# Smartgroup (SIQ.AU)

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

Analysis as of: 2026-10-16T07:43:39.374Z. Financial observations: FY2011–FY2025.

Listing currency: AUD. Reporting currency: AUD.

## Verdict

A wonderful business at a fair price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: yes.

Share price: AUD 11.49 per share; close as of 2026-10-15.

Estimated value: low AUD 9.25 per share, central AUD 11.75 per share, high AUD 13.41 per share. Buy at or below the central value AUD 11.75 per share. Valuation as of 2026-10-16T07:43:39.374Z; scenarios are not confidence intervals.

Expected annual return: 10.2% at the stated quote. About 10.2% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; AU 10-year bond 5.2% + 4 points).

## Checklist

### understandable: pass

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

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.05×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.34×

- FY2017: 0.36×

- FY2018: 0.37×

- FY2019: 0.38×

- FY2020: 0.34×

- FY2021: 0.41×

- FY2022: 0.38×

- FY2023: 0.37×

- FY2024: 0.35×

- FY2025: 0.37×

### moat: pass

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

- ROIC, median of available years: 92.9%

- ROIC, second-lowest year: 20.6%

- Typical minus recent gross margin: 1.6 pp

- Typical gross margin (annual median): 54.7%

- Recent gross margin (lower of latest and 3-year median): 53.2%

- Years with nonpositive capital: 3

- Capital spending / revenue: 2.0%

- ROIC including acquisitions, ten-year median: 21.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 73.9%

- FY2017: 87.2%

- FY2018: 98.6%

- FY2019: >100%

- FY2020: >100%

- FY2021: 20.6%

- FY2022: 19.9%

- FY2023: >100%

- FY2024: >100%

- FY2025: 22.3%

### economics: pass

- Owner earnings / net income, 5-yr: 0.90×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: AUD 302M

- Net income, five-year total: AUD 335M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 0.2 pp

- Working capital / revenue, change between three-year averages: 1.8 pp

- Working capital / revenue, final three-year average: 7.9%

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

- FY2021: 1.05×

- FY2022: 0.85×

- FY2023: 0.98×

- FY2024: 0.81×

- FY2025: 0.86×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 87.2% vs 214.4%

- Per-share earnings: 0.26 to 0.58 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.3%

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

- Market cap gain: AUD 393M

- Cumulative retained earnings: AUD -40M

- Diluted shares, 10-year annual growth: 0.3%

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

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 10.7%

- Per-share value change: AUD 0.32

- Per-share value, starting three-year median: AUD 0.26

- Per-share value, ending three-year median: AUD 0.58

- Average buyback yield: 0.1%

- Buyback history: 1 years

- Debt-funded buybacks: No

- Acquisition spending: AUD 496M

- Cumulative net income, 10 years: AUD 571M

- ROIC, first three-year median: 87.2%

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

Chart: Earnings per share; fiscal year observations.

- FY2016: AUD 0.26

- FY2017: AUD 0.34

- FY2018: AUD 0.46

- FY2019: AUD 0.48

- FY2020: AUD 0.32

- FY2021: AUD 0.45

- FY2022: AUD 0.45

- FY2023: AUD 0.48

- FY2024: AUD 0.58

- FY2025: AUD 0.61

### accounting: pass

- Sloan accruals: -2.6%

- Receivables to sales index (DSRI): 0.91×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 4.8%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.23×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.09×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -2.7%

- FY2017: -5.9%

- FY2018: 1.1%

- FY2019: -8.7%

- FY2020: -3.9%

- FY2021: 11.3%

- FY2022: -2.0%

- FY2023: -1.3%

- FY2024: -0.3%

- FY2025: -2.6%

## Holders

## Price story

Price needs cash profits to grow 5.2% a year for ten years · sales +7.7%

Story as of 2026-10-16T10:00:12.789Z; price observation 2026-10-15.

Price needs cash profits to grow 5.2% a year for ten years

### Sales · FY2024–2025

sales +7.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: AUD 148M 

- FY2017: AUD 205M 

- FY2018: AUD 242M 

- FY2019: AUD 250M 

- FY2020: AUD 216M 

- FY2021: AUD 222M 

- FY2022: AUD 225M 

- FY2023: AUD 252M 

- FY2024: AUD 306M 

- FY2025: AUD 329M 

### Gross margin · FY2025

gross margin 53.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 59.5% 

- FY2017: 61.1% 

- FY2018: 61.5% 

- FY2019: 50.8% 

- FY2020: 49.0% 

- FY2021: 55.2% 

- FY2022: 54.3% 

- FY2023: 51.8% 

- FY2024: 95.4% 

- FY2025: 53.2% 

## Owner memo

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

### How it makes money

Operates in specialty business services; annual sales are AUD 329.3 million.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:39.374Z); FY2025: revenue 329309000; grossProfit 175145000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SIQ.AU: Smartgroup Corporation Ltd provides employee management services in Australia. It offers Employee benefits, such as outsourced salary packaging services and novated leasing services. Its also provides end-to-end fleet management services. Additionally, it offers salary packaging software solutions and markets salary packaging debit cards. It serves not-for-profit organizations, healthcare providers, education providers, government sector, and corporate organizations. The company was founded in 1999 and is headquartered in Sydney, Australia.

### Why customers stay

Margins ranged from 51.8% to 95.4% during 2023–25; it earns 92.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:39.374Z); FY2023: grossProfit / revenue = 51.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:39.374Z); FY2024: grossProfit / revenue = 95.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:39.374Z); FY2025: grossProfit / revenue = 53.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:39.374Z); 10-year return on capital observations [[2016,0.7394712756199686],[2017,0.8720001003841368],[2018,0.9863959280230292],[2019,1.6609120247145992],[2020,7.906579918327071],[2021,0.2064319925268215],[2022,0.19895464677071795],[2023,6.0867160036490535],[2024,2.1442075435685752],[2025,0.2230895279617983]]; median 0.929198014203583. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 2.6% of cash earnings on expansion; paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:39.374Z); FY2016: growth capex 0; upkeep 674000; owner earnings 46038000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:39.374Z); FY2017: growth capex 0; upkeep 423000; owner earnings 60485000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:39.374Z); FY2018: growth capex 0; upkeep 430000; owner earnings 83864000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:39.374Z); FY2019: growth capex 0; upkeep 882000; owner earnings 82733600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:39.374Z); FY2020: growth capex 0; upkeep 1153000; owner earnings 61750800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:39.374Z); FY2021: growth capex 0; upkeep 7924000; owner earnings 61990400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:39.374Z); FY2022: growth capex 156384.78973674402; upkeep 14776615.210263256; owner earnings 50193584.78973675. Growth capex / owner earnings = 0.003115633011506294.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:39.374Z); FY2023: growth capex 595000; upkeep 7927000; owner earnings 60806800. Growth capex / owner earnings = 0.009785089825480046.

- Source: https://www.smartgroup.com.au/globalassets/smartgroup-corporate/about-us/2025annualreport.pdf (filed 2026-10-16T07:43:39.374Z); FY2024: growth capex 3399940.015949987; upkeep 24940059.984050013; owner earnings 61031540.01594999. Growth capex / owner earnings = 0.05570791782513511.

- Source: https://www.smartgroup.com.au/globalassets/smartgroup-corporate/about-us/2025annualreport.pdf (filed 2026-10-16T07:43:39.374Z); FY2025: growth capex 1771065.999330286; upkeep 24384934.000669714; owner earnings 68421065.99933028. Growth capex / owner earnings = 0.0258848057022032.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:39.374Z); Dividend observations: [[2016,20923000],[2017,38602000],[2018,51009000],[2019,82051000],[2020,50851000],[2021,65610000],[2022,87655000],[2023,58869000],[2024,65796000],[2025,67773000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 4.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SIQ.AU SharesStats.PercentInsiders = 4.589 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 5.2% yearly over ten years; actual growth was 11.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:39.374Z); Ten-year compound average after fade. Initial solved rate 0.07395534281938393. Price 11.49; FX 1; discount 0.1; same compounder ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.17479468785313845 → FY2025 0.525087107687919. Closing-price date 2026-10-15.

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

- 2016-10: AUD 5.97 per share

- 2016-11: AUD 5.84 per share

- 2016-12: AUD 6.28 per share

- 2017-01: AUD 6.45 per share

- 2017-02: AUD 6.60 per share

- 2017-03: AUD 6.60 per share

- 2017-04: AUD 6.46 per share

- 2017-05: AUD 6.80 per share

- 2017-06: AUD 7.17 per share

- 2017-07: AUD 7.49 per share

- 2017-08: AUD 8.90 per share

- 2017-09: AUD 9.22 per share

- 2017-10: AUD 9.73 per share

- 2017-11: AUD 10.31 per share

- 2017-12: AUD 10.85 per share

- 2018-01: AUD 11.09 per share

- 2018-02: AUD 11.44 per share

- 2018-03: AUD 10.93 per share

- 2018-04: AUD 10.86 per share

- 2018-05: AUD 11.28 per share

- 2018-06: AUD 11.67 per share

- 2018-07: AUD 12.16 per share

- 2018-08: AUD 12.80 per share

- 2018-09: AUD 11.91 per share

- 2018-10: AUD 9.97 per share

- 2018-11: AUD 10.17 per share

- 2018-12: AUD 8.88 per share

- 2019-01: AUD 10.46 per share

- 2019-02: AUD 8.48 per share

- 2019-03: AUD 7.92 per share

- 2019-04: AUD 8.48 per share

- 2019-05: AUD 8.75 per share

- 2019-06: AUD 8.34 per share

- 2019-07: AUD 9.40 per share

- 2019-08: AUD 11.16 per share

- 2019-09: AUD 12.21 per share

- 2019-10: AUD 11.41 per share

- 2019-11: AUD 9.05 per share

- 2019-12: AUD 6.94 per share

- 2020-01: AUD 6.75 per share

- 2020-02: AUD 6.39 per share

- 2020-03: AUD 4.89 per share

- 2020-04: AUD 5.40 per share

- 2020-05: AUD 6.71 per share

- 2020-06: AUD 6.07 per share

- 2020-07: AUD 6.04 per share

- 2020-08: AUD 5.97 per share

- 2020-09: AUD 5.72 per share

- 2020-10: AUD 5.43 per share

- 2020-11: AUD 6.31 per share

- 2020-12: AUD 6.83 per share

- 2021-01: AUD 7.04 per share

- 2021-02: AUD 6.89 per share

- 2021-03: AUD 6.33 per share

- 2021-04: AUD 7.04 per share

- 2021-05: AUD 6.66 per share

- 2021-06: AUD 7.38 per share

- 2021-07: AUD 7.20 per share

- 2021-08: AUD 8.00 per share

- 2021-09: AUD 9.50 per share

- 2021-10: AUD 8.02 per share

- 2021-11: AUD 7.62 per share

- 2021-12: AUD 7.75 per share

- 2022-01: AUD 7.14 per share

- 2022-02: AUD 8.37 per share

- 2022-03: AUD 8.55 per share

- 2022-04: AUD 8.93 per share

- 2022-05: AUD 8.39 per share

- 2022-06: AUD 6.11 per share

- 2022-07: AUD 6.88 per share

- 2022-08: AUD 5.94 per share

- 2022-09: AUD 4.99 per share

- 2022-10: AUD 4.92 per share

- 2022-11: AUD 4.79 per share

- 2022-12: AUD 5.10 per share

- 2023-01: AUD 5.65 per share

- 2023-02: AUD 6.39 per share

- 2023-03: AUD 6.41 per share

- 2023-04: AUD 6.72 per share

- 2023-05: AUD 7.26 per share

- 2023-06: AUD 7.92 per share

- 2023-07: AUD 9.04 per share

- 2023-08: AUD 8.60 per share

- 2023-09: AUD 8.28 per share

- 2023-10: AUD 8.58 per share

- 2023-11: AUD 8.60 per share

- 2023-12: AUD 8.72 per share

- 2024-01: AUD 9.71 per share

- 2024-02: AUD 10.97 per share

- 2024-03: AUD 9.71 per share

- 2024-04: AUD 9.59 per share

- 2024-05: AUD 8.18 per share

- 2024-06: AUD 8.45 per share

- 2024-07: AUD 8.65 per share

- 2024-08: AUD 8.01 per share

- 2024-09: AUD 8.38 per share

- 2024-10: AUD 7.77 per share

- 2024-11: AUD 7.81 per share

- 2024-12: AUD 7.77 per share

- 2025-01: AUD 8.03 per share

- 2025-02: AUD 8.39 per share

- 2025-03: AUD 7.36 per share

- 2025-04: AUD 7.82 per share

- 2025-05: AUD 7.29 per share

- 2025-06: AUD 7.37 per share

- 2025-07: AUD 7.92 per share

- 2025-08: AUD 9.05 per share

- 2025-09: AUD 7.98 per share

- 2025-10: AUD 8.18 per share

- 2025-11: AUD 8.79 per share

- 2025-12: AUD 9.14 per share

- 2026-01: AUD 8.43 per share

- 2026-02: AUD 8.82 per share

- 2026-03: AUD 8.21 per share

- 2026-04: AUD 9.02 per share

- 2026-05: AUD 11.39 per share

- 2026-06: AUD 12.79 per share

- 2026-07: AUD 12.81 per share

- 2026-08: AUD 10.66 per share

- 2026-09: AUD 11.37 per share

- 2026-10: AUD 11.43 per share

## Annual estimated value (AUD per share)

- FY2017: low AUD 4.70 per share, central AUD 5.32 per share, high AUD 6.14 per share

- FY2018: low AUD 6.29 per share, central AUD 7.12 per share, high AUD 8.23 per share

- FY2019: low AUD 6.86 per share, central AUD 7.77 per share, high AUD 8.97 per share

- FY2020: low AUD 5.85 per share, central AUD 6.63 per share, high AUD 7.67 per share

- FY2021: low AUD 5.73 per share, central AUD 6.49 per share, high AUD 7.50 per share

- FY2022: low AUD 5.85 per share, central AUD 6.60 per share, high AUD 7.59 per share

- FY2023: low AUD 8.08 per share, central AUD 11.69 per share, high AUD 13.70 per share

- FY2024: low AUD 8.46 per share, central AUD 12.24 per share, high AUD 14.35 per share

- FY2025: low AUD 9.93 per share, central AUD 12.56 per share, high AUD 14.32 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.

Smartgroup

SIQ · AU

S&P/ASX 200

A wonderful business at a fair price

Passes the quality tests.

Share price: AUD 11.49
Buy up to: AUD 11.75
Expected / yr: 10.2% 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 5.5% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

10y median: 36.9%
Worst year: 34.0%
Latest · 2025: 37.1%

Capital return excluding acquisitions: median 92.9% (minimum 15%), and the second-worst year 20.6% (minimum 10%).

ROIC excluding acquisitions

10y median: 92.9%
Worst year: 19.9%
Latest · 2025: 22.3%

Each $1 of profit left $0.90 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 0.90×
Annual median: 0.86×
Latest · 2025: 0.86×

Per-share value rose from 0.26 to 0.58, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: AUD 0.46
Worst year: AUD 0.26
Latest · 2025: AUD 0.61

Profits were backed by cash: accruals were -2.6% of assets (limit 10%).

Sloan accruals

10y median: -2.3%
Worst year: 11.3%
Latest · 2025: -2.6%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 36.7%, three-year average owner earnings per share 0.49 AUD.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price AUD 5.97; 2016-11 · Price AUD 5.84; 2016-12 · Price AUD 6.28; 2017-01 · Price AUD 6.45 · Value 5.32 · Buy at or below 5.32; 2017-02 · Price AUD 6.60 · Value 5.32 · Buy at or below 5.32; 2017-03 · Price AUD 6.60 · Value 5.32 · Buy at or below 5.32; 2017-04 · Price AUD 6.46 · Value 5.32 · Buy at or below 5.32; 2017-05 · Price AUD 6.80 · Value 5.32 · Buy at or below 5.32; 2017-06 · Price AUD 7.17 · Value 5.32 · Buy at or below 5.32; 2017-07 · Price AUD 7.49 · Value 5.32 · Buy at or below 5.32; 2017-08 · Price AUD 8.90 · Value 5.32 · Buy at or below 5.32; 2017-09 · Price AUD 9.22 · Value 5.32 · Buy at or below 5.32; 2017-10 · Price AUD 9.73 · Value 5.32 · Buy at or below 5.32; 2017-11 · Price AUD 10.31 · Value 5.32 · Buy at or below 5.32; 2017-12 · Price AUD 10.85 · Value 5.32 · Buy at or below 5.32; 2018-01 · Price AUD 11.09 · Value 5.32 · Buy at or below 5.32; 2018-02 · Price AUD 11.44 · Value 7.12 · Buy at or below 7.12; 2018-03 · Price AUD 10.93 · Value 7.12 · Buy at or below 7.12; 2018-04 · Price AUD 10.86 · Value 7.12 · Buy at or below 7.12; 2018-05 · Price AUD 11.28 · Value 7.12 · Buy at or below 7.12; 2018-06 · Price AUD 11.67 · Value 7.12 · Buy at or below 7.12; 2018-07 · Price AUD 12.16 · Value 7.12 · Buy at or below 7.12; 2018-08 · Price AUD 12.80 · Value 7.12 · Buy at or below 7.12; 2018-09 · Price AUD 11.91 · Value 7.12 · Buy at or below 7.12; 2018-10 · Price AUD 9.97 · Value 7.12 · Buy at or below 7.12; 2018-11 · Price AUD 10.17 · Value 7.12 · Buy at or below 7.12; 2018-12 · Price AUD 8.88 · Value 7.12 · Buy at or below 7.12; 2019-01 · Price AUD 10.46 · Value 7.12 · Buy at or below 7.12; 2019-02 · Price AUD 8.48 · Value 7.77 · Buy at or below 7.77; 2019-03 · Price AUD 7.92 · Value 7.77 · Buy at or below 7.77; 2019-04 · Price AUD 8.48 · Value 7.77 · Buy at or below 7.77; 2019-05 · Price AUD 8.75 · Value 7.77 · Buy at or below 7.77; 2019-06 · Price AUD 8.34 · Value 7.77 · Buy at or below 7.77; 2019-07 · Price AUD 9.40 · Value 7.77 · Buy at or below 7.77; 2019-08 · Price AUD 11.16 · Value 7.77 · Buy at or below 7.77; 2019-09 · Price AUD 12.21 · Value 7.77 · Buy at or below 7.77; 2019-10 · Price AUD 11.41 · Value 7.77 · Buy at or below 7.77; 2019-11 · Price AUD 9.05 · Value 7.77 · Buy at or below 7.77; 2019-12 · Price AUD 6.94 · Value 7.77 · Buy at or below 7.77; 2020-01 · Price AUD 6.75 · Value 7.77 · Buy at or below 7.77; 2020-02 · Price AUD 6.39 · Value 6.63 · Buy at or below 6.63; 2020-03 · Price AUD 4.89 · Value 6.63 · Buy at or below 6.63; 2020-04 · Price AUD 5.40 · Value 6.63 · Buy at or below 6.63; 2020-05 · Price AUD 6.71 · Value 6.63 · Buy at or below 6.63; 2020-06 · Price AUD 6.07 · Value 6.63 · Buy at or below 6.63; 2020-07 · Price AUD 6.04 · Value 6.63 · Buy at or below 6.63; 2020-08 · Price AUD 5.97 · Value 6.63 · Buy at or below 6.63; 2020-09 · Price AUD 5.72 · Value 6.63 · Buy at or below 6.63; 2020-10 · Price AUD 5.43 · Value 6.63 · Buy at or below 6.63; 2020-11 · Price AUD 6.31 · Value 6.63 · Buy at or below 6.63; 2020-12 · Price AUD 6.83 · Value 6.63 · Buy at or below 6.63; 2021-01 · Price AUD 7.04 · Value 6.63 · Buy at or below 6.63; 2021-02 · Price AUD 6.89 · Value 6.49 · Buy at or below 6.49; 2021-03 · Price AUD 6.33 · Value 6.49 · Buy at or below 6.49; 2021-04 · Price AUD 7.04 · Value 6.49 · Buy at or below 6.49; 2021-05 · Price AUD 6.66 · Value 6.49 · Buy at or below 6.49; 2021-06 · Price AUD 7.38 · Value 6.49 · Buy at or below 6.49; 2021-07 · Price AUD 7.20 · Value 6.49 · Buy at or below 6.49; 2021-08 · Price AUD 8.00 · Value 6.49 · Buy at or below 6.49; 2021-09 · Price AUD 9.50 · Value 6.49 · Buy at or below 6.49; 2021-10 · Price AUD 8.02 · Value 6.49 · Buy at or below 6.49; 2021-11 · Price AUD 7.62 · Value 6.49 · Buy at or below 6.49; 2021-12 · Price AUD 7.75 · Value 6.49 · Buy at or below 6.49; 2022-01 · Price AUD 7.14 · Value 6.49 · Buy at or below 6.49; 2022-02 · Price AUD 8.37 · Value 6.60 · Buy at or below 6.60; 2022-03 · Price AUD 8.55 · Value 6.60 · Buy at or below 6.60; 2022-04 · Price AUD 8.93 · Value 6.60 · Buy at or below 6.60; 2022-05 · Price AUD 8.39 · Value 6.60 · Buy at or below 6.60; 2022-06 · Price AUD 6.11 · Value 6.60 · Buy at or below 6.60; 2022-07 · Price AUD 6.88 · Value 6.60 · Buy at or below 6.60; 2022-08 · Price AUD 5.94 · Value 6.60 · Buy at or below 6.60; 2022-09 · Price AUD 4.99 · Value 6.60 · Buy at or below 6.60; 2022-10 · Price AUD 4.92 · Value 6.60 · Buy at or below 6.60; 2022-11 · Price AUD 4.79 · Value 6.60 · Buy at or below 6.60; 2022-12 · Price AUD 5.10 · Value 6.60 · Buy at or below 6.60; 2023-01 · Price AUD 5.65 · Value 6.60 · Buy at or below 6.60; 2023-02 · Price AUD 6.39 · Value 11.69 · Buy at or below 11.69; 2023-03 · Price AUD 6.41 · Value 11.69 · Buy at or below 11.69; 2023-04 · Price AUD 6.72 · Value 11.69 · Buy at or below 11.69; 2023-05 · Price AUD 7.26 · Value 11.69 · Buy at or below 11.69; 2023-06 · Price AUD 7.92 · Value 11.69 · Buy at or below 11.69; 2023-07 · Price AUD 9.04 · Value 11.69 · Buy at or below 11.69; 2023-08 · Price AUD 8.60 · Value 11.69 · Buy at or below 11.69; 2023-09 · Price AUD 8.28 · Value 11.69 · Buy at or below 11.69; 2023-10 · Price AUD 8.58 · Value 11.69 · Buy at or below 11.69; 2023-11 · Price AUD 8.60 · Value 11.69 · Buy at or below 11.69; 2023-12 · Price AUD 8.72 · Value 11.69 · Buy at or below 11.69; 2024-01 · Price AUD 9.71 · Value 11.69 · Buy at or below 11.69; 2024-02 · Price AUD 10.97 · Value 12.24 · Buy at or below 12.24; 2024-03 · Price AUD 9.71 · Value 12.24 · Buy at or below 12.24; 2024-04 · Price AUD 9.59 · Value 12.24 · Buy at or below 12.24; 2024-05 · Price AUD 8.18 · Value 12.24 · Buy at or below 12.24; 2024-06 · Price AUD 8.45 · Value 12.24 · Buy at or below 12.24; 2024-07 · Price AUD 8.65 · Value 12.24 · Buy at or below 12.24; 2024-08 · Price AUD 8.01 · Value 12.24 · Buy at or below 12.24; 2024-09 · Price AUD 8.38 · Value 12.24 · Buy at or below 12.24; 2024-10 · Price AUD 7.77 · Value 12.24 · Buy at or below 12.24; 2024-11 · Price AUD 7.81 · Value 12.24 · Buy at or below 12.24; 2024-12 · Price AUD 7.77 · Value 12.24 · Buy at or below 12.24; 2025-01 · Price AUD 8.03 · Value 12.24 · Buy at or below 12.24; 2025-02 · Price AUD 8.39 · Value 12.56 · Buy at or below 12.56; 2025-03 · Price AUD 7.36 · Value 12.56 · Buy at or below 12.56; 2025-04 · Price AUD 7.82 · Value 12.56 · Buy at or below 12.56; 2025-05 · Price AUD 7.29 · Value 12.56 · Buy at or below 12.56; 2025-06 · Price AUD 7.37 · Value 12.56 · Buy at or below 12.56; 2025-07 · Price AUD 7.92 · Value 12.56 · Buy at or below 12.56; 2025-08 · Price AUD 9.05 · Value 12.56 · Buy at or below 12.56; 2025-09 · Price AUD 7.98 · Value 12.56 · Buy at or below 12.56; 2025-10 · Price AUD 8.18 · Value 12.56 · Buy at or below 12.56; 2025-11 · Price AUD 8.79 · Value 12.56 · Buy at or below 12.56; 2025-12 · Price AUD 9.14 · Value 12.56 · Buy at or below 12.56; 2026-01 · Price AUD 8.43 · Value 12.56 · Buy at or below 12.56; 2026-02 · Price AUD 8.82 · Value 11.75 · Buy at or below 11.75; 2026-03 · Price AUD 8.21 · Value 11.75 · Buy at or below 11.75; 2026-04 · Price AUD 9.02 · Value 11.75 · Buy at or below 11.75; 2026-05 · Price AUD 11.39 · Value 11.75 · Buy at or below 11.75; 2026-06 · Price AUD 12.79 · Value 11.75 · Buy at or below 11.75; 2026-07 · Price AUD 12.81 · Value 11.75 · Buy at or below 11.75; 2026-08 · Price AUD 10.66 · Value 11.75 · Buy at or below 11.75; 2026-09 · Price AUD 11.37 · Value 11.75 · Buy at or below 11.75; 2026-10 · Price AUD 11.43 · Value 11.75 · Buy at or below 11.75; 2026-10 · Price AUD 11.49 · Value 11.75 · Buy at or below 11.75

AUD per share · annual estimates

Price & return math
Value range	AUD 9.25 – AUD 13.41
Buy at or below	Central value AUD 11.75
Discount to value	1 − 11.49 / 11.75 = 2.2%
Return / year	About 10.2% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash AUD 0.53/share; 8.1% growth fades over 10 years to 3.0%; excess cash AUD 2.08/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueAUD 329M

Revenue

Owner earningsAUD 68M

Owner earnings

Operating margin37.1%

Operating margin

Net cash / debtAUD 216M

Net cash / debt

Diluted shares130M

Diluted shares

Prices 15 Oct 2026 · FY2025