Ankündigung • Sep 15
Washington H. Soul Pattinson and Company Limited (ASX:SOL) acquired remaining 57% stake in Brickworks Limited (ASX:BKW). Washington H. Soul Pattinson and Company Limited (ASX:SOL) agreed to acquire remaining 57% stake in Brickworks Limited (ASX:BKW) for AUD 2.6 billion on June 2, 2025. As per the transaction, Brickworks shareholders will receive a FY25 fully franked final dividend equivalent to 0.82 multiplied by the SOL FY25 final dividend (expected to be determined after the close of the full financial year)16 to be paid in the ordinary course or just prior to the scheme implementation. Soul Patts, Brickworks and new shareholders will own approximately 72%, 19% and 9% of the combined group respectively. The proposed merger will result in a new listed company Topco.
The transaction is subject to approval by regulatory board / committee, approval of merger agreement by target board, approval of offer by acquirer shareholders, approval of offer by acquirer board, approval of offer by target shareholders and subject to court approval. The Board of Directors of Brickworks Limited formed a special committee for the transaction. The deal has been unanimously approved by the board. The expected completion of the transaction is second half of 2025. As of September 10, 2025 Washington H. Soul Pattinson and Company Limited and Brickworks Limited shareholder approved the deal. As of September 12, 2025 the transaction has been approved by the court Supreme Court of New South Wales.
Pitt Capital Partners Limited acted as financial advisor and Bruce Macdonald, Greg Golding, Andrew Kim, Con Tzerefos, and Patricia Paton of Ashurst Australia acted as legal advisor to Washington H. Soul Pattinson and Company Limited. Citigroup Global Markets Australia Pty Limited acted as financial advisor and David Friedlander, Judith Taylor, Robert Kelly and Daniel Natale of King & Wood Mallesons, Australia Branch acted as legal advisor to Brickworks Limited. Rory Moriarty, Rod Halstead, Kimberley Bruce, Samuel Pullin and Joshua Hewitt of Clayton Utz act as legal advisor in the transaction.
Washington H. Soul Pattinson and Company Limited (ASX:SOL) completed the acquisition of remaining 57% stake in Brickworks Limited (ASX:BKW) on September 15, 2025. The last trading day for their shares on the ASX is today, September 15, 2025. Topco Shares will start trading on a deferred settlement basis from September 16, 2025 and on a normal settlement basis from September 24, 2025. Court orders have been lodged with ASIC. Shareholders registered by 7:00 pm Sydney time on September 17, 2025 will receive their Topco Shares on September 22, 2025, with SOL Shareholders getting one Topco Share per Soul Patts share, and BKW Shareholders receiving 0.82 Topco Shares per Brickworks share. The implementation of the Share Schemes is expected on September23, 2025. The timetable is indicative and subject to change, with updates to be announced on the ASX. Upcoming Dividend • Aug 14
Upcoming dividend of AU$0.48 per share Eligible shareholders must have bought the stock before 21 August 2025. Payment date: 05 September 2025. The company is not currently making a profit and there are not enough cash flows to support it either. Trailing yield: 1.9%. Lower than top quartile of Australian dividend payers (5.7%). Lower than average of industry peers (2.2%). Ankündigung • Jun 05
Brickworks Limited Proposes Dividend for Fy 2025 Brickworks Limited announced that under the Proposed Merger with Washington H. Soul Pattinson and Company Limited, it is expected that Brickworks shareholders would receive a FY25 fully franked Final Dividend equivalent to AUD 0.82 multiplied by the SOL FY25 Final Dividend (expected to be determined after the close of the full financial year) 16 to be paid in the ordinary course or just prior to the Scheme Implementation. Price Target Changed • Jun 03
Price target increased by 8.2% to AU$31.11 Up from AU$28.76, the current price target is an average from 8 analysts. New target price is 11% below last closing price of AU$34.91. The company is forecast to post earnings per share of AU$0.65 next year compared to a net loss per share of AU$0.87 last year. Ankündigung • Jun 02
Washington H. Soul Pattinson and Company Limited (ASX:SOL) agreed to acquire remaining 57% stake in Brickworks Limited (ASX:BKW) for AUD 2.6 billion. Washington H. Soul Pattinson and Company Limited (ASX:SOL) agreed to acquire remaining 57% stake in Brickworks Limited (ASX:BKW) for AUD 2.6 billion on June 2, 2025. As per the transaction, Brickworks shareholders will receive a FY25 fully franked final dividend equivalent to 0.82 multiplied by the SOL FY25 final dividend (expected to be determined after the close of the full financial year)16 to be paid in the ordinary course or just prior to the scheme implementation. Soul Patts, Brickworks and new shareholders will own approximately 72%, 19% and 9% of the combined group respectively.
The transaction is subject to approval by regulatory board / committee, approval of merger agreement by target board, approval of offer by acquirer shareholders, approval of offer by acquirer board, approval of offer by target shareholders and subject to court approval. The Board of Directors of Brickworks Limited formed a special committee for the transaction. The deal has been unanimously approved by the board. The expected completion of the transaction is second half of 2025. Pitt Capital Partners Limited acted as financial advisor and Ashurst Australia acted as legal advisor to Washington H. Soul Pattinson and Company Limited. Citigroup Global Markets Australia Pty Limited acted as financial advisor and King & Wood Mallesons, Australia Branch acted as legal advisor to Brickworks Limited. Buy Or Sell Opportunity • Apr 10
Now 23% overvalued Over the last 90 days, the stock has fallen 2.2% to AU$24.71. The fair value is estimated to be AU$20.08, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company became loss making. Declared Dividend • Mar 24
First half dividend increased to AU$0.25 Dividend of AU$0.25 is 4.2% higher than last year. Ex-date: 8th April 2025 Payment date: 1st May 2025 Dividend yield will be 2.9%, which is higher than the industry average of 2.5%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months. The dividend is also not covered by cash flows (202% cash payout ratio). The dividend has increased by an average of 4.8% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Reported Earnings • Mar 21
First half 2025 earnings released: EPS: AU$0.16 (vs AU$0.38 loss in 1H 2024) First half 2025 results: EPS: AU$0.16 (up from AU$0.38 loss in 1H 2024). Revenue: AU$516.3m (down 5.7% from 1H 2024). Net income: AU$21.3m (up AU$72.8m from 1H 2024). Profit margin: 4.1% (up from net loss in 1H 2024). Revenue is forecast to grow 5.2% p.a. on average during the next 3 years, compared to a 4.8% growth forecast for the Global Basic Materials industry. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 93 percentage points per year, which is a significant difference in performance. Ankündigung • Mar 14
Brickworks Limited, Annual General Meeting, Nov 25, 2025 Brickworks Limited, Annual General Meeting, Nov 25, 2025. Ankündigung • Mar 08
Brickworks Limited to Report Fiscal Year 2025 Results on Sep 25, 2025 Brickworks Limited announced that they will report fiscal year 2025 results on Sep 25, 2025 Upcoming Dividend • Oct 28
Upcoming dividend of AU$0.43 per share Eligible shareholders must have bought the stock before 04 November 2024. Payment date: 27 November 2024. The company is not currently making a profit and there are not enough cash flows to support it either. Trailing yield: 2.5%. Lower than top quartile of Australian dividend payers (6.0%). Higher than average of industry peers (2.2%). Declared Dividend • Sep 28
Final dividend increased to AU$0.43 Dividend of AU$0.43 is 2.4% higher than last year. Ex-date: 4th November 2024 Payment date: 27th November 2024 Dividend yield will be 2.3%, which is lower than the industry average of 2.5%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months. The dividend is also not covered by cash flows (349% cash payout ratio). The dividend has increased by an average of 4.8% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Reported Earnings • Sep 26
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: AU$0.87 loss per share (down from AU$2.66 profit in FY 2023). Revenue: AU$1.09b (down 7.8% from FY 2023). Net loss: AU$117.2m (down 129% from profit in FY 2023). Revenue missed analyst estimates by 1.2%. Earnings per share (EPS) also missed analyst estimates by 136%. Revenue is forecast to grow 5.5% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Global Basic Materials industry. Over the last 3 years on average, earnings per share has fallen by 55% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Recent Insider Transactions • Apr 25
MD & Executive Director recently sold AU$2.7m worth of stock On the 24th of April, Lindsay Partridge sold around 100k shares on-market at roughly AU$27.10 per share. This transaction amounted to 40% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Lindsay has been a net seller over the last 12 months, reducing personal holdings by AU$4.1m. Recent Insider Transactions • Apr 14
MD & Executive Director recently sold AU$2.0m worth of stock On the 10th of April, Lindsay Partridge sold around 72k shares on-market at roughly AU$27.61 per share. This transaction amounted to 22% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Lindsay has been a net seller over the last 12 months, reducing personal holdings by AU$1.4m. Declared Dividend • Mar 24
Final dividend increased to AU$0.24 Dividend of AU$0.24 is 4.3% higher than last year. Ex-date: 9th April 2024 Payment date: 1st May 2024 Dividend yield will be 2.4%, which is lower than the industry average of 2.5%. Sustainability & Growth Dividend is covered by earnings (24% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 4.8% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to decline by 21% over the next 3 years. However, it would need to fall by 73% to increase the payout ratio to a potentially unsustainable range. Price Target Changed • Mar 22
Price target increased by 8.5% to AU$30.48 Up from AU$28.08, the current price target is an average from 9 analysts. New target price is 10% above last closing price of AU$27.66. Stock is up 22% over the past year. The company is forecast to post earnings per share of AU$0.10 for next year compared to AU$2.66 last year. Major Estimate Revision • Mar 22
Consensus EPS estimates increase by 15%, revenue downgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from AU$1.15b to AU$1.12b. EPS estimate rose from AU$1.81 to AU$2.09. Net income forecast to shrink 21% next year vs 26% growth forecast for Basic Materials industry in Australia . Consensus price target up from AU$28.31 to AU$29.51. Share price fell 8.0% to AU$27.66 over the past week. Ankündigung • Mar 21
Brickworks Limited, Annual General Meeting, Nov 26, 2024 Brickworks Limited, Annual General Meeting, Nov 26, 2024. Major Estimate Revision • Mar 13
Consensus EPS estimates increase by 16% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from AU$1.57 to AU$1.81. Revenue forecast steady at AU$1.15b. Net income forecast to shrink 32% next year vs 25% growth forecast for Basic Materials industry in Australia . Consensus price target up from AU$28.08 to AU$28.65. Share price was steady at AU$30.31 over the past week. Buy Or Sell Opportunity • Mar 13
Now 21% undervalued Over the last 90 days, the stock has risen 13% to AU$30.31. The fair value is estimated to be AU$38.50, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has grown by 29%. For the next 3 years, revenue is forecast to grow by 1.9% per annum. Earnings are forecast to decline by 7.3% per annum over the same time period. Buy Or Sell Opportunity • Jan 23
Now 20% undervalued Over the last 90 days, the stock has risen 13% to AU$28.28. The fair value is estimated to be AU$35.38, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has grown by 29%. For the next 3 years, revenue is forecast to grow by 1.8% per annum. Earnings are forecast to decline by 6.1% per annum over the same time period. Major Estimate Revision • Dec 13
Consensus EPS estimates increase by 20% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from AU$1.31 to AU$1.56. Revenue forecast steady at AU$1.15b. Net income forecast to shrink 41% next year vs 17% growth forecast for Basic Materials industry in Australia . Consensus price target broadly unchanged at AU$27.59. Share price was steady at AU$25.70 over the past week. Upcoming Dividend • Oct 24
Upcoming dividend of AU$0.42 per share at 2.5% yield Eligible shareholders must have bought the stock before 31 October 2023. Payment date: 22 November 2023. Payout ratio is a comfortable 24% but the company is not cash flow positive. Trailing yield: 2.5%. Lower than top quartile of Australian dividend payers (7.4%). Lower than average of industry peers (2.9%). Ankündigung • Sep 28
Brickworks Limited Declares Fully Franked Final Dividend, Payable on November 22, 2023 The Directors of Brickworks Limited declared a fully franked final dividend of 42 cents per share, an increase of 1 cent on the prior year. This marks the tenth year in a row that dividends have been increased (and 47 years since the last time they were reduced). The record date for the final dividend is 1 November 2023, with payment on 22 November 2023. New Risk • Sep 28
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 34% Last year net profit margin: 80% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 22% per year for the foreseeable future. Minor Risk Profit margins are more than 30% lower than last year (34% net profit margin). Ankündigung • Aug 26
Brickworks Limited to Report First Half, 2024 Results on Mar 21, 2024 Brickworks Limited announced that they will report first half, 2024 results on Mar 21, 2024 Ankündigung • Jul 11
Brickworks Limited Announces Appointment of Mark Ellenor as Chief Operating Officer, Effective from 1 August 2023 Brickworks Limited announced that from 1 August 2023, Mark Ellenor will be appointed as Chief Operating Officer for the Brickworks Group reporting to the Managing Director Lindsay Partridge. This appointment will take place as part of the Company's carefully planned executive management succession and to ensure that the executive team remains well positioned to deliver on its strategy. Mark has a long history with Brickworks having started with Austral Bricks under its Graduate Program in 1999 progressing to various General Manager roles in Australia including General Manager Austral Bricks and General Manager Bristile Roofing. In 2018 Mark was appointed President Brickworks Building Products North America based in the US and in 2022 was appointed Executive General Manager Building Products for Australia and US. Mark holds a Bachelor of Business and has completed the Stanford Executive Program. The appointment of Mark as COO follows a period of Board renewal over the past few years with the retirement and appointment of three new non-executive directors to ensure the company maintains the right balance of skills, experience, independence and tenure amongst its directors. Upcoming Dividend • Mar 30
Upcoming dividend of AU$0.23 per share at 2.8% yield Eligible shareholders must have bought the stock before 06 April 2023. Payment date: 02 May 2023. Payout ratio is a comfortable 15% but the company is not cash flow positive. Trailing yield: 2.8%. Lower than top quartile of Australian dividend payers (7.2%). In line with average of industry peers (3.1%). Board Change • Feb 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 2 experienced directors. 4 highly experienced directors. Independent Non-Executive Director Joel Fitzgibbon was the last director to join the board, commencing their role in 2023. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Major Estimate Revision • Dec 16
Consensus forecasts updated The consensus outlook for 2023 has been updated. 2023 EPS estimate increased from AU$1.80 to AU$2.04. Revenue forecast steady at AU$1.14b. Net income forecast to shrink 67% next year vs 5.0% decline forecast for Basic Materials industry in Australia. Consensus price target broadly unchanged at AU$25.00. Share price rose 2.5% to AU$22.59 over the past week. Ankündigung • Nov 21
Brickworks Limited Announces Board Changes Following a thorough, independent search process using the services of Korn Ferry, Brickworks Limited announced the appointment of Joel Fitzgibbon, as an independent non-executive Director to the Brickworks Board, with effect from 1 January 2023. Joel has extensive government experience having served in the House of Representatives from 1996 to 2022, representing the New South Wales seat of Hunter. He served as Minister for Defence in 2007-2009, Minister for Agriculture, Fisheries and Forestry in 2013 and was Chief Government Whip in the House of Representatives from 2010-2013. Joel Fitzgibbon holds a Graduate Certificate in Business Administration and is a graduate of the AICD Program. Mr. Fitzgibbon will serve as a member of the Board's Audit and Risk Committee, the Remuneration Committee and Nomination Committee. The appointment of Joel to the Board maintains the number of directors at seven following the retirement of Robert Webster at this year's AGM. Board Change • Nov 16
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 1 experienced director. 5 highly experienced directors. Independent Non-Executive Director Robyn Stubbs was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Nov 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 1 experienced director. 5 highly experienced directors. Independent Non-Executive Director Robyn Stubbs was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Oct 25
Upcoming dividend of AU$0.41 per share Eligible shareholders must have bought the stock before 01 November 2022. Payment date: 23 November 2022. Payout ratio is a comfortable 11% but the company is not cash flow positive. Trailing yield: 2.9%. Lower than top quartile of Australian dividend payers (7.3%). Lower than average of industry peers (3.9%). Recent Insider Transactions Derivative • Oct 01
MD & Executive Director exercised options and sold AU$1.0m worth of stock On the 30th of September, Lindsay Partridge exercised 75k options at a strike price of around AU$21.32 and sold these shares for an average price of AU$13.64 per share. This trade did not impact their existing holding. For the year to July 2016, Lindsay's total compensation was 44% salary and 56% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since December 2021, Lindsay has owned 194.71k shares directly. Company insiders have collectively sold AU$655k more than they bought, via options and on-market transactions in the last 12 months. Recent Insider Transactions • Oct 01
MD & Executive Director recently bought AU$719k worth of stock On the 30th of September, Lindsay Partridge bought around 34k shares on-market at roughly AU$21.37 per share. This transaction amounted to 14% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Lindsay has been a buyer over the last 12 months, purchasing a net total of AU$128k worth in shares. Ankündigung • Aug 29
Brickworks Limited Announces Executive Changes Brickworks Limited announced that Robert Bakewell will leave his position as Chief Financial Officer of Brickworks on 28 February 2023 after 6 months notice to pursue other interests and opportunities. He will be replaced by Grant Douglas. Brickworks Managing Director, noted the contribution Mr. Bakewell has made since joining the Company in 2016. Grant Douglas is a Chartered Accountant with international experience in both public practice and with Brickworks. He spent 14 years in the Audit & Assurance practice of Deloitte, working in Zimbabwe, USA and Australia, focused on both Australian and US listed multinational businesses. Grant joined Brickworks in 2011 and has held various senior finance roles, including General Manager - Finance, Executive Vice President Finance for Brickworks North America and most recently as Group Vice President of Finance for the Building Products business across Australia and North America. Grant played a key role in the establishment and growth of the North American business, driving the merger and acquisition activity in the US having relocated to North America with the initial acquisition of Glen-Gery in 2018. He played a key role in the integration and subsequent rationalization of the business in the US and established a North American corporate office to support the growing business. Grant transferred back to Australia early in 2022. Grant is a Graduate of the Australian Institute of Company Directors (GAICD). He completed the Stanford Strategic Financial Leadership Program in 2016. The Board welcomes Grant's appointment as CFO and considers his skills and experience ideally suited to support the Company moving forward. Grant will deliver the Company's fiscal year 2022 results with the Managing Director. Major Estimate Revision • Jul 25
Consensus EPS estimates increase by 13% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from AU$1.10b to AU$1.13b. EPS estimate increased from AU$4.43 to AU$4.99 per share. Net income forecast to shrink 29% next year vs 5.2% decline forecast for Basic Materials industry in Australia. Consensus price target broadly unchanged at AU$24.06. Share price rose 3.1% to AU$19.70 over the past week. Recent Insider Transactions • May 07
Deputy Chairman recently bought AU$233k worth of stock On the 3rd of May, Michael Millner bought around 10k shares on-market at roughly AU$23.31 per share. This was the largest purchase by an insider in the last 3 months. This was Michael's only on-market trade for the last 12 months. Upcoming Dividend • Apr 04
Upcoming dividend of AU$0.22 per share Eligible shareholders must have bought the stock before 11 April 2022. Payment date: 03 May 2022. Payout ratio is a comfortable 13% but the company is paying out more than the cash it is generating. Trailing yield: 2.6%. Lower than top quartile of Australian dividend payers (5.7%). Lower than average of industry peers (3.5%). Major Estimate Revision • Mar 30
Consensus EPS estimates increase by 70% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from AU$1.08b to AU$1.10b. EPS estimate increased from AU$2.81 to AU$4.79 per share. Net income forecast to shrink 34% next year vs 6.4% decline forecast for Basic Materials industry in Australia. Consensus price target broadly unchanged at AU$24.55. Share price rose 12% to AU$24.38 over the past week. Major Estimate Revision • Feb 04
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate increased from AU$2.14 to AU$2.36. Revenue forecast unchanged at AU$1.07b. Net income forecast to grow 30% next year vs 31% growth forecast for Basic Materials industry in Australia. Consensus price target down from AU$26.72 to AU$25.95. Share price was steady at AU$22.72 over the past week. Major Estimate Revision • Dec 14
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate fell from AU$1.38 to AU$1.15 per share. Revenue forecast steady at AU$1.07b. Net income forecast to shrink 26% next year vs 13% growth forecast for Basic Materials industry in Australia . Consensus price target up from AU$25.83 to AU$26.42. Share price rose 3.1% to AU$24.48 over the past week. Recent Insider Transactions • Dec 02
MD & Executive Director recently sold AU$592k worth of stock On the 24th of November, Lindsay Partridge sold around 25k shares on-market at roughly AU$23.66 per share. This was the largest sale by an insider in the last 3 months. Lindsay has been a seller over the last 12 months, reducing personal holdings by AU$489k. Upcoming Dividend • Oct 26
Upcoming dividend of AU$0.40 per share Eligible shareholders must have bought the stock before 02 November 2021. Payment date: 24 November 2021. Trailing yield: 2.5%. Lower than top quartile of Australian dividend payers (5.3%). Lower than average of industry peers (3.0%). Recent Insider Transactions • Sep 30
MD & Executive Director recently sold AU$411k worth of stock On the 24th of September, Lindsay Partridge sold around 16k shares on-market at roughly AU$25.70 per share. This was the largest sale by an insider in the last 3 months. Despite the recent sale, Lindsay has been a buyer over the last 12 months, purchasing a net total of AU$102k worth of shares. Reported Earnings • Sep 23
Full year 2021 earnings released: EPS AU$1.59 (vs AU$2.10 in FY 2020) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2021 results: Revenue: AU$890.3m (down 6.6% from FY 2020). Net income: AU$240.2m (down 24% from FY 2020). Profit margin: 27% (down from 33% in FY 2020). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 16% per year whereas the company’s share price has increased by 13% per year.