[2018,240026000],[2019,373723000],[2020,412330000],[2021,426232000],[2022,470869000],[2023,490530000],[2024,499413000],[2025,514033000],[2026,533777000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:55.752Z); FY2026: cash repurchases 313000 AUD.

### Are managers owners

Insiders own 8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SHL.AU SharesStats.PercentInsiders = 7.99 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 1% yearly over ten years; actual growth was 4.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:55.752Z); Ten-year compound average after fade. Initial solved rate -0.026838214964613305. Price 18.49; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 1.079552847084035 → FY2026 1.7112903388819825. Closing-price date 2026-10-15.

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

- 2016-10: AUD 20.49 per share

- 2016-11: AUD 21.80 per share

- 2016-12: AUD 21.40 per share

- 2017-01: AUD 20.82 per share

- 2017-02: AUD 21.52 per share

- 2017-03: AUD 22.12 per share

- 2017-04: AUD 22.09 per share

- 2017-05: AUD 23.16 per share

- 2017-06: AUD 24.22 per share

- 2017-07: AUD 22.29 per share

- 2017-08: AUD 21.90 per share

- 2017-09: AUD 20.91 per share

- 2017-10: AUD 21.77 per share

- 2017-11: AUD 22.28 per share

- 2017-12: AUD 22.86 per share

- 2018-01: AUD 23.85 per share

- 2018-02: AUD 24.50 per share

- 2018-03: AUD 22.88 per share

- 2018-04: AUD 23.62 per share

- 2018-05: AUD 23.56 per share

- 2018-06: AUD 24.53 per share

- 2018-07: AUD 26.08 per share

- 2018-08: AUD 26.19 per share

- 2018-09: AUD 24.91 per share

- 2018-10: AUD 22.55 per share

- 2018-11: AUD 22.80 per share

- 2018-12: AUD 22.11 per share

- 2019-01: AUD 23.02 per share

- 2019-02: AUD 24.12 per share

- 2019-03: AUD 24.56 per share

- 2019-04: AUD 25.65 per share

- 2019-05: AUD 26.15 per share

- 2019-06: AUD 27.10 per share

- 2019-07: AUD 28.04 per share

- 2019-08: AUD 29.45 per share

- 2019-09: AUD 28.05 per share

- 2019-10: AUD 28.54 per share

- 2019-11: AUD 30.12 per share

- 2019-12: AUD 28.75 per share

- 2020-01: AUD 31.67 per share

- 2020-02: AUD 28.80 per share

- 2020-03: AUD 24.33 per share

- 2020-04: AUD 27.19 per share

- 2020-05: AUD 28.17 per share

- 2020-06: AUD 30.43 per share

- 2020-07: AUD 32.10 per share

- 2020-08: AUD 32.05 per share

- 2020-09: AUD 33.16 per share

- 2020-10: AUD 34.82 per share

- 2020-11: AUD 32.94 per share

- 2020-12: AUD 32.15 per share

- 2021-01: AUD 34.37 per share

- 2021-02: AUD 31.73 per share

- 2021-03: AUD 35.09 per share

- 2021-04: AUD 35.88 per share

- 2021-05: AUD 34.79 per share

- 2021-06: AUD 38.40 per share

- 2021-07: AUD 40.02 per share

- 2021-08: AUD 43.40 per share

- 2021-09: AUD 40.66 per share

- 2021-10: AUD 40.03 per share

- 2021-11: AUD 42.70 per share

- 2021-12: AUD 46.63 per share

- 2022-01: AUD 37.91 per share

- 2022-02: AUD 35.05 per share

- 2022-03: AUD 35.48 per share

- 2022-04: AUD 36.73 per share

- 2022-05: AUD 36.66 per share

- 2022-06: AUD 33.01 per share

- 2022-07: AUD 34.27 per share

- 2022-08: AUD 34.00 per share

- 2022-09: AUD 30.58 per share

- 2022-10: AUD 32.77 per share

- 2022-11: AUD 32.28 per share

- 2022-12: AUD 29.97 per share

- 2023-01: AUD 31.58 per share

- 2023-02: AUD 32.21 per share

- 2023-03: AUD 34.84 per share

- 2023-04: AUD 35.44 per share

- 2023-05: AUD 35.19 per share

- 2023-06: AUD 35.57 per share

- 2023-07: AUD 35.15 per share

- 2023-08: AUD 32.16 per share

- 2023-09: AUD 29.80 per share

- 2023-10: AUD 28.75 per share

- 2023-11: AUD 29.17 per share

- 2023-12: AUD 32.08 per share

- 2024-01: AUD 32.02 per share

- 2024-02: AUD 29.85 per share

- 2024-03: AUD 29.41 per share

- 2024-04: AUD 26.77 per share

- 2024-05: AUD 24.33 per share

- 2024-06: AUD 26.30 per share

- 2024-07: AUD 27.66 per share

- 2024-08: AUD 27.68 per share

- 2024-09: AUD 27.23 per share

- 2024-10: AUD 26.93 per share

- 2024-11: AUD 28.57 per share

- 2024-12: AUD 27.01 per share

- 2025-01: AUD 28.55 per share

- 2025-02: AUD 27.45 per share

- 2025-03: AUD 25.76 per share

- 2025-04: AUD 26.08 per share

- 2025-05: AUD 26.67 per share

- 2025-06: AUD 26.79 per share

- 2025-07: AUD 27.61 per share

- 2025-08: AUD 24.05 per share

- 2025-09: AUD 21.44 per share

- 2025-10: AUD 21.16 per share

- 2025-11: AUD 23.33 per share

- 2025-12: AUD 22.61 per share

- 2026-01: AUD 22.95 per share

- 2026-02: AUD 23.83 per share

- 2026-03: AUD 20.45 per share

- 2026-04: AUD 19.77 per share

- 2026-05: AUD 19.52 per share

- 2026-06: AUD 20.81 per share

- 2026-07: AUD 21.86 per share

- 2026-08: AUD 19.59 per share

- 2026-09: AUD 18.99 per share

- 2026-10: AUD 18.39 per share

## Annual estimated value (AUD per share)

- FY2017: low AUD 12.68 per share, central AUD 15.48 per share, high AUD 17.92 per share

- FY2018: low AUD 14.11 per share, central AUD 17.16 per share, high AUD 19.93 per share

- FY2019: low AUD 14.48 per share, central AUD 17.07 per share, high AUD 19.67 per share

- FY2020: low AUD 15.64 per share, central AUD 17.48 per share, high AUD 19.93 per share

- FY2021: low AUD 19.17 per share, central AUD 21.61 per share, high AUD 24.86 per share

- FY2022: low AUD 21.14 per share, central AUD 23.88 per share, high AUD 27.53 per share

- FY2023: low AUD 18.13 per share, central AUD 20.44 per share, high AUD 23.53 per share

- FY2024: low AUD 17.19 per share, central AUD 19.43 per share, high AUD 22.41 per share

- FY2025: low AUD 16.83 per share, central AUD 19.01 per share, high AUD 21.92 per share

- FY2026: low AUD 18.86 per share, central AUD 21.34 per share, high AUD 24.64 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 2026-10-15T06:42:39.006Z 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.

Sonic Healthcare

SHL · AU

S&P/ASX 200

Not a wonderful business

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

Share price: AUD 18.49
Buy up to: AUD 21.36
Expected / yr: 11.2% 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 49.7% around their average (limit 35%).

Operating margin

10y median: 12.0%
Worst year: 6.2%
Latest · 2026: 9.9%

Gross margin fell 5.6 percentage points (limit 4).

ROIC excluding acquisitions

10y median: 36.1%
Worst year: 6.2%
Latest · 2026: 6.2%

Each $1 of profit left $1.05 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 1.05×
Annual median: 1.01×
Latest · 2026: 1.39×

Per-share value fell from 1.08 to 1.06, comparing three-year medians at each end (must rise and stay positive), and acquisitions used 159.5% of profits (limit 50%) while returns fell to 12.2% (minimum 15% and two-thirds of their starting level).

Earnings per share

10y median: AUD 1.13
Worst year: AUD 1.01
Latest · 2026: AUD 1.23

Profits were backed by cash: accruals were -4.8% of assets (limit 10%).

Sloan accruals

10y median: -4.8%
Worst year: -3.0%
Latest · 2026: -4.8%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 15.4%, three-year average owner earnings per share 1.29 AUD.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price AUD 20.49; 2016-11 · Price AUD 21.80; 2016-12 · Price AUD 21.40; 2017-01 · Price AUD 20.82 · Value 15.48 · Buy at or below 15.48; 2017-02 · Price AUD 21.52 · Value 15.48 · Buy at or below 15.48; 2017-03 · Price AUD 22.12 · Value 15.48 · Buy at or below 15.48; 2017-04 · Price AUD 22.09 · Value 15.48 · Buy at or below 15.48; 2017-05 · Price AUD 23.16 · Value 15.48 · Buy at or below 15.48; 2017-06 · Price AUD 24.22 · Value 15.48 · Buy at or below 15.48; 2017-07 · Price AUD 22.29 · Value 15.48 · Buy at or below 15.48; 2017-08 · Price AUD 21.90 · Value 15.48 · Buy at or below 15.48; 2017-09 · Price AUD 20.91 · Value 15.48 · Buy at or below 15.48; 2017-10 · Price AUD 21.77 · Value 15.48 · Buy at or below 15.48; 2017-11 · Price AUD 22.28 · Value 15.48 · Buy at or below 15.48; 2017-12 · Price AUD 22.86 · Value 15.48 · Buy at or below 15.48; 2018-01 · Price AUD 23.85 · Value 15.48 · Buy at or below 15.48; 2018-02 · Price AUD 24.50 · Value 17.16 · Buy at or below 17.16; 2018-03 · Price AUD 22.88 · Value 17.16 · Buy at or below 17.16; 2018-04 · Price AUD 23.62 · Value 17.16 · Buy at or below 17.16; 2018-05 · Price AUD 23.56 · Value 17.16 · Buy at or below 17.16; 2018-06 · Price AUD 24.53 · Value 17.16 · Buy at or below 17.16; 2018-07 · Price AUD 26.08 · Value 17.16 · Buy at or below 17.16; 2018-08 · Price AUD 26.19 · Value 17.16 · Buy at or below 17.16; 2018-09 · Price AUD 24.91 · Value 17.16 · Buy at or below 17.16; 2018-10 · Price AUD 22.55 · Value 17.16 · Buy at or below 17.16; 2018-11 · Price AUD 22.80 · Value 17.16 · Buy at or below 17.16; 2018-12 · Price AUD 22.11 · Value 17.16 · Buy at or below 17.16; 2019-01 · Price AUD 23.02 · Value 17.16 · Buy at or below 17.16; 2019-02 · Price AUD 24.12 · Value 17.07 · Buy at or below 17.07; 2019-03 · Price AUD 24.56 · Value 17.07 · Buy at or below 17.07; 2019-04 · Price AUD 25.65 · Value 17.07 · Buy at or below 17.07; 2019-05 · Price AUD 26.15 · Value 17.07 · Buy at or below 17.07; 2019-06 · Price AUD 27.10 · Value 17.07 · Buy at or below 17.07; 2019-07 · Price AUD 28.04 · Value 17.07 · Buy at or below 17.07; 2019-08 · Price AUD 29.45 · Value 17.07 · Buy at or below 17.07; 2019-09 · Price AUD 28.05 · Value 17.07 · Buy at or below 17.07; 2019-10 · Price AUD 28.54 · Value 17.07 · Buy at or below 17.07; 2019-11 · Price AUD 30.12 · Value 17.07 · Buy at or below 17.07; 2019-12 · Price AUD 28.75 · Value 17.07 · Buy at or below 17.07; 2020-01 · Price AUD 31.67 · Value 17.07 · Buy at or below 17.07; 2020-02 · Price AUD 28.80 · Value 17.48 · Buy at or below 17.48; 2020-03 · Price AUD 24.33 · Value 17.48 · Buy at or below 17.48; 2020-04 · Price AUD 27.19 · Value 17.48 · Buy at or below 17.48; 2020-05 · Price AUD 28.17 · Value 17.48 · Buy at or below 17.48; 2020-06 · Price AUD 30.43 · Value 17.48 · Buy at or below 17.48; 2020-07 · Price AUD 32.10 · Value 17.48 · Buy at or below 17.48; 2020-08 · Price AUD 32.05 · Value 17.48 · Buy at or below 17.48; 2020-09 · Price AUD 33.16 · Value 17.48 · Buy at or below 17.48; 2020-10 · Price AUD 34.82 · Value 17.48 · Buy at or below 17.48; 2020-11 · Price AUD 32.94 · Value 17.48 · Buy at or below 17.48; 2020-12 · Price AUD 32.15 · Value 17.48 · Buy at or below 17.48; 2021-01 · Price AUD 34.37 · Value 17.48 · Buy at or below 17.48; 2021-02 · Price AUD 31.73 · Value 21.61 · Buy at or below 21.61; 2021-03 · Price AUD 35.09 · Value 21.61 · Buy at or below 21.61; 2021-04 · Price AUD 35.88 · Value 21.61 · Buy at or below 21.61; 2021-05 · Price AUD 34.79 · Value 21.61 · Buy at or below 21.61; 2021-06 · Price AUD 38.40 · Value 21.61 · Buy at or below 21.61; 2021-07 · Price AUD 40.02 · Value 21.61 · Buy at or below 21.61; 2021-08 · Price AUD 43.40 · Value 21.61 · Buy at or below 21.61; 2021-09 · Price AUD 40.66 · Value 21.61 · Buy at or below 21.61; 2021-10 · Price AUD 40.03 · Value 21.61 · Buy at or below 21.61; 2021-11 · Price AUD 42.70 · Value 21.61 · Buy at or below 21.61; 2021-12 · Price AUD 46.63 · Value 21.61 · Buy at or below 21.61; 2022-01 · Price AUD 37.91 · Value 21.61 · Buy at or below 21.61; 2022-02 · Price AUD 35.05 · Value 23.88 · Buy at or below 23.88; 2022-03 · Price AUD 35.48 · Value 23.88 · Buy at or below 23.88; 2022-04 · Price AUD 36.73 · Value 23.88 · Buy at or below 23.88; 2022-05 · Price AUD 36.66 · Value 23.88 · Buy at or below 23.88; 2022-06 · Price AUD 33.01 · Value 23.88 · Buy at or below 23.88; 2022-07 · Price AUD 34.27 · Value 23.88 · Buy at or below 23.88; 2022-08 · Price AUD 34.00 · Value 23.88 · Buy at or below 23.88; 2022-09 · Price AUD 30.58 · Value 23.88 · Buy at or below 23.88; 2022-10 · Price AUD 32.77 · Value 23.88 · Buy at or below 23.88; 2022-11 · Price AUD 32.28 · Value 23.88 · Buy at or below 23.88; 2022-12 · Price AUD 29.97 · Value 23.88 · Buy at or below 23.88; 2023-01 · Price AUD 31.58 · Value 23.88 · Buy at or below 23.88; 2023-02 · Price AUD 32.21 · Value 20.44 · Buy at or below 20.44; 2023-03 · Price AUD 34.84 · Value 20.44 · Buy at or below 20.44; 2023-04 · Price AUD 35.44 · Value 20.44 · Buy at or below 20.44; 2023-05 · Price AUD 35.19 · Value 20.44 · Buy at or below 20.44; 2023-06 · Price AUD 35.57 · Value 20.44 · Buy at or below 20.44; 2023-07 · Price AUD 35.15 · Value 20.44 · Buy at or below 20.44; 2023-08 · Price AUD 32.16 · Value 20.44 · Buy at or below 20.44; 2023-09 · Price AUD 29.80 · Value 20.44 · Buy at or below 20.44; 2023-10 · Price AUD 28.75 · Value 20.44 · Buy at or below 20.44; 2023-11 · Price AUD 29.17 · Value 20.44 · Buy at or below 20.44; 2023-12 · Price AUD 32.08 · Value 20.44 · Buy at or below 20.44; 2024-01 · Price AUD 32.02 · Value 20.44 · Buy at or below 20.44; 2024-02 · Price AUD 29.85 · Value 19.43 · Buy at or below 19.43; 2024-03 · Price AUD 29.41 · Value 19.43 · Buy at or below 19.43; 2024-04 · Price AUD 26.77 · Value 19.43 · Buy at or below 19.43; 2024-05 · Price AUD 24.33 · Value 19.43 · Buy at or below 19.43; 2024-06 · Price AUD 26.30 · Value 19.43 · Buy at or below 19.43; 2024-07 · Price AUD 27.66 · Value 19.43 · Buy at or below 19.43; 2024-08 · Price AUD 27.68 · Value 19.43 · Buy at or below 19.43; 2024-09 · Price AUD 27.23 · Value 19.43 · Buy at or below 19.43; 2024-10 · Price AUD 26.93 · Value 19.43 · Buy at or below 19.43; 2024-11 · Price AUD 28.57 · Value 19.43 · Buy at or below 19.43; 2024-12 · Price AUD 27.01 · Value 19.43 · Buy at or below 19.43; 2025-01 · Price AUD 28.55 · Value 19.43 · Buy at or below 19.43; 2025-02 · Price AUD 27.45 · Value 19.01 · Buy at or below 19.01; 2025-03 · Price AUD 25.76 · Value 19.01 · Buy at or below 19.01; 2025-04 · Price AUD 26.08 · Value 19.01 · Buy at or below 19.01; 2025-05 · Price AUD 26.67 · Value 19.01 · Buy at or below 19.01; 2025-06 · Price AUD 26.79 · Value 19.01 · Buy at or below 19.01; 2025-07 · Price AUD 27.61 · Value 19.01 · Buy at or below 19.01; 2025-08 · Price AUD 24.05 · Value 19.01 · Buy at or below 19.01; 2025-09 · Price AUD 21.44 · Value 19.01 · Buy at or below 19.01; 2025-10 · Price AUD 21.16 · Value 19.01 · Buy at or below 19.01; 2025-11 · Price AUD 23.33 · Value 19.01 · Buy at or below 19.01; 2025-12 · Price AUD 22.61 · Value 19.01 · Buy at or below 19.01; 2026-01 · Price AUD 22.95 · Value 19.01 · Buy at or below 19.01; 2026-02 · Price AUD 23.83 · Value 21.34 · Buy at or below 21.34; 2026-03 · Price AUD 20.45 · Value 21.34 · Buy at or below 21.34; 2026-04 · Price AUD 19.77 · Value 21.34 · Buy at or below 21.34; 2026-05 · Price AUD 19.52 · Value 21.34 · Buy at or below 21.34; 2026-06 · Price AUD 20.81 · Value 21.34 · Buy at or below 21.34; 2026-07 · Price AUD 21.86 · Value 21.34 · Buy at or below 21.34; 2026-08 · Price AUD 19.59 · Value 21.34 · Buy at or below 21.34; 2026-09 · Price AUD 18.99 · Value 21.34 · Buy at or below 21.34; 2026-10 · Price AUD 18.39 · Value 21.34 · Buy at or below 21.34; 2026-10 · Price AUD 18.49 · Value 21.34 · Buy at or below 21.34

AUD per share · annual estimates

Price & return math
Value range	AUD 18.88 – AUD 24.67
Buy at or below	Central value AUD 21.36
Discount to value	1 − 18.49 / 21.36 = 13.5%
Return / year	About 11.2% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash AUD 1.65/share; 0.0% growth for 5 years, then fades to 3.0%; excess cash AUD 0.88/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueAUD 11B

Revenue

Owner earningsAUD 847M

Owner earnings

Operating margin9.9%

Operating margin

Net cash / debtAUD -5.2B

Net cash / debt

Diluted shares495M

Diluted shares

Prices 15 Oct 2026 · FY2026