Challenger（GK9）株式概要チャレンジャー・リミテッドは公営の投資運用会社である。 詳細GK9 ファンダメンタル分析スノーフレーク・スコア評価4/6将来の成長1/6過去の実績5/6財務の健全性4/6配当金3/6報酬当社が推定した公正価値より50.2%で取引されている 収益は年間5.29%増加すると予測されています 過去1年間で収益は211.7%増加しました リスク分析不安定な配当実績 過去3か月間に大規模なインサイダー売却が発生 すべてのリスクチェックを見るGK9 Community Fair Values Create NarrativeSee what others think this stock is worth. Follow their fair value or set your own to get alerts.Your Fair Value€Current Price€5.75356.3% 割高 内在価値ディスカウントGrowth estimate overAnnual revenue growth rate5 Yearstime period%/yrDecreaseIncreasePastFuture-917m4b2016201920222025202620282031Revenue AU$878.3mEarnings AU$143.9mAdvancedSet Fair ValueView all narrativesChallenger Limited 競合他社HypoportSymbol: XTRA:HYQMarket cap: €529.1mÖkoworldSymbol: XTRA:VVV3Market cap: €204.2mflatexDEGIROSymbol: XTRA:FTKMarket cap: €3.9bTradegate WertpapierhandelsbankSymbol: DB:T2GMarket cap: €2.1b価格と性能株価の高値、安値、推移の概要Challenger過去の株価現在の株価AU$5.7552週高値AU$5.7552週安値AU$4.28ベータ0.611ヶ月の変化3.60%3ヶ月変化25.00%1年変化33.72%3年間の変化51.32%5年間の変化70.12%IPOからの変化54.49%最新ニュースRecent Insider Transactions • May 25MD, CEO & Director recently sold €675k worth of stockOn the 18th of May, Nicolas Hamilton sold around 120k shares on-market at roughly €5.63 per share. This transaction amounted to 15% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth €894k. Nicolas has been a net seller over the last 12 months, reducing personal holdings by €1.6m.お知らせ • Feb 17Challenger Limited Announces Interim Dividend for the Year Ended 31 December 2025, Payable on 24 March 2026Challenger Limited announced the 100% franked interim dividend of 15.5 cents (2024 interim: 14.5 cents per share) per share for the year ended 31 December 2025, payable on 24 March 2026. Ex-dividend date is on 24 February 2026 with Record date on 25 February 2026.お知らせ • Dec 17Challenger Limited, Annual General Meeting, Oct 29, 2026Challenger Limited, Annual General Meeting, Oct 29, 2026.お知らせ • Oct 16Challenger Limited Reaffirms Earnings Guidance for the Year 2026Challenger Limited reaffirmed earnings guidance for the year 2026. For the year, the company expects normalised basic EPS guidance range of between 66 and 72 cents per share.お知らせ • Aug 21+ 2 more updatesChallenger Limited Provides Earnings Guidance for the Year 2026Challenger Limited provided earnings guidance for the year 2026. For the year, the company is targeting a normalised basic EPS guidance range of between 66 cents and 72 cents per share, with the mid-point (69 cents per share) representing a 4% increase on 2025.お知らせ • Aug 19+ 1 more updateChallenger Limited to Report First Half, 2026 Results on Feb 17, 2026Challenger Limited announced that they will report first half, 2026 results on Feb 17, 2026最新情報をもっと見るRecent updatesRecent Insider Transactions • May 25MD, CEO & Director recently sold €675k worth of stockOn the 18th of May, Nicolas Hamilton sold around 120k shares on-market at roughly €5.63 per share. This transaction amounted to 15% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth €894k. Nicolas has been a net seller over the last 12 months, reducing personal holdings by €1.6m.お知らせ • Feb 17Challenger Limited Announces Interim Dividend for the Year Ended 31 December 2025, Payable on 24 March 2026Challenger Limited announced the 100% franked interim dividend of 15.5 cents (2024 interim: 14.5 cents per share) per share for the year ended 31 December 2025, payable on 24 March 2026. Ex-dividend date is on 24 February 2026 with Record date on 25 February 2026.お知らせ • Dec 17Challenger Limited, Annual General Meeting, Oct 29, 2026Challenger Limited, Annual General Meeting, Oct 29, 2026.お知らせ • Oct 16Challenger Limited Reaffirms Earnings Guidance for the Year 2026Challenger Limited reaffirmed earnings guidance for the year 2026. For the year, the company expects normalised basic EPS guidance range of between 66 and 72 cents per share.お知らせ • Aug 21+ 2 more updatesChallenger Limited Provides Earnings Guidance for the Year 2026Challenger Limited provided earnings guidance for the year 2026. For the year, the company is targeting a normalised basic EPS guidance range of between 66 cents and 72 cents per share, with the mid-point (69 cents per share) representing a 4% increase on 2025.お知らせ • Aug 19+ 1 more updateChallenger Limited to Report First Half, 2026 Results on Feb 17, 2026Challenger Limited announced that they will report first half, 2026 results on Feb 17, 2026お知らせ • Aug 01+ 1 more updateTAL Dai-ichi Life Australia Pty Limited completed the acquisition of 4.8% stake in Challenger Limited (ASX:CGF) from Ap Liberty, L.P. managed by Ap Liberty GP, LLC.TAL Dai-ichi Life Australia Pty Limited agreed to acquire 4.8% stake in Challenger Limited (ASX:CGF) from Ap Liberty, L.P. managed by Ap Liberty GP, LLC for approximately AUD 250 million on June 16, 2025. A cash consideration AUD 7.45 per share will be paid by TAL Dai-ichi Life Australia Pty Limited. The deal is subject to approval of Financial Conduct Authority and Australian Prudential Regulation Authority. Prior to the transaction, TAL Dai-ichi Life Australia entered into an agreement to acquire a 104,353,125 shares representing 15.09% stake on April 4, 2025. Following the completion of the transactions, TAL Dai-ichi Life Australia owns a 137.587.743 shares representing a 19.9% stake in Challenger. The expected completion of the transaction is May 4, 2026. The transaction is subject to TAL obtaining regulatory approvals, and will only complete upon the regulatory approvals being obtained in conjunction with the transaction announced on April 7, 2025 and this transaction. Walkers Corporate Limited acted as legal advisor for Ap Liberty GP, LLC. Gilbert and Tobin led by Costas Condoleon, Karen Evans-Cullen acted as legal advisor for TAL Dai-ichi Life Australia Pty Limited. Goldman Sachs & Co. LLC acted as financial advisor to Apollo Asset Management, parent of Ap Liberty GP, LLC. TAL Dai-ichi Life Australia Pty Limited completed the acquisition of 4.8% stake in Challenger Limited (ASX:CGF) from Ap Liberty, L.P. managed by Ap Liberty GP, LLC on August 1, 2025.お知らせ • Apr 17Challenger Limited Tightens Earnings Guidance for the Fiscal Year 2025Challenger Limited tightened earnings guidance for the fiscal year 2025. For the year, the company has tightened its normalised net profit after tax guidance to a range of between $450 million and $465 million, with the mid-point of the range representing 10% growth on FY24.お知らせ • Apr 01Challenger Limited Announces Resignation of Hiroyuki Iioka as Alternate Director to Mr. Masahiko Kobayashi, Effective on 31 March 2025Mr. Hiroyuki Iioka has notified Challenger Limited of his resignation as Alternate Director to Mr. Masahiko Kobayashi effective on 31 March 2025 following his retirement on the same date from his position at MS&AD Insurance Group Holdings Inc.お知らせ • Feb 18+ 2 more updatesChallenger Limited, Annual General Meeting, Oct 30, 2025Challenger Limited, Annual General Meeting, Oct 30, 2025.お知らせ • Oct 24Challenger Limited Announces Full Year Dividend for 2024Reflecting the business's strong financial performance, the Board of Challenger Limited determined a full year dividend of $0.265 per share, an increase of 10% on last year.お知らせ • Sep 20Matthew Michelini Steps Down from Challenger Limited BoardChallenger Limited announced that Mr. Matthew Michelini has stepped down as Apollo Global Asset Management's representative on the Challenger Limited Board. The resignation follows the reduction in Apollo's ownership in Challenger, which has fallen below the previously disclosed condition for Apollo to hold a minimum of 15% of issued capital to maintain its seat on the Challenger Limited Board. Mr. Michelini's resignation is effective immediately.Valuation Update With 7 Day Price Move • Sep 09Investor sentiment deteriorates as stock falls 15%After last week's 15% share price decline to €3.54, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 11x in the Diversified Financial industry in Germany. Total returns to shareholders of 1.8% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €5.62 per share.New Risk • Aug 14New major risk - Financial positionThe company's interest payments are not well covered by earnings. Net interest cover: 1.1x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.1x net interest cover). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (4.6% net profit margin).お知らせ • Aug 13+ 1 more updateChallenger Limited to Report First Half, 2025 Results on Feb 18, 2025Challenger Limited announced that they will report first half, 2025 results on Feb 18, 2025Buy Or Sell Opportunity • Jul 05Now 22% undervalued after recent price dropOver the last 90 days, the stock has fallen 2.4% to €4.04. The fair value is estimated to be €5.17, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 18% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to decline by 16% per annum. Earnings are forecast to grow by 14% per annum over the same time period.Buy Or Sell Opportunity • May 22Now 21% undervalued after recent price dropOver the last 90 days, the stock has fallen 10% to €3.68. The fair value is estimated to be €4.64, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 18% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to decline by 21% per annum. Earnings are forecast to grow by 14% per annum over the same time period.Buy Or Sell Opportunity • May 02Now 20% undervalued after recent price dropOver the last 90 days, the stock has fallen 2.6% to €3.74. The fair value is estimated to be €4.68, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 18% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to decline by 21% per annum. Earnings are forecast to grow by 14% per annum over the same time period.お知らせ • Apr 30Heartland Group Holdings Limited (NZSE:HGH) completed the acquisition of Challenger Bank Limited from Challenger Limited (ASX:CGF)Heartland Group Holdings Limited (NZSE:HGH) signed a conditional share purchase agreement for the purchase of Challenger Bank Limited from Challenger Limited (ASX:CGF) for AUD 36 million on October 20, 2022. Upon completion Heartland’s existing Reverse Mortgage and Livestock businesses in Australia will be transferred to sit in or under Challenger Bank. For regulatory reasons, Heartland will be required to hold Challenger Bank through an Australian incorporated non-operating holding company (NOHC) which is approved and regulated by the Australian Prudential Regulatory Authority. Heartland’s intention is to cover the costs of the acquisition through existing resources. The share purchase agreement is subject to obtaining the requisite regulatory approvals in Australia and New Zealand. Corrs Chambers Westgarth acted as legal advisor, Jarden Partners Limited acted as financial advisor and Deloitte & Touche Netherlands acted as accountant to Heartland Group Holdings Limited. Deal is expected to settle in 2H23. In April 2023, Challenger received approval from APRA to release AUD 50 million of excess Bank capital, which was injected into Challenger Life. The remaining excess capital of approximately AUD 40 million is expected, subject to regulatory approvals in Australia and New Zealand, to be returned to Challenger prior to or on completion of the sale providing additional financial flexibility to support growth in the Life business. As of August 15, 2023, the transaction is expected to complete in H1, 2024. As of April 8, 2024 Challenger Bank Limited has received indictive approval from Australian Prudential Regulation Authority and the Reserve Bank of New Zealand subject to Heartland receiving final regulatory approvals from APRA and the RBNZ and is expected to complete by April 30, 2024. Heartland Group Holdings Limited (NZSE:HGH) completed the acquisition of Challenger Bank Limited from Challenger Limited (ASX:CGF) on April 30, 2024.Declared Dividend • Feb 15First half dividend of AU$0.13 announcedShareholders will receive a dividend of AU$0.13. Ex-date: 20th February 2024 Payment date: 19th March 2024 Dividend yield will be 4.8%, which is lower than the industry average of 6.4%. Sustainability & Growth Dividend is covered by both earnings (54% earnings payout ratio) and cash flows (35% cash payout ratio). The dividend has increased by an average of 2.7% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 53% over the next 3 years, which should provide support to the dividend and adequate earnings cover.New Risk • Feb 14New major risk - Financial positionThe company's interest payments are not well covered by earnings. Net interest cover: 1.6x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.6x net interest cover). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (11% net profit margin).お知らせ • Feb 13Challenger Limited Declares Interim Dividend for the Six Months Ended 31 December 2023, Payable on 19 March 2024The Challenger Board has declared a fully franked interim dividend of 13.0 cents for the six months ended 31 December 2023 compared to 12.00 cents paid for the same period a year ago. Record date is 21 February 2022. Ex-dividend date is 20 February 2024. The dividend will be paid on 19 March 2024.Buying Opportunity • Dec 06Now 20% undervalued after recent price dropOver the last 90 days, the stock is down 4.9%. The fair value is estimated to be €4.35, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 25% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to decline by 17% per annum. Earnings is forecast to grow by 14% per annum over the same time period.お知らせ • Dec 01Challenger Limited Announces Quarterly Dividend Ended February 26, 2024, Payable on February 25, 2024Challenger Limited announced dividend on CAP NOTE 3-BBSW+4.60% PERP NON-CUM RED T-05-26 of AUD 1.57000000 relates to a period of one quarter ended February 25, 2024. Record Date is February 16, 2023. Ex Date is February 15, 2024. Payment Date is February 26, 2024.お知らせ • Nov 11Challenger Limited Appoints Matthew Michelini as DirectorChallenger Limited appointed Matthew Michelini as director, Date of appointment is 9 November 2023.お知らせ • Nov 09Challenger Limited and Challenger Life Company Limited Announce the Appointment of Lisa Gray as Independent Non-Executive Director, Effective 9 November 2023Challenger Limited announced the appointment of Lisa Gray as an independent Non-Executive Director of both Challenger Limited and Challenger Life Company Limited, effective from 9 November 2023. Lisa Gray has over 30 years' experience in leading large businesses across banking, investment management, superannuation, insurance and wealth management. She is an experienced non-executive director and currently serves on the boards of ING Bank (Australia) Limited and Victorian Funds Management Corporation. Previously, Ms Gray was Chief Executive of Victorian Funds Management Corporation. She has also held senior executive roles at NAB including Group Executive, Enterprise Services and Transformation, and Group Executive, Personal Banking. Prior to this, Ms Gray served as Chief Executive of MLC Insurance and Managing Director Plum Financial Services. Ms Gray's qualifications include an Advanced Management Program from INSEAD, an MBA from the University of Melbourne and Columbia University (USA), a Graduate Diploma in Management and a Bachelor of Town and Regional Planning (Hons). Ms Gray will stand for election at Challenger's Annual General Meeting in October 2024.Buying Opportunity • Nov 09Now 20% undervalued after recent price dropOver the last 90 days, the stock is down 16%. The fair value is estimated to be €4.23, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 25% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to decline by 17% per annum. Earnings is forecast to grow by 14% per annum over the same time period.Buying Opportunity • Oct 20Now 20% undervalued after recent price dropOver the last 90 days, the stock is down 15%. The fair value is estimated to be €4.35, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 25% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to decline by 17% per annum. Earnings is forecast to grow by 14% per annum over the same time period.お知らせ • Sep 26Challenger Limited Announces Board ChangesChallenger Limited announced that Mr. Steven Gregg will retire from the Board of Challenger Limited at the Annual General Meeting on 26 October 2023. Mr. Gregg has served as an independent Non-executive Director since 2012. In that time, he has served on a range of committees, including as Chair of the Group Audit Committee and as a member of the Group Remuneration, Group Risk and Nomination Committees.お知らせ • Sep 14Challenger Limited Declares Ordinary Dividend for the Six Months Period Ended 30 June 2023, Payable on 20 September 2023Challenger Limited declared ordinary dividend of AUD 0.12000000 for the six months period ended 30 June 2023. Record Date is on 29 August 2023, Ex date is on 28 August 2023 and Payment date is on 20 September 2023.Upcoming Dividend • Aug 21Upcoming dividend of AU$0.12 per share at 3.6% yieldEligible shareholders must have bought the stock before 28 August 2023. Payment date: 20 September 2023. Payout ratio is a comfortable 55% and this is well supported by cash flows. Trailing yield: 3.6%. Lower than top quartile of German dividend payers (4.8%). Lower than average of industry peers (6.1%).Buying Opportunity • Aug 17Now 21% undervaluedOver the last 90 days, the stock is up 5.6%. The fair value is estimated to be €4.78, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 25% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to decline by 17% per annum. Earnings is forecast to grow by 13% per annum over the same time period.New Risk • Aug 15New major risk - Financial positionThe company's interest payments are not well covered by earnings. Net interest cover: 1.7x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.7x net interest cover). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (12% net profit margin).お知らせ • Aug 15+ 2 more updatesChallenger Limited to Report Fiscal Year 2024 Results on Aug 13, 2024Challenger Limited announced that they will report fiscal year 2024 results on Aug 13, 2024Reported Earnings • Aug 15Full year 2023 earnings released: EPS: AU$0.42 (vs AU$0.38 in FY 2022)Full year 2023 results: EPS: AU$0.42 (up from AU$0.38 in FY 2022). Revenue: AU$2.46b (up 389% from FY 2022). Net income: AU$295.5m (up 17% from FY 2022). Profit margin: 12% (down from 50% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 21% p.a. on average during the next 3 years, while revenues in the Diversified Financial industry in Germany are expected to grow by 8.7%. Over the last 3 years on average, earnings per share has increased by 55% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth.お知らせ • Jul 08Elanor Investors Limited and Elanor Investment Fund completed the acquisition of Challenger Real Estate from Challenger Limited.Elanor Investors Limited and Elanor Investment Fund have entered into agreement to acquire Challenger Real Estate from Challenger Limited for AUD 41.8 million on April 6, 2023. Elanor will issue 27.4 million securities to Challenger as consideration for the acquisition of Challenger Real Estate. The Consideration is subject to claw-back provisions based on certain milestones, including minimum base funds management fee targets. Post-transaction, Challenger will be Elanor’s largest securityholder with an 18.2% holding. Completion is subject to certain conditions, including Elanor Investors Group securityholder approval and other regulatory approvals. The transaction is expected to complete on June 30, 2023.Transaction expected to deliver material earnings accretion in FY24. As of May 29, 2023, Elanor has been advised by Challenger that one third party institutional mandate will not transfer and as such, the Purchase Price for CRE has been reduced to AUD 37.7 million from AUD 41.8 million. EIL will issue up to 24,754,165 EIL shares and procure EFML to issue up to 24,754,165 EIF units to Challenger Limited as consideration for the acquisition of CRE, representing up to 16.7% of ENN Securities on issue. Elanor will become Challenger Life Company Limited’s commercial real estate partner in Australia and New Zealand, managing a AUD 2.7 billion portfolio of real estate assets. EIL and EIF announces a Extraordinary General Meetings of shareholders and unitholders, respectively will be held on June 30, 2023. Moelis Australia Securities Pty Ltd. acted as financial advisor to Elanor Investors Limited. Elanor Investors Limited and Elanor Investment Fund completed the acquisition of Challenger Real Estate from Challenger Limited on July 7, 2023. Elanor has also secured the transfer of the institutional mandate with a subsidiary of Abu Dhabi Investment Council (ADIC) as part of its acquisition of CRE. As part of the transfer of the ADIC mandate, Challenger has transferred 4.5 million of the 24.8 million new securities in Elanor to ADIC resulting in Challenger’s and ADIC’s holding in Elanor representing approximately 13.6% and 3.0% of total Elanor securities on issue, respectively.Recent Insider Transactions • Apr 28Independent Non-Executive Chairman recently bought €61k worth of stockOn the 21st of April, Duncan West bought around 16k shares on-market at roughly €3.83 per share. This transaction amounted to 62% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Duncan's only on-market trade for the last 12 months.お知らせ • Feb 16Challenger Limited Declares Ordinary Dividend for the Six Months Period Ended 31 December 2022, Payable on 21 March 2023Challenger Limited declared ordinary dividend of AUD 0.12000000 for the six months period ended 31 December 2022. Record Date is on 22 February 2023, Ex date is on 21 February 2023 and Payment date is on 21 March 2023.Reported Earnings • Feb 16First half 2023 earnings released: EPS: AU$0.18 (vs AU$0.42 in 1H 2022)First half 2023 results: EPS: AU$0.18 (down from AU$0.42 in 1H 2022). Revenue: AU$1.51b (up 2.2% from 1H 2022). Net income: AU$128.2m (down 55% from 1H 2022). Profit margin: 8.5% (down from 19% in 1H 2022). Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 8.9% growth forecast for the Diversified Financial industry in Germany. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings.Upcoming Dividend • Aug 22Upcoming dividend of AU$0.12 per shareEligible shareholders must have bought the stock before 29 August 2022. Payment date: 21 September 2022. Payout ratio is a comfortable 61% and this is well supported by cash flows. Trailing yield: 3.5%. Lower than top quartile of German dividend payers (4.6%). Higher than average of industry peers (2.6%).Reported Earnings • Aug 19Full year 2022 earnings released: EPS: AU$0.38 (vs AU$0.88 in FY 2021)Full year 2022 results: EPS: AU$0.38 (down from AU$0.88 in FY 2021). Revenue: AU$705.8m (down 80% from FY 2021). Net income: AU$253.7m (down 57% from FY 2021). Profit margin: 36% (up from 17% in FY 2021). The increase in margin was driven by lower expenses. Over the next year, revenue is forecast to grow 21%, compared to a 6.4% growth forecast for the Diversified Financial industry in Germany. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth.お知らせ • Aug 16+ 2 more updatesChallenger Limited to Report Fiscal Year 2023 Results on Aug 15, 2023Challenger Limited announced that they will report fiscal year 2023 results on Aug 15, 2023Valuation Update With 7 Day Price Move • Feb 23Investor sentiment improved over the past weekAfter last week's 15% share price gain to €4.42, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 11x in the Capital Markets industry in Germany. Total loss to shareholders of 1.3% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €5.71 per share.Reported Earnings • Feb 19First half 2022 earnings: EPS in line with analyst expectations despite revenue beatFirst half 2022 results: EPS: AU$0.42 (up from AU$0.33 in 1H 2021). Revenue: AU$1.47b (up 15% from 1H 2021). Net income: AU$282.0m (up 27% from 1H 2021). Profit margin: 19% (up from 17% in 1H 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.8%. Over the next year, revenue is expected to shrink by 77% compared to a 13% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings.Board Change • Oct 31High number of new directorsIndependent Non-Executive Director Heather Smith was the last director to join the board, commencing their role in 2021.Recent Insider Transactions • Sep 28MD, CEO & Director recently sold €2.1m worth of stockOn the 23rd of September, Richard Howes sold around 545k shares on-market at roughly €3.84 per share. This was the largest sale by an insider in the last 3 months. This was Richard's only on-market trade for the last 12 months.Upcoming Dividend • Aug 23Upcoming dividend of AU$0.10 per shareEligible shareholders must have bought the stock before 30 August 2021. Payment date: 22 September 2021. Trailing yield: 3.3%. Within top quartile of German dividend payers (3.1%). Higher than average of industry peers (2.1%).Reported Earnings • Aug 10Full year 2021 earnings released: EPS AU$0.88 (vs AU$0.68 loss in FY 2020)The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: AU$2.79b (up 55% from FY 2020). Net income: AU$592.3m (up AU$1.01b from FY 2020). Profit margin: 21% (up from net loss in FY 2020). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has only fallen by 21% per year, which means it has not declined as severely as earnings.Reported Earnings • Feb 10First half 2021 earnings released: EPS AU$0.33 (vs AU$0.36 in 1H 2020)The company reported a solid first half result with improved earnings and revenues, although profit margins were flat. First half 2021 results: Revenue: AU$1.29b (up 6.3% from 1H 2020). Net income: AU$222.8m (up 1.1% from 1H 2020). Profit margin: 17% (in line with 1H 2020). Over the last 3 years on average, earnings per share has fallen by 76% per year but the company’s share price has only fallen by 17% per year, which means it has not declined as severely as earnings.Is New 90 Day High Low • Feb 06New 90-day high: €4.50The company is up 51% from its price of €2.98 on 06 November 2020. The German market is up 15% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Diversified Financial industry, which is up 32% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €4.55 per share.Is New 90 Day High Low • Jan 13New 90-day high: €4.48The company is up 71% from its price of €2.62 on 15 October 2020. The German market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Diversified Financial industry, which is up 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €4.69 per share.Is New 90 Day High Low • Dec 29New 90-day high: €3.96The company is up 74% from its price of €2.28 on 30 September 2020. The German market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Diversified Financial industry, which is up 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €4.27 per share.Is New 90 Day High Low • Dec 05New 90-day high: €3.58The company is up 50% from its price of €2.38 on 04 September 2020. The German market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Diversified Financial industry, which is down 15% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €3.58 per share.Is New 90 Day High Low • Nov 10New 90-day high: €3.06The company is up 29% from its price of €2.38 on 12 August 2020. The German market is flat over the last 90 days, indicating the company outperformed over that time. It also outperformed the Diversified Financial industry, which is down 26% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €6.00 per share.Is New 90 Day High Low • Oct 22New 90-day high: €2.80The company is up 4.0% from its price of €2.70 on 24 July 2020. The German market is down 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Diversified Financial industry, which is down 15% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €6.40 per share.株主還元GK9DE Diversified FinancialDE 市場7D4.5%0.04%-0.7%1Y33.7%-19.4%2.0%株主還元を見る業界別リターン: GK9過去 1 年間で-19.4 % の収益を上げたGerman Diversified Financial業界を上回りました。リターン対市場: GK9過去 1 年間で2 % の収益を上げたGerman市場を上回りました。価格変動Is GK9's price volatile compared to industry and market?GK9 volatilityGK9 Average Weekly Movement4.0%Diversified Financial Industry Average Movement4.3%Market Average Movement6.0%10% most volatile stocks in DE Market13.1%10% least volatile stocks in DE Market2.8%安定した株価: GK9 、 German市場と比較して、過去 3 か月間で大きな価格変動はありませんでした。時間の経過による変動: GK9の 週次ボラティリティ ( 4% ) は過去 1 年間安定しています。会社概要設立従業員CEO（最高経営責任者ウェブサイトn/a546Nick Hamiltonwww.challenger.com.auチャレンジャー・リミテッドは公営の投資マネージャーである。同社は顧客に退職金サービスも提供している。株式投資信託を運用している。同社は世界中の公開株式市場に投資している。チャレンジャー・リミテッドは1985年設立で、オーストラリア、アジア、英国を拠点とする。もっと見るChallenger Limited 基礎のまとめChallenger の収益と売上を時価総額と比較するとどうか。GK9 基礎統計学時価総額€3.98b収益（TTM）€279.41m売上高(TTM)€1.71b14.3xPER（株価収益率2.3xP/SレシオGK9 は割高か？公正価値と評価分析を参照収益と収入最新の決算報告書（TTM）に基づく主な収益性統計GK9 損益計算書（TTM）収益AU$2.80b売上原価AU$915.60m売上総利益AU$1.88bその他の費用AU$1.43b収益AU$458.80m直近の収益報告Dec 31, 2025次回決算日Aug 18, 2026一株当たり利益（EPS）0.67グロス・マージン67.30%純利益率16.39%有利子負債／自己資本比率194.9%GK9 の長期的なパフォーマンスは？過去の実績と比較を見る配当金3.2%現在の配当利回り46%配当性向View Valuation企業分析と財務データの現状データ最終更新日（UTC時間）企業分析2026/06/14 16:36終値2026/06/12 00:00収益2025/12/31年間収益2025/06/30データソース企業分析に使用したデータはS&P Global Market Intelligence LLC のものです。本レポートを作成するための分析モデルでは、以下のデータを使用しています。データは正規化されているため、ソースが利用可能になるまでに時間がかかる場合があります。パッケージデータタイムフレーム米国ソース例会社財務10年損益計算書キャッシュ・フロー計算書貸借対照表SECフォーム10-KSECフォーム10-Qアナリストのコンセンサス予想+プラス3年予想財務アナリストの目標株価アナリストリサーチレポートBlue Matrix市場価格30年株価配当、分割、措置ICEマーケットデータSECフォームS-1所有権10年トップ株主インサイダー取引SECフォーム4SECフォーム13Dマネジメント10年リーダーシップ・チーム取締役会SECフォーム10-KSECフォームDEF 14A主な進展10年会社からのお知らせSECフォーム8-K* 米国証券を対象とした例であり、非米国証券については、同等の規制書式および情報源を使用。特に断りのない限り、すべての財務データは1年ごとの期間に基づいていますが、四半期ごとに更新されます。これは、TTM（Trailing Twelve Month）またはLTM（Last Twelve Month）データとして知られています。詳細はこちら。分析モデルとスノーフレーク本レポートを生成するために使用した分析モデルの詳細は当社のGithubページでご覧いただけます。また、レポートの使用方法に関するガイドやYoutubeのチュートリアルも掲載しています。シンプリー・ウォールストリート分析モデルを設計・構築した世界トップクラスのチームについてご紹介します。業界およびセクターの指標私たちの業界とセクションの指標は、Simply Wall Stによって6時間ごとに計算されます。アナリスト筋Challenger Limited 10 これらのアナリストのうち、弊社レポートのインプットとして使用した売上高または利益の予想を提出したのは、 。アナリストの投稿は一日中更新されます。21 アナリスト機関Andrew AdamsBarrenjoey Markets Pty LimitedBenjamin BrayshawBarrenjoey Markets Pty LimitedMarcus BarnardBell Potter18 その他のアナリストを表示
Recent Insider Transactions • May 25MD, CEO & Director recently sold €675k worth of stockOn the 18th of May, Nicolas Hamilton sold around 120k shares on-market at roughly €5.63 per share. This transaction amounted to 15% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth €894k. Nicolas has been a net seller over the last 12 months, reducing personal holdings by €1.6m.
お知らせ • Feb 17Challenger Limited Announces Interim Dividend for the Year Ended 31 December 2025, Payable on 24 March 2026Challenger Limited announced the 100% franked interim dividend of 15.5 cents (2024 interim: 14.5 cents per share) per share for the year ended 31 December 2025, payable on 24 March 2026. Ex-dividend date is on 24 February 2026 with Record date on 25 February 2026.
お知らせ • Dec 17Challenger Limited, Annual General Meeting, Oct 29, 2026Challenger Limited, Annual General Meeting, Oct 29, 2026.
お知らせ • Oct 16Challenger Limited Reaffirms Earnings Guidance for the Year 2026Challenger Limited reaffirmed earnings guidance for the year 2026. For the year, the company expects normalised basic EPS guidance range of between 66 and 72 cents per share.
お知らせ • Aug 21+ 2 more updatesChallenger Limited Provides Earnings Guidance for the Year 2026Challenger Limited provided earnings guidance for the year 2026. For the year, the company is targeting a normalised basic EPS guidance range of between 66 cents and 72 cents per share, with the mid-point (69 cents per share) representing a 4% increase on 2025.
お知らせ • Aug 19+ 1 more updateChallenger Limited to Report First Half, 2026 Results on Feb 17, 2026Challenger Limited announced that they will report first half, 2026 results on Feb 17, 2026
Recent Insider Transactions • May 25MD, CEO & Director recently sold €675k worth of stockOn the 18th of May, Nicolas Hamilton sold around 120k shares on-market at roughly €5.63 per share. This transaction amounted to 15% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth €894k. Nicolas has been a net seller over the last 12 months, reducing personal holdings by €1.6m.
お知らせ • Feb 17Challenger Limited Announces Interim Dividend for the Year Ended 31 December 2025, Payable on 24 March 2026Challenger Limited announced the 100% franked interim dividend of 15.5 cents (2024 interim: 14.5 cents per share) per share for the year ended 31 December 2025, payable on 24 March 2026. Ex-dividend date is on 24 February 2026 with Record date on 25 February 2026.
お知らせ • Dec 17Challenger Limited, Annual General Meeting, Oct 29, 2026Challenger Limited, Annual General Meeting, Oct 29, 2026.
お知らせ • Oct 16Challenger Limited Reaffirms Earnings Guidance for the Year 2026Challenger Limited reaffirmed earnings guidance for the year 2026. For the year, the company expects normalised basic EPS guidance range of between 66 and 72 cents per share.
お知らせ • Aug 21+ 2 more updatesChallenger Limited Provides Earnings Guidance for the Year 2026Challenger Limited provided earnings guidance for the year 2026. For the year, the company is targeting a normalised basic EPS guidance range of between 66 cents and 72 cents per share, with the mid-point (69 cents per share) representing a 4% increase on 2025.
お知らせ • Aug 19+ 1 more updateChallenger Limited to Report First Half, 2026 Results on Feb 17, 2026Challenger Limited announced that they will report first half, 2026 results on Feb 17, 2026
お知らせ • Aug 01+ 1 more updateTAL Dai-ichi Life Australia Pty Limited completed the acquisition of 4.8% stake in Challenger Limited (ASX:CGF) from Ap Liberty, L.P. managed by Ap Liberty GP, LLC.TAL Dai-ichi Life Australia Pty Limited agreed to acquire 4.8% stake in Challenger Limited (ASX:CGF) from Ap Liberty, L.P. managed by Ap Liberty GP, LLC for approximately AUD 250 million on June 16, 2025. A cash consideration AUD 7.45 per share will be paid by TAL Dai-ichi Life Australia Pty Limited. The deal is subject to approval of Financial Conduct Authority and Australian Prudential Regulation Authority. Prior to the transaction, TAL Dai-ichi Life Australia entered into an agreement to acquire a 104,353,125 shares representing 15.09% stake on April 4, 2025. Following the completion of the transactions, TAL Dai-ichi Life Australia owns a 137.587.743 shares representing a 19.9% stake in Challenger. The expected completion of the transaction is May 4, 2026. The transaction is subject to TAL obtaining regulatory approvals, and will only complete upon the regulatory approvals being obtained in conjunction with the transaction announced on April 7, 2025 and this transaction. Walkers Corporate Limited acted as legal advisor for Ap Liberty GP, LLC. Gilbert and Tobin led by Costas Condoleon, Karen Evans-Cullen acted as legal advisor for TAL Dai-ichi Life Australia Pty Limited. Goldman Sachs & Co. LLC acted as financial advisor to Apollo Asset Management, parent of Ap Liberty GP, LLC. TAL Dai-ichi Life Australia Pty Limited completed the acquisition of 4.8% stake in Challenger Limited (ASX:CGF) from Ap Liberty, L.P. managed by Ap Liberty GP, LLC on August 1, 2025.
お知らせ • Apr 17Challenger Limited Tightens Earnings Guidance for the Fiscal Year 2025Challenger Limited tightened earnings guidance for the fiscal year 2025. For the year, the company has tightened its normalised net profit after tax guidance to a range of between $450 million and $465 million, with the mid-point of the range representing 10% growth on FY24.
お知らせ • Apr 01Challenger Limited Announces Resignation of Hiroyuki Iioka as Alternate Director to Mr. Masahiko Kobayashi, Effective on 31 March 2025Mr. Hiroyuki Iioka has notified Challenger Limited of his resignation as Alternate Director to Mr. Masahiko Kobayashi effective on 31 March 2025 following his retirement on the same date from his position at MS&AD Insurance Group Holdings Inc.
お知らせ • Feb 18+ 2 more updatesChallenger Limited, Annual General Meeting, Oct 30, 2025Challenger Limited, Annual General Meeting, Oct 30, 2025.
お知らせ • Oct 24Challenger Limited Announces Full Year Dividend for 2024Reflecting the business's strong financial performance, the Board of Challenger Limited determined a full year dividend of $0.265 per share, an increase of 10% on last year.
お知らせ • Sep 20Matthew Michelini Steps Down from Challenger Limited BoardChallenger Limited announced that Mr. Matthew Michelini has stepped down as Apollo Global Asset Management's representative on the Challenger Limited Board. The resignation follows the reduction in Apollo's ownership in Challenger, which has fallen below the previously disclosed condition for Apollo to hold a minimum of 15% of issued capital to maintain its seat on the Challenger Limited Board. Mr. Michelini's resignation is effective immediately.
Valuation Update With 7 Day Price Move • Sep 09Investor sentiment deteriorates as stock falls 15%After last week's 15% share price decline to €3.54, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 11x in the Diversified Financial industry in Germany. Total returns to shareholders of 1.8% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €5.62 per share.
New Risk • Aug 14New major risk - Financial positionThe company's interest payments are not well covered by earnings. Net interest cover: 1.1x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.1x net interest cover). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (4.6% net profit margin).
お知らせ • Aug 13+ 1 more updateChallenger Limited to Report First Half, 2025 Results on Feb 18, 2025Challenger Limited announced that they will report first half, 2025 results on Feb 18, 2025
Buy Or Sell Opportunity • Jul 05Now 22% undervalued after recent price dropOver the last 90 days, the stock has fallen 2.4% to €4.04. The fair value is estimated to be €5.17, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 18% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to decline by 16% per annum. Earnings are forecast to grow by 14% per annum over the same time period.
Buy Or Sell Opportunity • May 22Now 21% undervalued after recent price dropOver the last 90 days, the stock has fallen 10% to €3.68. The fair value is estimated to be €4.64, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 18% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to decline by 21% per annum. Earnings are forecast to grow by 14% per annum over the same time period.
Buy Or Sell Opportunity • May 02Now 20% undervalued after recent price dropOver the last 90 days, the stock has fallen 2.6% to €3.74. The fair value is estimated to be €4.68, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 18% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to decline by 21% per annum. Earnings are forecast to grow by 14% per annum over the same time period.
お知らせ • Apr 30Heartland Group Holdings Limited (NZSE:HGH) completed the acquisition of Challenger Bank Limited from Challenger Limited (ASX:CGF)Heartland Group Holdings Limited (NZSE:HGH) signed a conditional share purchase agreement for the purchase of Challenger Bank Limited from Challenger Limited (ASX:CGF) for AUD 36 million on October 20, 2022. Upon completion Heartland’s existing Reverse Mortgage and Livestock businesses in Australia will be transferred to sit in or under Challenger Bank. For regulatory reasons, Heartland will be required to hold Challenger Bank through an Australian incorporated non-operating holding company (NOHC) which is approved and regulated by the Australian Prudential Regulatory Authority. Heartland’s intention is to cover the costs of the acquisition through existing resources. The share purchase agreement is subject to obtaining the requisite regulatory approvals in Australia and New Zealand. Corrs Chambers Westgarth acted as legal advisor, Jarden Partners Limited acted as financial advisor and Deloitte & Touche Netherlands acted as accountant to Heartland Group Holdings Limited. Deal is expected to settle in 2H23. In April 2023, Challenger received approval from APRA to release AUD 50 million of excess Bank capital, which was injected into Challenger Life. The remaining excess capital of approximately AUD 40 million is expected, subject to regulatory approvals in Australia and New Zealand, to be returned to Challenger prior to or on completion of the sale providing additional financial flexibility to support growth in the Life business. As of August 15, 2023, the transaction is expected to complete in H1, 2024. As of April 8, 2024 Challenger Bank Limited has received indictive approval from Australian Prudential Regulation Authority and the Reserve Bank of New Zealand subject to Heartland receiving final regulatory approvals from APRA and the RBNZ and is expected to complete by April 30, 2024. Heartland Group Holdings Limited (NZSE:HGH) completed the acquisition of Challenger Bank Limited from Challenger Limited (ASX:CGF) on April 30, 2024.
Declared Dividend • Feb 15First half dividend of AU$0.13 announcedShareholders will receive a dividend of AU$0.13. Ex-date: 20th February 2024 Payment date: 19th March 2024 Dividend yield will be 4.8%, which is lower than the industry average of 6.4%. Sustainability & Growth Dividend is covered by both earnings (54% earnings payout ratio) and cash flows (35% cash payout ratio). The dividend has increased by an average of 2.7% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 53% over the next 3 years, which should provide support to the dividend and adequate earnings cover.
New Risk • Feb 14New major risk - Financial positionThe company's interest payments are not well covered by earnings. Net interest cover: 1.6x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.6x net interest cover). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (11% net profit margin).
お知らせ • Feb 13Challenger Limited Declares Interim Dividend for the Six Months Ended 31 December 2023, Payable on 19 March 2024The Challenger Board has declared a fully franked interim dividend of 13.0 cents for the six months ended 31 December 2023 compared to 12.00 cents paid for the same period a year ago. Record date is 21 February 2022. Ex-dividend date is 20 February 2024. The dividend will be paid on 19 March 2024.
Buying Opportunity • Dec 06Now 20% undervalued after recent price dropOver the last 90 days, the stock is down 4.9%. The fair value is estimated to be €4.35, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 25% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to decline by 17% per annum. Earnings is forecast to grow by 14% per annum over the same time period.
お知らせ • Dec 01Challenger Limited Announces Quarterly Dividend Ended February 26, 2024, Payable on February 25, 2024Challenger Limited announced dividend on CAP NOTE 3-BBSW+4.60% PERP NON-CUM RED T-05-26 of AUD 1.57000000 relates to a period of one quarter ended February 25, 2024. Record Date is February 16, 2023. Ex Date is February 15, 2024. Payment Date is February 26, 2024.
お知らせ • Nov 11Challenger Limited Appoints Matthew Michelini as DirectorChallenger Limited appointed Matthew Michelini as director, Date of appointment is 9 November 2023.
お知らせ • Nov 09Challenger Limited and Challenger Life Company Limited Announce the Appointment of Lisa Gray as Independent Non-Executive Director, Effective 9 November 2023Challenger Limited announced the appointment of Lisa Gray as an independent Non-Executive Director of both Challenger Limited and Challenger Life Company Limited, effective from 9 November 2023. Lisa Gray has over 30 years' experience in leading large businesses across banking, investment management, superannuation, insurance and wealth management. She is an experienced non-executive director and currently serves on the boards of ING Bank (Australia) Limited and Victorian Funds Management Corporation. Previously, Ms Gray was Chief Executive of Victorian Funds Management Corporation. She has also held senior executive roles at NAB including Group Executive, Enterprise Services and Transformation, and Group Executive, Personal Banking. Prior to this, Ms Gray served as Chief Executive of MLC Insurance and Managing Director Plum Financial Services. Ms Gray's qualifications include an Advanced Management Program from INSEAD, an MBA from the University of Melbourne and Columbia University (USA), a Graduate Diploma in Management and a Bachelor of Town and Regional Planning (Hons). Ms Gray will stand for election at Challenger's Annual General Meeting in October 2024.
Buying Opportunity • Nov 09Now 20% undervalued after recent price dropOver the last 90 days, the stock is down 16%. The fair value is estimated to be €4.23, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 25% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to decline by 17% per annum. Earnings is forecast to grow by 14% per annum over the same time period.
Buying Opportunity • Oct 20Now 20% undervalued after recent price dropOver the last 90 days, the stock is down 15%. The fair value is estimated to be €4.35, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 25% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to decline by 17% per annum. Earnings is forecast to grow by 14% per annum over the same time period.
お知らせ • Sep 26Challenger Limited Announces Board ChangesChallenger Limited announced that Mr. Steven Gregg will retire from the Board of Challenger Limited at the Annual General Meeting on 26 October 2023. Mr. Gregg has served as an independent Non-executive Director since 2012. In that time, he has served on a range of committees, including as Chair of the Group Audit Committee and as a member of the Group Remuneration, Group Risk and Nomination Committees.
お知らせ • Sep 14Challenger Limited Declares Ordinary Dividend for the Six Months Period Ended 30 June 2023, Payable on 20 September 2023Challenger Limited declared ordinary dividend of AUD 0.12000000 for the six months period ended 30 June 2023. Record Date is on 29 August 2023, Ex date is on 28 August 2023 and Payment date is on 20 September 2023.
Upcoming Dividend • Aug 21Upcoming dividend of AU$0.12 per share at 3.6% yieldEligible shareholders must have bought the stock before 28 August 2023. Payment date: 20 September 2023. Payout ratio is a comfortable 55% and this is well supported by cash flows. Trailing yield: 3.6%. Lower than top quartile of German dividend payers (4.8%). Lower than average of industry peers (6.1%).
Buying Opportunity • Aug 17Now 21% undervaluedOver the last 90 days, the stock is up 5.6%. The fair value is estimated to be €4.78, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 25% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to decline by 17% per annum. Earnings is forecast to grow by 13% per annum over the same time period.
New Risk • Aug 15New major risk - Financial positionThe company's interest payments are not well covered by earnings. Net interest cover: 1.7x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.7x net interest cover). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (12% net profit margin).
お知らせ • Aug 15+ 2 more updatesChallenger Limited to Report Fiscal Year 2024 Results on Aug 13, 2024Challenger Limited announced that they will report fiscal year 2024 results on Aug 13, 2024
Reported Earnings • Aug 15Full year 2023 earnings released: EPS: AU$0.42 (vs AU$0.38 in FY 2022)Full year 2023 results: EPS: AU$0.42 (up from AU$0.38 in FY 2022). Revenue: AU$2.46b (up 389% from FY 2022). Net income: AU$295.5m (up 17% from FY 2022). Profit margin: 12% (down from 50% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 21% p.a. on average during the next 3 years, while revenues in the Diversified Financial industry in Germany are expected to grow by 8.7%. Over the last 3 years on average, earnings per share has increased by 55% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth.
お知らせ • Jul 08Elanor Investors Limited and Elanor Investment Fund completed the acquisition of Challenger Real Estate from Challenger Limited.Elanor Investors Limited and Elanor Investment Fund have entered into agreement to acquire Challenger Real Estate from Challenger Limited for AUD 41.8 million on April 6, 2023. Elanor will issue 27.4 million securities to Challenger as consideration for the acquisition of Challenger Real Estate. The Consideration is subject to claw-back provisions based on certain milestones, including minimum base funds management fee targets. Post-transaction, Challenger will be Elanor’s largest securityholder with an 18.2% holding. Completion is subject to certain conditions, including Elanor Investors Group securityholder approval and other regulatory approvals. The transaction is expected to complete on June 30, 2023.Transaction expected to deliver material earnings accretion in FY24. As of May 29, 2023, Elanor has been advised by Challenger that one third party institutional mandate will not transfer and as such, the Purchase Price for CRE has been reduced to AUD 37.7 million from AUD 41.8 million. EIL will issue up to 24,754,165 EIL shares and procure EFML to issue up to 24,754,165 EIF units to Challenger Limited as consideration for the acquisition of CRE, representing up to 16.7% of ENN Securities on issue. Elanor will become Challenger Life Company Limited’s commercial real estate partner in Australia and New Zealand, managing a AUD 2.7 billion portfolio of real estate assets. EIL and EIF announces a Extraordinary General Meetings of shareholders and unitholders, respectively will be held on June 30, 2023. Moelis Australia Securities Pty Ltd. acted as financial advisor to Elanor Investors Limited. Elanor Investors Limited and Elanor Investment Fund completed the acquisition of Challenger Real Estate from Challenger Limited on July 7, 2023. Elanor has also secured the transfer of the institutional mandate with a subsidiary of Abu Dhabi Investment Council (ADIC) as part of its acquisition of CRE. As part of the transfer of the ADIC mandate, Challenger has transferred 4.5 million of the 24.8 million new securities in Elanor to ADIC resulting in Challenger’s and ADIC’s holding in Elanor representing approximately 13.6% and 3.0% of total Elanor securities on issue, respectively.
Recent Insider Transactions • Apr 28Independent Non-Executive Chairman recently bought €61k worth of stockOn the 21st of April, Duncan West bought around 16k shares on-market at roughly €3.83 per share. This transaction amounted to 62% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Duncan's only on-market trade for the last 12 months.
お知らせ • Feb 16Challenger Limited Declares Ordinary Dividend for the Six Months Period Ended 31 December 2022, Payable on 21 March 2023Challenger Limited declared ordinary dividend of AUD 0.12000000 for the six months period ended 31 December 2022. Record Date is on 22 February 2023, Ex date is on 21 February 2023 and Payment date is on 21 March 2023.
Reported Earnings • Feb 16First half 2023 earnings released: EPS: AU$0.18 (vs AU$0.42 in 1H 2022)First half 2023 results: EPS: AU$0.18 (down from AU$0.42 in 1H 2022). Revenue: AU$1.51b (up 2.2% from 1H 2022). Net income: AU$128.2m (down 55% from 1H 2022). Profit margin: 8.5% (down from 19% in 1H 2022). Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 8.9% growth forecast for the Diversified Financial industry in Germany. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings.
Upcoming Dividend • Aug 22Upcoming dividend of AU$0.12 per shareEligible shareholders must have bought the stock before 29 August 2022. Payment date: 21 September 2022. Payout ratio is a comfortable 61% and this is well supported by cash flows. Trailing yield: 3.5%. Lower than top quartile of German dividend payers (4.6%). Higher than average of industry peers (2.6%).
Reported Earnings • Aug 19Full year 2022 earnings released: EPS: AU$0.38 (vs AU$0.88 in FY 2021)Full year 2022 results: EPS: AU$0.38 (down from AU$0.88 in FY 2021). Revenue: AU$705.8m (down 80% from FY 2021). Net income: AU$253.7m (down 57% from FY 2021). Profit margin: 36% (up from 17% in FY 2021). The increase in margin was driven by lower expenses. Over the next year, revenue is forecast to grow 21%, compared to a 6.4% growth forecast for the Diversified Financial industry in Germany. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth.
お知らせ • Aug 16+ 2 more updatesChallenger Limited to Report Fiscal Year 2023 Results on Aug 15, 2023Challenger Limited announced that they will report fiscal year 2023 results on Aug 15, 2023
Valuation Update With 7 Day Price Move • Feb 23Investor sentiment improved over the past weekAfter last week's 15% share price gain to €4.42, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 11x in the Capital Markets industry in Germany. Total loss to shareholders of 1.3% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €5.71 per share.
Reported Earnings • Feb 19First half 2022 earnings: EPS in line with analyst expectations despite revenue beatFirst half 2022 results: EPS: AU$0.42 (up from AU$0.33 in 1H 2021). Revenue: AU$1.47b (up 15% from 1H 2021). Net income: AU$282.0m (up 27% from 1H 2021). Profit margin: 19% (up from 17% in 1H 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.8%. Over the next year, revenue is expected to shrink by 77% compared to a 13% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings.
Board Change • Oct 31High number of new directorsIndependent Non-Executive Director Heather Smith was the last director to join the board, commencing their role in 2021.
Recent Insider Transactions • Sep 28MD, CEO & Director recently sold €2.1m worth of stockOn the 23rd of September, Richard Howes sold around 545k shares on-market at roughly €3.84 per share. This was the largest sale by an insider in the last 3 months. This was Richard's only on-market trade for the last 12 months.
Upcoming Dividend • Aug 23Upcoming dividend of AU$0.10 per shareEligible shareholders must have bought the stock before 30 August 2021. Payment date: 22 September 2021. Trailing yield: 3.3%. Within top quartile of German dividend payers (3.1%). Higher than average of industry peers (2.1%).
Reported Earnings • Aug 10Full year 2021 earnings released: EPS AU$0.88 (vs AU$0.68 loss in FY 2020)The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: AU$2.79b (up 55% from FY 2020). Net income: AU$592.3m (up AU$1.01b from FY 2020). Profit margin: 21% (up from net loss in FY 2020). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has only fallen by 21% per year, which means it has not declined as severely as earnings.
Reported Earnings • Feb 10First half 2021 earnings released: EPS AU$0.33 (vs AU$0.36 in 1H 2020)The company reported a solid first half result with improved earnings and revenues, although profit margins were flat. First half 2021 results: Revenue: AU$1.29b (up 6.3% from 1H 2020). Net income: AU$222.8m (up 1.1% from 1H 2020). Profit margin: 17% (in line with 1H 2020). Over the last 3 years on average, earnings per share has fallen by 76% per year but the company’s share price has only fallen by 17% per year, which means it has not declined as severely as earnings.
Is New 90 Day High Low • Feb 06New 90-day high: €4.50The company is up 51% from its price of €2.98 on 06 November 2020. The German market is up 15% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Diversified Financial industry, which is up 32% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €4.55 per share.
Is New 90 Day High Low • Jan 13New 90-day high: €4.48The company is up 71% from its price of €2.62 on 15 October 2020. The German market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Diversified Financial industry, which is up 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €4.69 per share.
Is New 90 Day High Low • Dec 29New 90-day high: €3.96The company is up 74% from its price of €2.28 on 30 September 2020. The German market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Diversified Financial industry, which is up 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €4.27 per share.
Is New 90 Day High Low • Dec 05New 90-day high: €3.58The company is up 50% from its price of €2.38 on 04 September 2020. The German market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Diversified Financial industry, which is down 15% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €3.58 per share.
Is New 90 Day High Low • Nov 10New 90-day high: €3.06The company is up 29% from its price of €2.38 on 12 August 2020. The German market is flat over the last 90 days, indicating the company outperformed over that time. It also outperformed the Diversified Financial industry, which is down 26% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €6.00 per share.
Is New 90 Day High Low • Oct 22New 90-day high: €2.80The company is up 4.0% from its price of €2.70 on 24 July 2020. The German market is down 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Diversified Financial industry, which is down 15% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €6.40 per share.
