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Undervalued
Morningstar Quantitative Rating as of 4 NOV 2026.
Quantitative Equity Rating Methodology – view here
Five-star price 89.61 Fair value 100.74 One-star price 113.26
Morningstar Quantitative Rating as of 4 NOV 2026.
Morningstar Quantitative Rating as of 4 NOV 2026. The slider runs from the five-star price (89.61) to the one-star price (113.26).
| Ratios |
|---|
| Currency (Price/reporting): USD/USD |
| Exchange Rate: 1.0000 |
| Price - closing or last bid | 91.84 |
| Price - 12 month high | 114.66 |
| Price - 12 month low | 70.86 |
| Pricing date | 3 NOV 2026 |
| Volume - avg. trading volume for the last ten days | 2.43 |
| Market capitalization | 24,175.33 |
| 12 Month High price date | 1 JUN 2026 |
| 12 Month Low price date | 3 MAR 2026 |
| Volume - avg. trading volume for the last 3 months | 2.94 |
| Price - 1 Day % Change | -0.15% |
| Price - 13 week price percent change | -6.52% |
| Price - 26 week price percent change | -11.21% |
| Price - 5 Day % Change | -5.71% |
| Price - 52 week price percent change | 6.44% |
| Price - YTD price percent change | 6.42% |
| Price % Change Month To Date | -1.12% |
| EPS excluding extraordinary items - most recent fiscal year | 6.180 |
| EPS excluding extraordinary items - trailing 12 month | 10.780 |
| EPS Normalized - most recent fiscal year | 5.920 |
| Revenue/share - most recent fiscal year | 15.842 |
| Revenue/share - trailing 12 month | 16.529 |
| Book value per share - most recent fiscal year | 33.189 |
| Book value per share - most recent quarter | 38.668 |
| Book value (tangible) per share - most recent fiscal year | 31.593 |
| Book value (tangible) per share - most recent quarter | 36.255 |
| Cash per share - most recent fiscal year | 4.307 |
| Cash per share - most recent quarter | 3.188 |
| Cash Flow per share - most recent fiscal year | 7.345 |
| Cash Flow per share - trailing 12 month | 7.364 |
| Dividend per share - most recent fiscal year | — |
| Dividends per share - trailing 12 month | 0.000 |
| EBITD per share - trailing 12 month | 14.285 |
| EPS Basic excluding extraordinary items - most recent fiscal year | 6.320 |
| EPS Basic excluding extraordinary items - trailing 12 month | 11.010 |
| EPS including extraordinary items - most recent fiscal year | 6.320 |
| EPS including extraordinary items - trailing 12 month | 11.020 |
| Free Cash Flow per share - trailing 12 month | 7.115 |
| P/E excluding extraordinary items, most recent fiscal year | 8.52 |
| P/E Normalized, most recent fiscal year | 15.16 |
| Price to sales - most recent fiscal year | 5.56 |
| Price to Tangible Book - most fiscal year | 2.53 |
| Price to Free Cash Flow per Share - most recent fiscal year | 12.91 |
| Price to Cash Flow per share - trailing 12 month | 12.47 |
| Price to Book - most recent fiscal year | 2.38 |
| P/E excluding extraordinary items high, trailing 12 months | 22.29 |
| P/E excluding extraordinary items low, trailing 12 months | 8.10 |
| Net Debt, LFI | -7,189.45 |
| Net Debt, LFY | -7,758.43 |
| Dividend Yield - 5 Year Average | — |
| Dividend Yield - indicated annual dividend divided by closing price | — |
| Current Dividend Yield - Common Stock Primary Issue, LTM | 0.00% |
| Free Cash Flow - most recent fiscal year | 2,191.91 |
| LT debt/equity - most recent fiscal year | 0.31% |
| Payout ratio - most recent fiscal year | — |
| Total debt/total equity - most recent fiscal year | 0.60% |
| LT debt/equity - most recent quarter | 0.29% |
| Total debt/total equity - most recent quarter | 0.53% |
| Free Cash Flow - trailing 12 month | 2,149.45 |
| Payout ratio - trailing 12 month | — |
| Revenue - most recent fiscal year | 4,868.77 |
| Revenue - trailing 12 month | 4,993.05 |
| EBITD - most recent fiscal year | 2,555.12 |
| EBITD - trailing 12 month | 4,315.41 |
| Earnings before taxes - most recent fiscal year | 2,422.29 |
| Earnings before taxes - trailing 12 month | 4,184.95 |
| Net Income available to common - most recent fiscal year | 1,900.15 |
| Net Income available to common - trailing 12 months | 3,255.08 |
| Earnings before taxes Normalized - most recent fiscal year | 2,201.83 |
| Net Income Available to Common, Normalized - most recent fiscal year | 1,819.55 |
| Earnings per Share, Normalized, Excluding Extraordinary Items, Avg. Diluted Shares Outstanding, TTM | 6.06 |
| Net Profit Margin % - 1st historical fiscal year | 39.03% |
| Net Profit Margin % - trailing 12 month | 65.19% |
| Operating margin - 1st historical fiscal year | 23.08% |
| Operating margin - trailing 12 month | 23.73% |
| Pretax margin - trailing 12 month | 83.82% |
| Pretax margin - 1st historical fiscal year | 49.75% |
| Operating Margin - 5 year average | 16.73% |
| Pretax Margin - 5 year average | 25.78% |
| Free Operating Cash Flow/Revenue, 5 Year Average | 40.42% |
| Free Operating Cash Flow/Revenue, TTM | 43.05% |
| Net Profit Margin - 5 year average | 22.14% |
| Return on average assets - most recent fiscal year | 16.86% |
| Return on average assets - trailing 12 month | 27.06% |
| Return on average equity - most recent fiscal year | 20.71% |
| Return on average equity - trailing 12 month | 33.00% |
| Return on average assets - 5 year average | 11.47% |
| Return on average equity - 5 year average | 14.76% |
| Net Income/employee - most recent fiscal year | 255,464.91 |
| Revenue/employee - most recent fiscal year | 654,580.40 |
| Revenue growth rate, 5 year | 12.92% |
| EPS growth rate, 5 year | 22.39% |
| Growth rate% - dividend, 3 year | — |
| Revenue/share (5 yr growth) | 12.24% |
| Growth rate% - Revenue, 3 year | 3.49% |
| Growth rate% - EPS, 3 year | 162.93% |
| Book value per share growth rate, 5 year | 20.34% |
| Capital Spending growth rate, 5 year | -5.27% |
| Earnings Before Interest, Taxes, Depreciation & Amortization, 5 Year CAGR | 29.30% |
Financial forecast (USD, millions except per share)
| Actuals | Estimates | |||||||
| 2026 | 2027 | 2028 | 2029 | 2030 | ||||
| Estimate breakdown | ||||||||
Financials (USD, millions)
| Period end: | JAN 22 | JAN 23 | JAN 24 | JAN 25 | JAN 26 |
| Fiscal year: | 2022 | 2023 | 2024 | 2025 | 2026 |
| Period length: | 12 months | 12 months | 12 months | 12 months | 12 months |
Announcements
Announcements are available for ASX-listed companies only.
MM’s International portfolio slipped -1.11% in the volatile week for stocks with as expected the tech holdings struggling while the Energy and financials rallied nicely. This portfolio was our weakest in the month of September down -6.28% dragging down its FY22 performance to -5.44% - it’s allocation to technology is hurting short term.
We’ve been looking for a bounce in ZM to cut our position over recent weeks
Another “tech” holding in our MM International Portfolio which popped higher overnight was Zoom (ZM US) which rallied well over +10% at its best illustrating how the pressure valve has been released once bond yields stopped surging higher.
No change, our position in ZM has been a bit of a rollercoaster post the pandemic but we now have a new environment as the vaccine is rolled out and competition intensifies.
MM has been reviewing our position in Zoom since giant Microsoft (MSFT US) announced its intention to enter the video conferencing space, the stocks bounced well of late after being smacked over recent months providing a reasonable exit level as it makes new 2021 highs.
Our position in ZM has been a bit of a rollercoaster post the pandemic but we now have a new environment as the vaccine is rolled out and competition intensifies. ZM might be ahead of the pack but its still priced for substantial growth, it might be time to take our ~25% profit and walk.
MM has been reviewing our position in Zoom since giant Microsoft (MSFT US) announced its intention to enter the video conferencing space, the stocks bounced well of late after being smacked over recent months providing a reasonable exit level as it makes new 2021 highs.
ZM has been on our radar as a sell for a while now, in short, we think we were too late to this party adding it to the portfolio into weakness at the end of 2020. Many simply think ZM was an overnight success thanks to COVID, while the pandemic accelerated their growth significantly, it is a business that’s been around a long time producing high quality hardware and more recently application software for video conferencing.
MM is looking reduce high valuation growth names
MM are selling ZM US in the International Equities Portfolio, taking a loss around $US257 to allocate capital elsewhere
MM is considering selling ZM into a bounce.
MM is looking to take profit on ZM into ongoing strength.
MM is considering selling ZM into current strength
MM is considering taking profit on Zoom into its 30% positive recovery
MM is considering selling ZM into current strength
MM is considering taking profit on Zoom into its 30% positive recovery
MM are looking to sell ZM US if it pops higher
MM is looking at taking the remaining ~8% profit from our ZM position
Zoom Communications provides a video-first communications platform that connects people through frictionless video, voice, chat, and content sharing. The company's cloud-native platform enables video experiences and connects users across various devices and locations in a single meeting. Zoom has launched a variety of communications-related solutions, including Zoom Phone and Zoom Contact Center. The firm was founded in 2011 and serves companies of all sizes from all industries around the world.
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