FDS · NYQ · Financial Services
FactSet Research Systems Inc.
Also onShortfallConsensus DriftCrosscheck
Implied value per share
USD 292.49
Market price
USD 343.74
Implied upside
-14.9%
10-year forecast · Excess returns over book equity · Base case · Price 2026-11-02 · Accounts to 2026-08-31
NoteA financial, valued on excess returns over book equity.
Excess Returns
- Return on equity
- 31.2%
- Payout
- 28%
- Cost of equity
- 8.26%
- Return on equity by the final year
- 20.0%
| Line | FY27 | FY28 | FY29 | FY30 | FY31 | FY32 | FY33 | FY34 | FY35 | FY36 |
|---|---|---|---|---|---|---|---|---|---|---|
| Opening book equity | USD 2.0bn | USD 2.4bn | USD 2.8bn | USD 3.2bn | USD 3.6bn | USD 4.0bn | USD 4.4bn | USD 4.7bn | USD 5.0bn | USD 5.2bn |
| Return on equity | 30.1% | 29.0% | 27.9% | 26.7% | 25.6% | 24.5% | 23.4% | 22.2% | 21.1% | 20.0% |
| Excess return | USD 437.1m | USD 490.4m | USD 540.3m | USD 584.5m | USD 620.4m | USD 645.6m | USD 658.0m | USD 656.4m | USD 640.0m | USD 609.0m |
| Present value | USD 403.8m | USD 418.4m | USD 425.9m | USD 425.5m | USD 417.2m | USD 401.0m | USD 377.6m | USD 347.9m | USD 313.3m | USD 275.4m |
| Book equity | USD 2.0bn |
| Present value of excess returns | USD 3.8bn |
| Terminal, growing at 2.50% | USD 4.9bn |
| Equity value | USD 10.7bn |
| Per share | USD 292.49 |
Discount Rate
| Risk-free rate | 4.89% | US 10-year Treasury (^TNX), 2026-11-02 |
| Equity risk premium | 4.23% | Damodaran, January 2026 |
| Beta | 0.796 | Reported 0.695, pulled toward 1.0 (Blume) |
| Cost of equity | 8.26% | Risk-free + beta x equity risk premium |
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Yahoo Finance and RBA data. General information, not advice. Methodology.