# Sky Network Television (SKT.AU)

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

Analysis as of: 2026-10-16T07:49:37.088Z. Financial observations: FY1997–FY2026.

Listing currency: AUD. Reporting currency: NZD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: AUD 2.91 per share; close as of 2026-10-15.

Estimated value: low AUD 3.35 per share, central AUD 3.76 per share, high AUD 4.30 per share. Buy at or below the central value AUD 3.76 per share. Valuation as of 2026-10-16T07:49:37.088Z; scenarios are not confidence intervals.

Expected annual return: 12.4% at the stated quote. About 12.4% 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

- 6 revenue declines in the last 10 years

- more than 5 revenue declines in ten years

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 6

- Years with a net loss: 3

- Operating margin variation: 0.65×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.21×

- FY2018: 0.22×

- FY2019: 0.17×

- FY2020: 0.06×

- FY2021: 0.31×

- FY2022: 0.10×

- FY2023: 0.10×

- FY2024: 0.09×

- FY2025: 0.03×

- FY2026: 0.04×

### moat: fail

- Recent gross margin fell 18.7pp below the typical margin (limit 4pp)

- ROIC, median of available years: 30.3%

- ROIC, second-lowest year: 14.1%

- Typical minus recent gross margin: 18.7 pp

- Typical gross margin (annual median): 33.5%

- Recent gross margin (lower of latest and 3-year median): 14.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 8.0%

- ROIC including acquisitions, ten-year median: 8.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 66.8%

- FY2018: 78.6%

- FY2019: 75.1%

- FY2020: 15.8%

- FY2021: 73.9%

- FY2022: 32.2%

- FY2023: 28.5%

- FY2024: 26.6%

- FY2025: 7.3%

- FY2026: 14.1%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 1.21×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: NZD 291M

- Net income, five-year total: NZD 241M

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: -0.5 pp

- Working capital / revenue, change between three-year averages: -6.4 pp

- Working capital / revenue, final three-year average: 0.3%

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

- FY2022: 1.29×

- FY2023: 0.83×

- FY2024: 0.81×

- FY2025: 0.94×

- FY2026: 1.86×

### 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: 75.1% vs 14.1%

- Per-share earnings: 0.66 to 0.36 (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: -1.8%

- Ordinary dilution, 5-year annual growth: -3.6%

- Market cap gain: NZD -3.9B

- Cumulative retained earnings: NZD -976M

- Diluted shares, 10-year annual growth: -1.8%

- Diluted shares, 5-year annual growth: -3.6%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: -7.5%

- Per-share value change: NZD -0.31

- Per-share value, starting three-year median: NZD 0.66

- Per-share value, ending three-year median: NZD 0.36

- Buybacks concentrated in cheaper years (correlation): 0.50

- Average buyback yield: 8.5%

- Buyback history: 3 years

- Debt-funded buybacks: No

- Acquisition spending: NZD 32M

- Cumulative net income, 10 years: NZD -601M

- ROIC, first three-year median: 75.1%

- ROIC, last three-year median: 14.1%

Chart: Earnings per share; fiscal year observations.

- FY2017: NZD 0.66

- FY2018: NZD -6.19

- FY2019: NZD -11.42

- FY2020: NZD -0.90

- FY2021: NZD 0.27

- FY2022: NZD 0.36

- FY2023: NZD 0.35

- FY2024: NZD 0.36

- FY2025: NZD 0.15

- FY2026: NZD 0.41

### accounting: pass

- Sloan accruals: -12.6%

- Receivables to sales index (DSRI): 1.04×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.57×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.67×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -6.8%

- FY2018: -30.2%

- FY2019: -101.9%

- FY2020: -37.4%

- FY2021: -8.6%

- FY2022: -10.3%

- FY2023: -9.6%

- FY2024: -13.2%

- FY2025: -14.9%

- FY2026: -12.6%

## Holders

## Price story

Price needs cash profits to shrink 2.7% a year for ten years · sales +9.8%

Story as of 2026-10-16T10:00:13.806Z; price observation 2026-10-15.

Price needs cash profits to shrink 2.7% a year for ten years

### Sales · FY2025–2026

sales +9.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: NZD 893M 

- FY2018: NZD 840M 

- FY2019: NZD 795M 

- FY2020: NZD 747M 

- FY2021: NZD 711M 

- FY2022: NZD 737M 

- FY2023: NZD 756M 

- FY2024: NZD 767M 

- FY2025: NZD 751M 

- FY2026: NZD 824M 

### Gross margin · FY2026

gross margin 14.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: 60.9% 

- FY2018: 44.4% 

- FY2019: 35.8% 

- FY2020: 29.5% 

- FY2021: 31.2% 

- FY2022: 28.2% 

- FY2023: 26.1% 

- FY2024: 48.9% 

- FY2025: 46.2% 

- FY2026: 14.8% 

## Owner memo

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

### How it makes money

Operates in entertainment; annual sales are NZD 824.2 million.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:49:37.088Z); FY2026: revenue 824200287; grossProfit 122384267; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SKT.AU: SKY Network Television Limited, an entertainment company, provides sport and entertainment media services, and telecommunications services in New Zealand. It offers commercial music, broadband, entertainment quizzes, advertising, media, and streaming services, as well as broadcasting services. The company was founded in 1990 and is based in Auckland, New Zealand.

### Why customers stay

Margins ranged from 14.8% to 48.9% during 2024–26; it earns 30.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:49:37.088Z); FY2024: grossProfit / revenue = 48.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:49:37.088Z); FY2025: grossProfit / revenue = 46.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:49:37.088Z); FY2026: grossProfit / revenue = 14.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:49:37.088Z); 10-year return on capital observations [[2017,0.6682882250903657],[2018,0.7856220108666182],[2019,0.7513834233160298],[2020,0.15828249288476975],[2021,0.7387029170405729],[2022,0.32220904814358015],[2023,0.2845217440569511],[2024,0.2655588492592926],[2025,0.0726172599269641],[2026,0.1411949050620041]]; median 0.3033653961002656. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:49:37.088Z); FY2017: growth capex 0; upkeep 79682000; owner earnings 140527706. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:49:37.088Z); FY2021: growth capex 0; upkeep 51071000; owner earnings 86796996. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:49:37.088Z); FY2022: growth capex 0; upkeep 44683000; owner earnings 80213557. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:49:37.088Z); FY2023: growth capex 0; upkeep 71380000; owner earnings 42345963. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:49:37.088Z); FY2024: growth capex 2171673.9351074845; upkeep 86535326.06489252; owner earnings 39416889.935107484. Growth capex / owner earnings = 0.055095009745384234.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:49:37.088Z); FY2025: growth capex 0; upkeep 77746000; owner earnings 18999713. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:49:37.088Z); FY2026: growth capex 0; upkeep 33465822; owner earnings 110310336. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:49:37.088Z); Dividend observations: [[2017,132315000],[2018,89259000],[2019,67169000],[2020,290000],[2021,224000],[2022,138000],[2023,23316000],[2024,24663000],[2025,30151000],[2026,41198772]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 19.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SKT.AU SharesStats.PercentInsiders = 19.345000000000002 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 2.7% yearly over ten years; actual growth was 1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:49:37.088Z); Ten-year compound average after fade. Initial solved rate -0.05094736799475247. Price 2.91; FX 0.8124078517533463; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 0.6880888282489704 → FY2026 0.7569220381595686. Closing-price date 2026-10-15.

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

- 2016-11: AUD 28.65 per share

- 2016-12: AUD 27.83 per share

- 2017-01: AUD 28.08 per share

- 2017-02: AUD 22.37 per share

- 2017-03: AUD 22.05 per share

- 2017-04: AUD 22.18 per share

- 2017-05: AUD 21.55 per share

- 2017-06: AUD 20.54 per share

- 2017-07: AUD 19.54 per share

- 2017-08: AUD 16.15 per share

- 2017-09: AUD 15.52 per share

- 2017-10: AUD 14.01 per share

- 2017-11: AUD 13.95 per share

- 2017-12: AUD 16.46 per share

- 2018-01: AUD 16.34 per share

- 2018-02: AUD 14.64 per share

- 2018-03: AUD 13.57 per share

- 2018-04: AUD 13.51 per share

- 2018-05: AUD 13.32 per share

- 2018-06: AUD 15.08 per share

- 2018-07: AUD 15.64 per share

- 2018-08: AUD 12.50 per share

- 2018-09: AUD 12.63 per share

- 2018-10: AUD 12.63 per share

- 2018-11: AUD 13.95 per share

- 2018-12: AUD 11.25 per share

- 2019-01: AUD 11.34 per share

- 2019-02: AUD 8.80 per share

- 2019-03: AUD 8.10 per share

- 2019-04: AUD 7.29 per share

- 2019-05: AUD 7.04 per share

- 2019-06: AUD 7.13 per share

- 2019-07: AUD 7.63 per share

- 2019-08: AUD 6.53 per share

- 2019-09: AUD 6.63 per share

- 2019-10: AUD 5.28 per share

- 2019-11: AUD 5.09 per share

- 2019-12: AUD 4.46 per share

- 2020-01: AUD 4.27 per share

- 2020-02: AUD 3.14 per share

- 2020-03: AUD 1.82 per share

- 2020-04: AUD 1.73 per share

- 2020-05: AUD 1.80 per share

- 2020-06: AUD 1.68 per share

- 2020-07: AUD 1.44 per share

- 2020-08: AUD 1.50 per share

- 2020-09: AUD 1.56 per share

- 2020-10: AUD 1.68 per share

- 2020-11: AUD 1.92 per share

- 2020-12: AUD 1.86 per share

- 2021-01: AUD 1.80 per share

- 2021-02: AUD 1.92 per share

- 2021-03: AUD 1.98 per share

- 2021-04: AUD 1.86 per share

- 2021-05: AUD 1.92 per share

- 2021-06: AUD 1.92 per share

- 2021-07: AUD 1.86 per share

- 2021-08: AUD 2.16 per share

- 2021-09: AUD 2.23 per share

- 2021-10: AUD 2.20 per share

- 2021-11: AUD 2.01 per share

- 2021-12: AUD 3.01 per share

- 2022-01: AUD 2.68 per share

- 2022-02: AUD 2.90 per share

- 2022-03: AUD 3.17 per share

- 2022-04: AUD 2.90 per share

- 2022-05: AUD 2.95 per share

- 2022-06: AUD 2.58 per share

- 2022-07: AUD 2.45 per share

- 2022-08: AUD 2.58 per share

- 2022-09: AUD 2.33 per share

- 2022-10: AUD 2.40 per share

- 2022-11: AUD 2.13 per share

- 2022-12: AUD 2.12 per share

- 2023-01: AUD 2.22 per share

- 2023-02: AUD 2.30 per share

- 2023-03: AUD 2.38 per share

- 2023-04: AUD 2.44 per share

- 2023-05: AUD 2.35 per share

- 2023-06: AUD 2.24 per share

- 2023-07: AUD 2.31 per share

- 2023-08: AUD 2.29 per share

- 2023-09: AUD 2.32 per share

- 2023-10: AUD 2.66 per share

- 2023-11: AUD 2.70 per share

- 2023-12: AUD 2.55 per share

- 2024-01: AUD 2.61 per share

- 2024-02: AUD 2.52 per share

- 2024-03: AUD 2.55 per share

- 2024-04: AUD 2.62 per share

- 2024-05: AUD 2.27 per share

- 2024-06: AUD 2.12 per share

- 2024-07: AUD 2.29 per share

- 2024-08: AUD 2.47 per share

- 2024-09: AUD 2.44 per share

- 2024-10: AUD 2.45 per share

- 2024-11: AUD 2.20 per share

- 2024-12: AUD 2.38 per share

- 2025-01: AUD 2.54 per share

- 2025-02: AUD 2.26 per share

- 2025-03: AUD 2.22 per share

- 2025-04: AUD 2.30 per share

- 2025-05: AUD 2.49 per share

- 2025-06: AUD 2.79 per share

- 2025-07: AUD 2.76 per share

- 2025-08: AUD 2.89 per share

- 2025-09: AUD 2.85 per share

- 2025-10: AUD 3.15 per share

- 2025-11: AUD 3.06 per share

- 2025-12: AUD 2.95 per share

- 2026-01: AUD 2.84 per share

- 2026-02: AUD 2.76 per share

- 2026-03: AUD 2.61 per share

- 2026-04: AUD 2.57 per share

- 2026-05: AUD 2.73 per share

- 2026-06: AUD 2.65 per share

- 2026-07: AUD 2.66 per share

- 2026-08: AUD 3.00 per share

- 2026-09: AUD 2.72 per share

- 2026-10: AUD 2.89 per share

## Annual estimated value (AUD per share)

- FY2017: low AUD 8.92 per share, central AUD 10.82 per share, high AUD 12.61 per share

- FY2018: low AUD 30.14 per share, central AUD 34.29 per share, high AUD 39.82 per share

- FY2019: low AUD 17.16 per share, central AUD 19.53 per share, high AUD 22.68 per share

- FY2023: low AUD 2.85 per share, central AUD 3.21 per share, high AUD 3.69 per share

- FY2024: low AUD 2.90 per share, central AUD 3.28 per share, high AUD 3.79 per share

- FY2025: low AUD 2.81 per share, central AUD 3.19 per share, high AUD 3.68 per share

- FY2026: low AUD 3.16 per share, central AUD 3.55 per share, high AUD 4.06 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 2026-10-15T06:55:31.496Z 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.

Sky Network Television

SKT · AU

NZX 50

Not a wonderful business

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

Share price: AUD 2.91
Buy up to: AUD 3.76
Expected / yr: 12.4% 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

Sales fell in 6 years (limit 5), and 3 loss years were recorded (limit 2), and margins varied 64.9% around their average (limit 35%).

Operating margin

10y median: 10.1%
Worst year: 3.2%
Latest · 2026: 3.9%

Gross margin fell 18.7 percentage points (limit 4).

ROIC excluding acquisitions

10y median: 30.3%
Worst year: 7.3%
Latest · 2026: 14.1%

New investment earned 0% (minimum 12%).

Annual owner cash / profit

Five-year totals: 1.21×
Annual median: 0.94×
Latest · 2026: 1.86×

Per-share value fell from 0.66 to 0.36, comparing three-year medians at each end (must rise and stay positive), and acquisitions used -5.3% of profits (limit 50%) while returns fell to 14.1% (minimum 15% and two-thirds of their starting level).

Earnings per share

10y median: NZD 0.31
Worst year: NZD -11.42
Latest · 2026: NZD 0.41

Profits were backed by cash: accruals were -12.6% of assets (limit 10%).

Sloan accruals

10y median: -12.9%
Worst year: -6.8%
Latest · 2026: -12.6%

Profit record · fail 3 loss years in 10 (at most 2), mean operating margin 13.4%, three-year average owner earnings per share 0.39 NZD. 3 loss years in the last 10; at most 2 allowed.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-11 · Price AUD 28.65; 2016-12 · Price AUD 27.83; 2017-01 · Price AUD 28.08 · Value 10.82 · Buy at or below 10.82; 2017-02 · Price AUD 22.37 · Value 10.82 · Buy at or below 10.82; 2017-03 · Price AUD 22.05 · Value 10.82 · Buy at or below 10.82; 2017-04 · Price AUD 22.18 · Value 10.82 · Buy at or below 10.82; 2017-05 · Price AUD 21.55 · Value 10.82 · Buy at or below 10.82; 2017-06 · Price AUD 20.54 · Value 10.82 · Buy at or below 10.82; 2017-07 · Price AUD 19.54 · Value 10.82 · Buy at or below 10.82; 2017-08 · Price AUD 16.15 · Value 10.82 · Buy at or below 10.82; 2017-09 · Price AUD 15.52 · Value 10.82 · Buy at or below 10.82; 2017-10 · Price AUD 14.01 · Value 10.82 · Buy at or below 10.82; 2017-11 · Price AUD 13.95 · Value 10.82 · Buy at or below 10.82; 2017-12 · Price AUD 16.46 · Value 10.82 · Buy at or below 10.82; 2018-01 · Price AUD 16.34 · Value 10.82 · Buy at or below 10.82; 2018-02 · Price AUD 14.64 · Value 34.29 · Buy at or below 34.29; 2018-03 · Price AUD 13.57 · Value 34.29 · Buy at or below 34.29; 2018-04 · Price AUD 13.51 · Value 34.29 · Buy at or below 34.29; 2018-05 · Price AUD 13.32 · Value 34.29 · Buy at or below 34.29; 2018-06 · Price AUD 15.08 · Value 34.29 · Buy at or below 34.29; 2018-07 · Price AUD 15.64 · Value 34.29 · Buy at or below 34.29; 2018-08 · Price AUD 12.50 · Value 34.29 · Buy at or below 34.29; 2018-09 · Price AUD 12.63 · Value 34.29 · Buy at or below 34.29; 2018-10 · Price AUD 12.63 · Value 34.29 · Buy at or below 34.29; 2018-11 · Price AUD 13.95 · Value 34.29 · Buy at or below 34.29; 2018-12 · Price AUD 11.25 · Value 34.29 · Buy at or below 34.29; 2019-01 · Price AUD 11.34 · Value 34.29 · Buy at or below 34.29; 2019-02 · Price AUD 8.80 · Value 19.53 · Buy at or below 19.53; 2019-03 · Price AUD 8.10 · Value 19.53 · Buy at or below 19.53; 2019-04 · Price AUD 7.29 · Value 19.53 · Buy at or below 19.53; 2019-05 · Price AUD 7.04 · Value 19.53 · Buy at or below 19.53; 2019-06 · Price AUD 7.13 · Value 19.53 · Buy at or below 19.53; 2019-07 · Price AUD 7.63 · Value 19.53 · Buy at or below 19.53; 2019-08 · Price AUD 6.53 · Value 19.53 · Buy at or below 19.53; 2019-09 · Price AUD 6.63 · Value 19.53 · Buy at or below 19.53; 2019-10 · Price AUD 5.28 · Value 19.53 · Buy at or below 19.53; 2019-11 · Price AUD 5.09 · Value 19.53 · Buy at or below 19.53; 2019-12 · Price AUD 4.46 · Value 19.53 · Buy at or below 19.53; 2020-01 · Price AUD 4.27 · Value 19.53 · Buy at or below 19.53; 2020-02 · Price AUD 3.14; 2020-03 · Price AUD 1.82; 2020-04 · Price AUD 1.73; 2020-05 · Price AUD 1.80; 2020-06 · Price AUD 1.68; 2020-07 · Price AUD 1.44; 2020-08 · Price AUD 1.50; 2020-09 · Price AUD 1.56; 2020-10 · Price AUD 1.68; 2020-11 · Price AUD 1.92; 2020-12 · Price AUD 1.86; 2021-01 · Price AUD 1.80; 2021-02 · Price AUD 1.92; 2021-03 · Price AUD 1.98; 2021-04 · Price AUD 1.86; 2021-05 · Price AUD 1.92; 2021-06 · Price AUD 1.92; 2021-07 · Price AUD 1.86; 2021-08 · Price AUD 2.16; 2021-09 · Price AUD 2.23; 2021-10 · Price AUD 2.20; 2021-11 · Price AUD 2.01; 2021-12 · Price AUD 3.01; 2022-01 · Price AUD 2.68; 2022-02 · Price AUD 2.90; 2022-03 · Price AUD 3.17; 2022-04 · Price AUD 2.90; 2022-05 · Price AUD 2.95; 2022-06 · Price AUD 2.58; 2022-07 · Price AUD 2.45; 2022-08 · Price AUD 2.58; 2022-09 · Price AUD 2.33; 2022-10 · Price AUD 2.40; 2022-11 · Price AUD 2.13; 2022-12 · Price AUD 2.12; 2023-01 · Price AUD 2.22 · Value 3.21 · Buy at or below 3.21; 2023-02 · Price AUD 2.30 · Value 3.21 · Buy at or below 3.21; 2023-03 · Price AUD 2.38 · Value 3.21 · Buy at or below 3.21; 2023-04 · Price AUD 2.44 · Value 3.21 · Buy at or below 3.21; 2023-05 · Price AUD 2.35 · Value 3.21 · Buy at or below 3.21; 2023-06 · Price AUD 2.24 · Value 3.21 · Buy at or below 3.21; 2023-07 · Price AUD 2.31 · Value 3.21 · Buy at or below 3.21; 2023-08 · Price AUD 2.29 · Value 3.21 · Buy at or below 3.21; 2023-09 · Price AUD 2.32 · Value 3.21 · Buy at or below 3.21; 2023-10 · Price AUD 2.66 · Value 3.21 · Buy at or below 3.21; 2023-11 · Price AUD 2.70 · Value 3.21 · Buy at or below 3.21; 2023-12 · Price AUD 2.55 · Value 3.21 · Buy at or below 3.21; 2024-01 · Price AUD 2.61 · Value 3.21 · Buy at or below 3.21; 2024-02 · Price AUD 2.52 · Value 3.28 · Buy at or below 3.28; 2024-03 · Price AUD 2.55 · Value 3.28 · Buy at or below 3.28; 2024-04 · Price AUD 2.62 · Value 3.28 · Buy at or below 3.28; 2024-05 · Price AUD 2.27 · Value 3.28 · Buy at or below 3.28; 2024-06 · Price AUD 2.12 · Value 3.28 · Buy at or below 3.28; 2024-07 · Price AUD 2.29 · Value 3.28 · Buy at or below 3.28; 2024-08 · Price AUD 2.47 · Value 3.28 · Buy at or below 3.28; 2024-09 · Price AUD 2.44 · Value 3.28 · Buy at or below 3.28; 2024-10 · Price AUD 2.45 · Value 3.28 · Buy at or below 3.28; 2024-11 · Price AUD 2.20 · Value 3.28 · Buy at or below 3.28; 2024-12 · Price AUD 2.38 · Value 3.28 · Buy at or below 3.28; 2025-01 · Price AUD 2.54 · Value 3.28 · Buy at or below 3.28; 2025-02 · Price AUD 2.26 · Value 3.19 · Buy at or below 3.19; 2025-03 · Price AUD 2.22 · Value 3.19 · Buy at or below 3.19; 2025-04 · Price AUD 2.30 · Value 3.19 · Buy at or below 3.19; 2025-05 · Price AUD 2.49 · Value 3.19 · Buy at or below 3.19; 2025-06 · Price AUD 2.79 · Value 3.19 · Buy at or below 3.19; 2025-07 · Price AUD 2.76 · Value 3.19 · Buy at or below 3.19; 2025-08 · Price AUD 2.89 · Value 3.19 · Buy at or below 3.19; 2025-09 · Price AUD 2.85 · Value 3.19 · Buy at or below 3.19; 2025-10 · Price AUD 3.15 · Value 3.19 · Buy at or below 3.19; 2025-11 · Price AUD 3.06 · Value 3.19 · Buy at or below 3.19; 2025-12 · Price AUD 2.95 · Value 3.19 · Buy at or below 3.19; 2026-01 · Price AUD 2.84 · Value 3.19 · Buy at or below 3.19; 2026-02 · Price AUD 2.76 · Value 3.55 · Buy at or below 3.55; 2026-03 · Price AUD 2.61 · Value 3.55 · Buy at or below 3.55; 2026-04 · Price AUD 2.57 · Value 3.55 · Buy at or below 3.55; 2026-05 · Price AUD 2.73 · Value 3.55 · Buy at or below 3.55; 2026-06 · Price AUD 2.65 · Value 3.55 · Buy at or below 3.55; 2026-07 · Price AUD 2.66 · Value 3.55 · Buy at or below 3.55; 2026-08 · Price AUD 3.00 · Value 3.55 · Buy at or below 3.55; 2026-09 · Price AUD 2.72 · Value 3.55 · Buy at or below 3.55; 2026-10 · Price AUD 2.89 · Value 3.55 · Buy at or below 3.55; 2026-10 · Price AUD 2.91 · Value 3.55 · Buy at or below 3.55

AUD per share · annual estimates

Price & return math
Value range	AUD 3.35 – AUD 4.30
Buy at or below	Central value AUD 3.76
Discount to value	1 − 2.91 / 3.76 = 22.5%
Return / year	About 12.4% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash AUD 0.27/share; 0.0% growth for 5 years, then fades to 3.0%; excess cash AUD 0.37/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueNZD 824M

Revenue

Owner earningsNZD 110M

Owner earnings

Operating margin3.9%

Operating margin

Net cash / debtNZD 17M

Net cash / debt

Diluted shares146M

Diluted shares

Prices 15 Oct 2026 · FY2026