# Suncorp Group (SUN.AU)

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

Analysis as of: 2026-10-16T07:35:14.213Z. Financial observations: FY2016–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 19.50 per share; close as of 2026-10-15.

Estimated value: low AUD 13.51 per share, central AUD 16.20 per share, high AUD 20.23 per share. Buy at or below the central value AUD 16.20 per share. Valuation as of 2026-10-16T07:35:14.213Z; scenarios are not confidence intervals.

Expected annual return: 9.2% at the stated quote. About 9.2% 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

- Financial history: 10 years

- Profitable years in the last ten: 10

- Required profitable years: 8

- Return on common equity variation (informational): 0.74×

Chart: Net income; fiscal year observations.

- FY2017: AUD 1.1B

- FY2018: AUD 1.1B

- FY2019: AUD 175M

- FY2020: AUD 913M

- FY2021: AUD 1.0B

- FY2022: AUD 681M

- FY2023: AUD 1.1B

- FY2024: AUD 1.2B

- FY2025: AUD 3.1B

- FY2026: AUD 1.0B

### moat: pass

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- Underwriting economics assessed through return on tangible common equity

- Bank / P&C ROTE, median of available years: 21.8%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 13.5%

- Years with reported combined ratio: 0

Chart: Return on tangible common equity; fiscal year observations.

- FY2017: 14.8%

- FY2018: 14.1%

- FY2019: 2.5%

- FY2020: 33.0%

- FY2021: 30.0%

- FY2022: 24.7%

- FY2023: 34.9%

- FY2024: 13.5%

- FY2025: 53.7%

- FY2026: 18.8%

### economics: fail

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- book value per share plus dividends compounded below 7% annually

- Book value per share + reinvested dividends, annualized return: 5.5%

- Book return interval: 10 years

- Starting book value per share: AUD 10.70

- Ending book value per share: AUD 9.59

Chart: Annual book + dividend return; fiscal year observations.

- FY2017: 7.9%

- FY2018: 8.5%

- FY2019: -7.0%

- FY2020: 2.5%

- FY2021: 12.5%

- FY2022: 4.5%

- FY2023: 29.1%

- FY2024: 4.3%

- FY2025: -13.2%

- FY2026: 11.2%

### management: fail

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- book per share gain below retained common earnings per share

- Diluted shares, 10-year annual growth: -1.6%

- Diluted shares, 5-year annual growth: -4.2%

- Share growth excluding flagged crisis recapitalisations: -1.6%

- Five-year share growth excluding flagged crisis recapitalisations: -4.2%

- Flagged crisis recapitalisations: 0

- Book value created per share: AUD -1.11

- Earnings retained per share after dividends and buybacks: AUD -1.91

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

Down 20% since Jan 2025 · net income -66.5%

Story as of 2026-10-16T10:00:04.171Z; price observation 2026-10-15.

The price assumes profits grow 5.8% a year forever

### Net income · FY2026

net income -66.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: AUD 1.1B 

- FY2018: AUD 1.1B 

- FY2019: AUD 175M 

- FY2020: AUD 913M 

- FY2021: AUD 1.0B 

- FY2022: AUD 681M 

- FY2023: AUD 1.1B 

- FY2024: AUD 1.2B 

- FY2025: AUD 3.1B 

- FY2026: AUD 1.0B 

## Owner memo

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

### How it makes money

Operates in insurance property & casualty; annual sales are AUD 16.4 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:14.213Z); FY2026: revenue 16352000000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SUN.AU: Suncorp Group Limited provides insurance products and services to retail, corporate, and commercial customers in Australia and New Zealand. The company operates through Consumer Insurance; Commercial & Personal Injury; Suncorp New Zealand; and Corporate & Internal Reinsurance segments. It provides insurance products, including home and contents, motor, and boat insurance products; and commercial motor, commercial property, marine, industrial special risks, public liability and professional indemnity, workers' compensation, and compulsory third party products. The company was formerly known as Suncorp-Metway Limited and changed its name to Suncorp Group Limited in December 2010. The company was founded in 1902 and is headquartered in Brisbane, Australia.

### Why customers stay

It earns 21.8% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:14.213Z); 10-year return on tangible equity observations [[2017,0.148132837260576],[2018,0.14054412740544128],[2019,0.025252525252525252],[2020,0.3303183791606368],[2021,0.2998548621190131],[2022,0.2474563953488372],[2023,0.3492546394888956],[2024,0.1354378818737271],[2025,0.5371278458844133],[2026,0.18785439912200474]]; median 0.217655397235421. 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 400 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:14.213Z); Dividend observations: [[2017,831000000],[2018,865000000],[2019,1062000000],[2020,897000000],[2021,428000000],[2022,905000000],[2023,584000000],[2024,692000000],[2025,1362000000],[2026,714000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:14.213Z); FY2026: cash repurchases 400000000 AUD.

### Are managers owners

Insiders own 0.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SUN.AU SharesStats.PercentInsiders = 0.259 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 5.8% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:14.213Z); Price 19.5; FX 1; original perpetual distributable cash 0.813502703427197; discount 0.1; growth 0.05828191264475913. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-15.

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

- 2016-11: AUD 15.13 per share

- 2016-12: AUD 16.36 per share

- 2017-01: AUD 15.77 per share

- 2017-02: AUD 16.06 per share

- 2017-03: AUD 15.98 per share

- 2017-04: AUD 16.70 per share

- 2017-05: AUD 16.75 per share

- 2017-06: AUD 17.93 per share

- 2017-07: AUD 17.29 per share

- 2017-08: AUD 15.77 per share

- 2017-09: AUD 15.79 per share

- 2017-10: AUD 16.43 per share

- 2017-11: AUD 17.34 per share

- 2017-12: AUD 16.77 per share

- 2018-01: AUD 16.53 per share

- 2018-02: AUD 16.41 per share

- 2018-03: AUD 16.14 per share

- 2018-04: AUD 16.96 per share

- 2018-05: AUD 16.25 per share

- 2018-06: AUD 17.65 per share

- 2018-07: AUD 18.11 per share

- 2018-08: AUD 18.74 per share

- 2018-09: AUD 17.50 per share

- 2018-10: AUD 16.95 per share

- 2018-11: AUD 16.12 per share

- 2018-12: AUD 15.28 per share

- 2019-01: AUD 15.71 per share

- 2019-02: AUD 16.40 per share

- 2019-03: AUD 16.67 per share

- 2019-04: AUD 16.06 per share

- 2019-05: AUD 15.77 per share

- 2019-06: AUD 16.30 per share

- 2019-07: AUD 16.35 per share

- 2019-08: AUD 16.71 per share

- 2019-09: AUD 16.48 per share

- 2019-10: AUD 15.80 per share

- 2019-11: AUD 15.72 per share

- 2019-12: AUD 15.23 per share

- 2020-01: AUD 15.11 per share

- 2020-02: AUD 13.32 per share

- 2020-03: AUD 10.73 per share

- 2020-04: AUD 10.80 per share

- 2020-05: AUD 10.84 per share

- 2020-06: AUD 10.84 per share

- 2020-07: AUD 10.05 per share

- 2020-08: AUD 10.93 per share

- 2020-09: AUD 9.93 per share

- 2020-10: AUD 9.65 per share

- 2020-11: AUD 11.86 per share

- 2020-12: AUD 11.44 per share

- 2021-01: AUD 11.84 per share

- 2021-02: AUD 11.68 per share

- 2021-03: AUD 11.63 per share

- 2021-04: AUD 12.35 per share

- 2021-05: AUD 13.07 per share

- 2021-06: AUD 13.05 per share

- 2021-07: AUD 13.56 per share

- 2021-08: AUD 14.66 per share

- 2021-09: AUD 14.76 per share

- 2021-10: AUD 13.77 per share

- 2021-11: AUD 12.71 per share

- 2021-12: AUD 13.01 per share

- 2022-01: AUD 12.97 per share

- 2022-02: AUD 12.65 per share

- 2022-03: AUD 13.07 per share

- 2022-04: AUD 13.46 per share

- 2022-05: AUD 13.34 per share

- 2022-06: AUD 12.90 per share

- 2022-07: AUD 13.15 per share

- 2022-08: AUD 12.81 per share

- 2022-09: AUD 11.78 per share

- 2022-10: AUD 13.41 per share

- 2022-11: AUD 14.01 per share

- 2022-12: AUD 14.15 per share

- 2023-01: AUD 14.72 per share

- 2023-02: AUD 15.10 per share

- 2023-03: AUD 14.23 per share

- 2023-04: AUD 14.66 per share

- 2023-05: AUD 15.63 per share

- 2023-06: AUD 15.85 per share

- 2023-07: AUD 16.72 per share

- 2023-08: AUD 16.01 per share

- 2023-09: AUD 16.41 per share

- 2023-10: AUD 15.72 per share

- 2023-11: AUD 16.41 per share

- 2023-12: AUD 16.27 per share

- 2024-01: AUD 16.67 per share

- 2024-02: AUD 17.98 per share

- 2024-03: AUD 19.25 per share

- 2024-04: AUD 19.53 per share

- 2024-05: AUD 18.69 per share

- 2024-06: AUD 20.46 per share

- 2024-07: AUD 20.93 per share

- 2024-08: AUD 20.76 per share

- 2024-09: AUD 21.25 per share

- 2024-10: AUD 21.06 per share

- 2024-11: AUD 23.15 per share

- 2024-12: AUD 22.34 per share

- 2025-01: AUD 24.45 per share

- 2025-02: AUD 20.11 per share

- 2025-03: AUD 19.23 per share

- 2025-04: AUD 20.26 per share

- 2025-05: AUD 20.63 per share

- 2025-06: AUD 21.61 per share

- 2025-07: AUD 20.96 per share

- 2025-08: AUD 21.28 per share

- 2025-09: AUD 20.26 per share

- 2025-10: AUD 19.62 per share

- 2025-11: AUD 17.56 per share

- 2025-12: AUD 17.65 per share

- 2026-01: AUD 17.00 per share

- 2026-02: AUD 14.63 per share

- 2026-03: AUD 16.15 per share

- 2026-04: AUD 17.11 per share

- 2026-05: AUD 17.38 per share

- 2026-06: AUD 19.29 per share

- 2026-07: AUD 19.19 per share

- 2026-08: AUD 18.86 per share

- 2026-09: AUD 19.97 per share

- 2026-10: AUD 19.05 per share

## Annual estimated value (AUD per share)

- FY2017: low AUD 5.26 per share, central AUD 5.85 per share, high AUD 6.60 per share

- FY2018: low AUD 5.59 per share, central AUD 6.15 per share, high AUD 6.84 per share

- FY2019: low AUD 5.80 per share, central AUD 6.50 per share, high AUD 7.39 per share

- FY2020: low AUD 2.61 per share, central AUD 2.87 per share, high AUD 3.19 per share

- FY2021: low AUD 3.46 per share, central AUD 3.80 per share, high AUD 4.23 per share

- FY2022: low AUD 2.87 per share, central AUD 3.16 per share, high AUD 3.51 per share

- FY2023: low AUD 4.54 per share, central AUD 5.12 per share, high AUD 5.86 per share

- FY2024: low AUD 11.92 per share, central AUD 13.55 per share, high AUD 15.69 per share

- FY2025: low AUD 10.55 per share, central AUD 12.27 per share, high AUD 14.67 per share

- FY2026: low AUD 13.25 per share, central AUD 15.89 per share, high AUD 19.84 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 2026-10-15T06:40:59.352Z 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.

Suncorp Group

SUN · AU

S&P/ASX 200

Not a wonderful business

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

Share price: AUD 19.50
Buy up to: AUD 16.20
Expected / yr: 9.2% 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

Profits were positive in 10 years (at least 8 needed).

Net income

10y median: AUD 1.0B
Worst year: AUD 175M
Latest · 2026: AUD 1.0B

Earned a median 21.8% on tangible equity (minimum 12%).

Return on tangible common equity

10y median: 21.8%
Worst year: 2.5%
Latest · 2026: 18.8%

Book value plus dividends grew 5.5% a year (minimum 7%).

Annual book + dividend return

10y median: 6.2%
Worst year: -13.2%
Latest · 2026: 11.2%

Book value gained -1.11 per share against 0 kept (must cover the amount kept).

Filing signals · estimated likelihood

per-share value change
Passing bar: ≥ AUD 0

0 accounting warnings were found (none allowed).

accounting warnings: 0
Passing bar: ≤ 0

Profit record · pass 0 loss years in 10 (at most 2), three-year average earnings per share 1.55 AUD.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-11 · Price AUD 15.13; 2016-12 · Price AUD 16.36; 2017-01 · Price AUD 15.77 · Value 5.85 · Buy at or below 5.85; 2017-02 · Price AUD 16.06 · Value 5.85 · Buy at or below 5.85; 2017-03 · Price AUD 15.98 · Value 5.85 · Buy at or below 5.85; 2017-04 · Price AUD 16.70 · Value 5.85 · Buy at or below 5.85; 2017-05 · Price AUD 16.75 · Value 5.85 · Buy at or below 5.85; 2017-06 · Price AUD 17.93 · Value 5.85 · Buy at or below 5.85; 2017-07 · Price AUD 17.29 · Value 5.85 · Buy at or below 5.85; 2017-08 · Price AUD 15.77 · Value 5.85 · Buy at or below 5.85; 2017-09 · Price AUD 15.79 · Value 5.85 · Buy at or below 5.85; 2017-10 · Price AUD 16.43 · Value 5.85 · Buy at or below 5.85; 2017-11 · Price AUD 17.34 · Value 5.85 · Buy at or below 5.85; 2017-12 · Price AUD 16.77 · Value 5.85 · Buy at or below 5.85; 2018-01 · Price AUD 16.53 · Value 5.85 · Buy at or below 5.85; 2018-02 · Price AUD 16.41 · Value 6.15 · Buy at or below 6.15; 2018-03 · Price AUD 16.14 · Value 6.15 · Buy at or below 6.15; 2018-04 · Price AUD 16.96 · Value 6.15 · Buy at or below 6.15; 2018-05 · Price AUD 16.25 · Value 6.15 · Buy at or below 6.15; 2018-06 · Price AUD 17.65 · Value 6.15 · Buy at or below 6.15; 2018-07 · Price AUD 18.11 · Value 6.15 · Buy at or below 6.15; 2018-08 · Price AUD 18.74 · Value 6.15 · Buy at or below 6.15; 2018-09 · Price AUD 17.50 · Value 6.15 · Buy at or below 6.15; 2018-10 · Price AUD 16.95 · Value 6.15 · Buy at or below 6.15; 2018-11 · Price AUD 16.12 · Value 6.15 · Buy at or below 6.15; 2018-12 · Price AUD 15.28 · Value 6.15 · Buy at or below 6.15; 2019-01 · Price AUD 15.71 · Value 6.15 · Buy at or below 6.15; 2019-02 · Price AUD 16.40 · Value 6.50 · Buy at or below 6.50; 2019-03 · Price AUD 16.67 · Value 6.50 · Buy at or below 6.50; 2019-04 · Price AUD 16.06 · Value 6.50 · Buy at or below 6.50; 2019-05 · Price AUD 15.77 · Value 6.50 · Buy at or below 6.50; 2019-06 · Price AUD 16.30 · Value 6.50 · Buy at or below 6.50; 2019-07 · Price AUD 16.35 · Value 6.50 · Buy at or below 6.50; 2019-08 · Price AUD 16.71 · Value 6.50 · Buy at or below 6.50; 2019-09 · Price AUD 16.48 · Value 6.50 · Buy at or below 6.50; 2019-10 · Price AUD 15.80 · Value 6.50 · Buy at or below 6.50; 2019-11 · Price AUD 15.72 · Value 6.50 · Buy at or below 6.50; 2019-12 · Price AUD 15.23 · Value 6.50 · Buy at or below 6.50; 2020-01 · Price AUD 15.11 · Value 6.50 · Buy at or below 6.50; 2020-02 · Price AUD 13.32 · Value 2.87 · Buy at or below 2.87; 2020-03 · Price AUD 10.73 · Value 2.87 · Buy at or below 2.87; 2020-04 · Price AUD 10.80 · Value 2.87 · Buy at or below 2.87; 2020-05 · Price AUD 10.84 · Value 2.87 · Buy at or below 2.87; 2020-06 · Price AUD 10.84 · Value 2.87 · Buy at or below 2.87; 2020-07 · Price AUD 10.05 · Value 2.87 · Buy at or below 2.87; 2020-08 · Price AUD 10.93 · Value 2.87 · Buy at or below 2.87; 2020-09 · Price AUD 9.93 · Value 2.87 · Buy at or below 2.87; 2020-10 · Price AUD 9.65 · Value 2.87 · Buy at or below 2.87; 2020-11 · Price AUD 11.86 · Value 2.87 · Buy at or below 2.87; 2020-12 · Price AUD 11.44 · Value 2.87 · Buy at or below 2.87; 2021-01 · Price AUD 11.84 · Value 2.87 · Buy at or below 2.87; 2021-02 · Price AUD 11.68 · Value 3.80 · Buy at or below 3.80; 2021-03 · Price AUD 11.63 · Value 3.80 · Buy at or below 3.80; 2021-04 · Price AUD 12.35 · Value 3.80 · Buy at or below 3.80; 2021-05 · Price AUD 13.07 · Value 3.80 · Buy at or below 3.80; 2021-06 · Price AUD 13.05 · Value 3.80 · Buy at or below 3.80; 2021-07 · Price AUD 13.56 · Value 3.80 · Buy at or below 3.80; 2021-08 · Price AUD 14.66 · Value 3.80 · Buy at or below 3.80; 2021-09 · Price AUD 14.76 · Value 3.80 · Buy at or below 3.80; 2021-10 · Price AUD 13.77 · Value 3.80 · Buy at or below 3.80; 2021-11 · Price AUD 12.71 · Value 3.80 · Buy at or below 3.80; 2021-12 · Price AUD 13.01 · Value 3.80 · Buy at or below 3.80; 2022-01 · Price AUD 12.97 · Value 3.80 · Buy at or below 3.80; 2022-02 · Price AUD 12.65 · Value 3.16 · Buy at or below 3.16; 2022-03 · Price AUD 13.07 · Value 3.16 · Buy at or below 3.16; 2022-04 · Price AUD 13.46 · Value 3.16 · Buy at or below 3.16; 2022-05 · Price AUD 13.34 · Value 3.16 · Buy at or below 3.16; 2022-06 · Price AUD 12.90 · Value 3.16 · Buy at or below 3.16; 2022-07 · Price AUD 13.15 · Value 3.16 · Buy at or below 3.16; 2022-08 · Price AUD 12.81 · Value 3.16 · Buy at or below 3.16; 2022-09 · Price AUD 11.78 · Value 3.16 · Buy at or below 3.16; 2022-10 · Price AUD 13.41 · Value 3.16 · Buy at or below 3.16; 2022-11 · Price AUD 14.01 · Value 3.16 · Buy at or below 3.16; 2022-12 · Price AUD 14.15 · Value 3.16 · Buy at or below 3.16; 2023-01 · Price AUD 14.72 · Value 3.16 · Buy at or below 3.16; 2023-02 · Price AUD 15.10 · Value 5.12 · Buy at or below 5.12; 2023-03 · Price AUD 14.23 · Value 5.12 · Buy at or below 5.12; 2023-04 · Price AUD 14.66 · Value 5.12 · Buy at or below 5.12; 2023-05 · Price AUD 15.63 · Value 5.12 · Buy at or below 5.12; 2023-06 · Price AUD 15.85 · Value 5.12 · Buy at or below 5.12; 2023-07 · Price AUD 16.72 · Value 5.12 · Buy at or below 5.12; 2023-08 · Price AUD 16.01 · Value 5.12 · Buy at or below 5.12; 2023-09 · Price AUD 16.41 · Value 5.12 · Buy at or below 5.12; 2023-10 · Price AUD 15.72 · Value 5.12 · Buy at or below 5.12; 2023-11 · Price AUD 16.41 · Value 5.12 · Buy at or below 5.12; 2023-12 · Price AUD 16.27 · Value 5.12 · Buy at or below 5.12; 2024-01 · Price AUD 16.67 · Value 5.12 · Buy at or below 5.12; 2024-02 · Price AUD 17.98 · Value 13.55 · Buy at or below 13.55; 2024-03 · Price AUD 19.25 · Value 13.55 · Buy at or below 13.55; 2024-04 · Price AUD 19.53 · Value 13.55 · Buy at or below 13.55; 2024-05 · Price AUD 18.69 · Value 13.55 · Buy at or below 13.55; 2024-06 · Price AUD 20.46 · Value 13.55 · Buy at or below 13.55; 2024-07 · Price AUD 20.93 · Value 13.55 · Buy at or below 13.55; 2024-08 · Price AUD 20.76 · Value 13.55 · Buy at or below 13.55; 2024-09 · Price AUD 21.25 · Value 13.55 · Buy at or below 13.55; 2024-10 · Price AUD 21.06 · Value 13.55 · Buy at or below 13.55; 2024-11 · Price AUD 23.15 · Value 13.55 · Buy at or below 13.55; 2024-12 · Price AUD 22.34 · Value 13.55 · Buy at or below 13.55; 2025-01 · Price AUD 24.45 · Value 13.55 · Buy at or below 13.55; 2025-02 · Price AUD 20.11 · Value 12.27 · Buy at or below 12.27; 2025-03 · Price AUD 19.23 · Value 12.27 · Buy at or below 12.27; 2025-04 · Price AUD 20.26 · Value 12.27 · Buy at or below 12.27; 2025-05 · Price AUD 20.63 · Value 12.27 · Buy at or below 12.27; 2025-06 · Price AUD 21.61 · Value 12.27 · Buy at or below 12.27; 2025-07 · Price AUD 20.96 · Value 12.27 · Buy at or below 12.27; 2025-08 · Price AUD 21.28 · Value 12.27 · Buy at or below 12.27; 2025-09 · Price AUD 20.26 · Value 12.27 · Buy at or below 12.27; 2025-10 · Price AUD 19.62 · Value 12.27 · Buy at or below 12.27; 2025-11 · Price AUD 17.56 · Value 12.27 · Buy at or below 12.27; 2025-12 · Price AUD 17.65 · Value 12.27 · Buy at or below 12.27; 2026-01 · Price AUD 17.00 · Value 12.27 · Buy at or below 12.27; 2026-02 · Price AUD 14.63 · Value 15.89 · Buy at or below 15.89; 2026-03 · Price AUD 16.15 · Value 15.89 · Buy at or below 15.89; 2026-04 · Price AUD 17.11 · Value 15.89 · Buy at or below 15.89; 2026-05 · Price AUD 17.38 · Value 15.89 · Buy at or below 15.89; 2026-06 · Price AUD 19.29 · Value 15.89 · Buy at or below 15.89; 2026-07 · Price AUD 19.19 · Value 15.89 · Buy at or below 15.89; 2026-08 · Price AUD 18.86 · Value 15.89 · Buy at or below 15.89; 2026-09 · Price AUD 19.97 · Value 15.89 · Buy at or below 15.89; 2026-10 · Price AUD 19.05 · Value 15.89 · Buy at or below 15.89; 2026-10 · Price AUD 19.50 · Value 15.89 · Buy at or below 15.89

AUD per share · annual estimates

Price & return math
Value range	AUD 13.51 – AUD 20.23
Buy at or below	Central value AUD 16.20
Discount to value	1 − 19.50 / 16.20 = -20.3%
Return / year	About 9.2% a year at today's price (required return 10.0%)
Cash-flow inputs	Book AUD 5.16/share; ROE 20.8%; first payout AUD 0.81/share, growing 5.0% perpetually (4× book payout cap applied).
Required return	10.0% / year, earned by construction at the central value

Net incomeAUD 1.0B

Net income

Book / shareAUD 9.59

Book / share

Dividend / shareAUD 0.66

Dividend / share

Return on tangible equity18.8%

Return on tangible equity

Diluted shares1.1B

Diluted shares

Prices 15 Oct 2026 · FY2026