CHALLENGER LIMITED (CGF)
Share Price Analysis and Chart

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CGF

CGF - CHALLENGER LIMITED

FNArena Sector : Wealth Management & Investments
Year End: June
GICS Industry Group : Diversified Financials
Debt/EBITDA: N/A
Index: ASX100 | ASX200 | ASX300 | ALL-ORDS

Challenger Ltd is an Australian financial company that specialises in superannuation and annuities. It claims to be Australia's largest guaranteed income provider. Founded in 1985 it was listed in 2003.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$9.89

01 Oct
2026

-0.270

OPEN

$10.15

-2.66%

HIGH

$10.18

1,493,956

LOW

$9.83

TARGET
$10.70 8.2% upside
Franking for last dividend paid out: 100%
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FNARENA'S MARKET CONSENSUS FORECASTS
CGF: 1
Title FY25
Actual		 FY26
Actual		 FY27
Forecast		 FY28
Forecast
EPS (cps) xxx 73.6 65.0 xxx
DPS (cps) xxx 33.0 36.3 xxx
EPS Growth xxx 100.0% - 11.6% xxx
DPS Growth xxx 11.9% 9.8% xxx
PE Ratio xxx N/A 15.4 xxx
Dividend Yield xxx N/A 3.6% xxx
Div Pay Ratio(%) xxx 44.8% 55.7% xxx

Dividend yield today if purchased 3 years ago: 5.17%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 3.30

Estimated Dividend Growth
(Average Of Past Three Years)

  %

Amount Invested

 $ 

Tell Me The Dividend After This Many Years
Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages

Last ex-div: 25/08 - ex-div 16.00c (franking 100%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2026 FactSet UK Limited. All rights reserved
Title 202120222023202420252026
EPS Basic 88.237.542.219.028.073.6
DPS All 20.023.024.026.529.533.0
Sales/Revenue 3,031.8 M419.5 M2,229.9 M2,907.7 M3,116.1 M2,210.5 M
Book Value Per Share 568.8586.5608.4568.0563.7600.5
Net Operating Cash Flow 2,576.6 M2,486.8 M1,273.6 M843.7 M399.6 M1,904.2 M
Net Profit Margin 19.54 %60.48 %13.25 %4.63 %6.17 %21.22 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202120222023202420252026
Return on Capital Employed 16.74 %6.49 %7.25 %3.35 %4.97 %11.83 %
Return on Invested Capital 10.48 %4.43 %5.28 %2.45 %3.62 %8.65 %
Return on Assets 2.02 %0.85 %0.97 %0.42 %0.56 %1.31 %
Return on Equity 16.74 %6.49 %7.25 %3.35 %4.97 %11.83 %
Return on Total Capital 9.51 %-1.94 %11.04 %11.14 %9.99 %9.05 %
Free Cash Flow ex dividends 2,499.7 M2,350.2 M1,143.2 M692.4 M208.1 M1,693.3 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 202120222023202420252026
Short-Term Debt 4,409 M4,200 M4,492 M5,593 M6,936 M6,873 M
Long Term Debt 1,985 M1,646 M1,399 M1,532 M1,332 M1,588 M
Total Debt 6,394 M5,846 M5,891 M7,126 M8,268 M8,462 M
Goodwill - Gross 580 M580 M580 M580 M580 M452 M
Cash & Equivalents - Generic 989 M733 M593 M573 M650 M681 M
Price To Book Value 0.951.171.071.231.431.67

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202120222023202420252026
Capex 12.9 M2.9 M7.9 M1.9 M0.2 M0.5 M
Capex % of Sales 0.43 %0.69 %0.35 %0.07 %0.01 %0.02 %
Cost of Goods Sold ------
Selling, General & Admin. Exp & Other 346 M380 M388 M828 M802 M460 M
Research & Development ------
Investments - Total 27,269 M27,418 M28,563 M31,000 M32,809 M34,309 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

0.4

No. Of Recommendations

5
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

UBS

xx/xx/xxxx

3

xxx

$xx.xx

xx.xx%

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Citi

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Ord Minnett

20/08/2026

1

Buy

$11.70

18.30%

Ord Minnett maintains Challenger on Buy with a $11.70 target (was $11 previously) after FY26 normalised NPAT rose 3% to $468m, ahead of consensus.

Life sales increased 12%, including 19% annuity growth, while Challenger expanded its buyback to $450m and reported $1.1bn of surplus capital.

The broker believes the buyback and a modest 14 times consensus earnings multiple support valuation, although the new core EPS measure excludes around one-third of forecast FY27 profit and may confuse investors.

FY27-FY29 forecasts were reduced by circa -3% annually because the Fidante transaction is expected to be more dilutive than previously assumed; sustaining annuity growth is considered the principal risk.

FORECAST
Ord Minnett forecasts a full year FY27 dividend of 34.00 cents and EPS of 68.00 cents.
Ord Minnett forecasts a full year FY28 dividend of 37.00 cents and EPS of 73.00 cents.

Macquarie

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Morgan Stanley

xx/xx/xxxx

3

xxxxx-xxxxxx

$xx.xx

xx.xx%

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Access Stockbroker Research History >
EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

1

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Jarden

20/08/2026

3

Neutral

$10.30

4.15%

Jarden maintains a Neutral rating for Challenger with its target price increased to $10.30 following an FY26 financial result that was in line on an underlying basis.

The analyst highlights that the arrival of new capital standards has driven reduced go-forward capital intensity, new medium-term ambitions, and a $50bn assets under management ambition for FY30.

The broker's estimates indicate that the company faces a multi-year transition process to reach these targets, while modest normalised earnings per share growth implied by guidance highlights a key issue around balancing return on equity accretion against earnings per share drag from shifting towards a higher proportion of fixed income.

Management notes that longer-term balance sheet headroom and opportunities are abundant, though shareholder returns will ultimately hinge on the ability to deploy capital to grow the liability book.

The valuation is supported by structured medium-term strategic ambitions and ongoing balance sheet capacity.
Access Extra Coverage Research History >

CGF STOCK CHART

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