View ValuationChallenger 향후 성장Future 기준 점검 1/6Challenger 의 수익은 연간 20.7% 감소할 것으로 예상되는 반면, 연간 수익은 5.3% 로 증가할 것으로 예상됩니다. EPS는 연간 7.2% 만큼 성장할 것으로 예상됩니다. 자기자본이익률은 3년 후 12.7% 로 예상됩니다.핵심 정보5.3%이익 성장률7.18%EPS 성장률Diversified Financial 이익 성장50.9%매출 성장률-20.7%향후 자기자본이익률12.74%애널리스트 커버리지Good마지막 업데이트08 Jun 2026최근 향후 성장 업데이트공시 • 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.공시 • 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.공시 • 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.모든 업데이트 보기Recent 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.공시 • 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.공시 • Dec 17Challenger Limited, Annual General Meeting, Oct 29, 2026Challenger Limited, Annual General Meeting, Oct 29, 2026.공시 • 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.공시 • 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.공시 • 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, 2026공시 • 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.공시 • 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.공시 • 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.공시 • Feb 18+ 2 more updatesChallenger Limited, Annual General Meeting, Oct 30, 2025Challenger Limited, Annual General Meeting, Oct 30, 2025.공시 • 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.공시 • 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).공시 • 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.공시 • 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).공시 • 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.공시 • 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.공시 • Nov 11Challenger Limited Appoints Matthew Michelini as DirectorChallenger Limited appointed Matthew Michelini as director, Date of appointment is 9 November 2023.공시 • 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.공시 • 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.공시 • 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).공시 • 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.공시 • 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.공시 • 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.공시 • 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.이익 및 매출 성장 예측DB:GK9 - 애널리스트 향후 추정치 및 과거 재무 데이터 (AUD Millions)날짜매출이익자유현금흐름영업현금흐름평균 애널리스트 수6/30/20281,11053242747496/30/20271,054497406451106/30/20269925133132781012/31/20252,8004591,8841,884N/A9/30/20252,9453261,1421,142N/A6/30/20253,090192399400N/A3/31/20253,017170370371N/A12/31/20243,003147341342N/A9/30/20242,896141695697N/A6/30/20242,7891351,0501,051N/A3/31/20242,993168789793N/A12/31/20233,196202529535N/A9/30/20232,886191906913N/A6/30/20232,5751791,2831,291N/A3/31/20234181091,7111,717N/A12/31/2022-917152,1572,161N/A9/30/2022-6241402,3212,324N/A6/30/2022-3302642,4842,487N/A3/31/20221,5924602,7772,784N/A12/31/20213,5156563,0693,081N/A9/30/20213,4216242,8172,829N/A6/30/20213,3265922,5642,577N/A3/31/20212,604891,4761,486N/A12/31/20201,883-414388394N/A9/30/20201,848-415432440N/A6/30/20201,814-416476485N/A3/31/20202,69453695712N/A12/31/20193,575522914939N/A9/30/20193,428415N/A796N/A6/30/20193,280308N/A652N/A3/31/20192,968221N/A1,159N/A12/31/20182,655133N/A1,665N/A9/30/20182,760228N/A1,821N/A6/30/20182,865323N/A1,977N/A3/31/20182,997357N/A1,801N/A12/31/20173,128392N/A1,624N/A9/30/20173,035395N/A1,611N/A6/30/20172,941398N/A1,597N/A3/31/20172,490346N/A1,676N/A12/31/20162,040295N/A1,755N/A9/30/20162,039311N/A1,519N/A6/30/20162,038328N/A1,282N/A3/31/20162,017365N/A1,049N/A12/31/20151,996403N/A815N/A9/30/20151,950351N/A815N/A6/30/20151,904299N/A816N/A더 보기애널리스트 향후 성장 전망수입 대 저축률: GK9 의 연간 예상 수익 증가율(5.3%)이 saving rate(1.9%)보다 높습니다.수익 vs 시장: GK9 의 연간 수익(5.3%)이 German 시장(17.1%)보다 느리게 성장할 것으로 예상됩니다.고성장 수익: GK9 의 수입은 증가할 것으로 예상되지만 상당히 증가하지는 않을 것입니다.수익 대 시장: GK9 의 수익은 향후 3년간 감소할 것으로 예상됩니다(연간 -20.7%).고성장 매출: GK9 의 수익은 향후 3년 동안 감소할 것으로 예상됩니다(연간 -20.7%).주당순이익 성장 예측향후 자기자본이익률미래 ROE: GK9의 자본 수익률은 3년 후 12.7%로 낮을 것으로 예상됩니다.성장 기업 찾아보기7D1Y7D1Y7D1YDiversified-financials 산업의 고성장 기업.View Past Performance기업 분석 및 재무 데이터 상태데이터최종 업데이트 (UTC 시간)기업 분석2026/06/14 16:36종가2026/06/12 00:00수익2025/12/31연간 수익2025/06/30데이터 소스당사의 기업 분석에 사용되는 데이터는 S&P Global Market Intelligence LLC에서 제공됩니다. 아래 데이터는 이 보고서를 생성하기 위해 분석 모델에서 사용됩니다. 데이터는 정규화되므로 소스가 제공된 후 지연이 발생할 수 있습니다.패키지데이터기간미국 소스 예시 *기업 재무제표10년손익계산서현금흐름표대차대조표SEC 양식 10-KSEC 양식 10-Q분석가 컨센서스 추정치+3년재무 예측분석가 목표주가분석가 리서치 보고서Blue Matrix시장 가격30년주가배당, 분할 및 기타 조치ICE 시장 데이터SEC 양식 S-1지분 구조10년주요 주주내부자 거래SEC 양식 4SEC 양식 13D경영진10년리더십 팀이사회SEC 양식 10-KSEC 양식 DEF 14A주요 개발10년회사 공시SEC 양식 8-K* 미국 증권에 대한 예시이며, 비(非)미국 증권에는 해당 국가의 규제 서식 및 자료원을 사용합니다.별도로 명시되지 않는 한 모든 재무 데이터는 연간 기간을 기준으로 하지만 분기별로 업데이트됩니다. 이를 TTM(최근 12개월) 또는 LTM(지난 12개월) 데이터라고 합니다. 자세히 알아보기.분석 모델 및 스노우플레이크이 보고서를 생성하는 데 사용된 분석 모델에 대한 자세한 내용은 당사의 Github 페이지에서 확인하실 수 있습니다. 또한 보고서 활용 방법에 대한 가이드와 YouTube 튜토리얼도 제공합니다.Simply Wall St 분석 모델을 설계하고 구축한 세계적 수준의 팀에 대해 알아보세요.산업 및 섹터 지표산업 및 섹터 지표는 Simply Wall St가 6시간마다 계산하며, 프로세스에 대한 자세한 내용은 Github에서 확인할 수 있습니다.분석가 소스Challenger Limited는 21명의 분석가가 다루고 있습니다. 이 중 10명의 분석가가 우리 보고서에 입력 데이터로 사용되는 매출 또는 수익 추정치를 제출했습니다. 분석가의 제출 자료는 하루 종일 업데이트됩니다.분석가기관Andrew AdamsBarrenjoey Markets Pty LimitedBenjamin BrayshawBarrenjoey Markets Pty LimitedMarcus BarnardBell Potter18명의 분석가 더 보기
공시 • 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.
공시 • 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.
공시 • 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.
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.
공시 • 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.
공시 • Dec 17Challenger Limited, Annual General Meeting, Oct 29, 2026Challenger Limited, Annual General Meeting, Oct 29, 2026.
공시 • 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.
공시 • 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.
공시 • 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
공시 • 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.
공시 • 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.
공시 • 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.
공시 • Feb 18+ 2 more updatesChallenger Limited, Annual General Meeting, Oct 30, 2025Challenger Limited, Annual General Meeting, Oct 30, 2025.
공시 • 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.
공시 • 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).
공시 • 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.
공시 • 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).
공시 • 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.
공시 • 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.
공시 • Nov 11Challenger Limited Appoints Matthew Michelini as DirectorChallenger Limited appointed Matthew Michelini as director, Date of appointment is 9 November 2023.
공시 • 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.
공시 • 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.
공시 • 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).
공시 • 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.
공시 • 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.
공시 • 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.
공시 • 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.