ANZ Group Holdings Ltd · Valuation
ASX: ANZ · Financials · Diversified Banks
Fair value estimates vs price
A$ per share · models updated 26 Jul 2026
94.6% above fair value A$18.75, the median of our 4 model estimates.
Different models answer different questions. A wide spread between them usually means the market is pricing growth or risk that historical figures don't capture. Estimates are recomputed as new results and prices land.
Dividend discount model
A$14.38Values the bank as the sum of its expected future dividends, discounted back to today. Suits banks because payouts are the main way they return capital.
P/B multiple
A$25.76Applies the bank's historical price-to-book ratio to its current book value per share. Book value is the anchor metric for lenders.
P/E multiple
A$22.32Applies the historical median price-to-earnings ratio to current earnings per share.
EPS growth model
A$15.17Projects earnings per share forward at the historical growth rate, then discounts back to a present value.
Trailing P/E history
Monthly price ÷ trailing diluted EPS · extremes above 100 excluded from stats
Per-share fundamentals
The inputs behind the models
| FY | EPS | Book value / sh | Dividend / sh |
|---|---|---|---|
| 2025 | $1.97 | $22.60 | $1.44 |
| 2024 | $2.15 | $21.84 | $1.62 |
| 2023 | $2.27 | $21.42 | $1.34 |
| 2022 | $2.33 | $21.16 | $1.21 |
| 2021 | $2.05 | $20.55 | $0.91 |
| 2020 | $1.18 | $19.15 | $0.89 |
| 2019 | $2.02 | $19.73 | $1.45 |
| 2018 | $2.12 | $18.87 | $1.45 |
| 2017 | $2.11 | $18.60 | $1.33 |
| 2016 | $1.89 | $18.26 | $1.44 |
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What do valuation models estimate ANZ (ANZ) shares are worth compared to the current price?
The valuation models applied to ANZ Group Holdings produce a range of estimated fair values per share: the dividend discount model estimates $14.38, an EPS-growth-based model $15.17, a P/E-based model $22.32 and a P/B-based model $25.31. Each of these is a model output rather than a fact, and all four sit below the share price of $35.26 recorded on 3 July 2026.
The current P/E ratio of 17.94 is well above the company's own five-year median P/E of 11.36, indicating the shares presently trade on a higher earnings multiple than has typically been the case across this history. Diluted EPS has been uneven over the period covered, from $1.89 in FY2016 to a low of $1.18 in FY2020, a peak of $2.33 in FY2022 and $1.97 in FY2025 — a trajectory the EPS-growth valuation model would need to extrapolate from.
For any of these estimates to be meaningful, the underlying assumptions would need to hold: future earnings growth continuing along a path resembling reported history, dividends being maintained at levels consistent with the dividend discount model's inputs, and the P/E or P/B multiples used reverting toward levels closer to the five-year median. As model outputs rather than reported results, they should be read as estimates rather than as a determination of what the shares are worth.
AI-assisted analysis generated from Craytheon's verified financial data · Updated 4 Jul 2026 · How this works
Data is general information only, not financial advice. Figures are as reported in company filings (some ASX companies report in USD); share prices are AUD.