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Count Limited (CUP) Fair Value & Analysis

Industrials · AU · Market cap A$224M

CL Count Limited CUP · AU
PriceA$1.15
Fair ValueA$0.6970
Upside-39.4%
Quality52/100
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Mixed Growth
Thin margins · 9.3% net margin
Low debt · generates free cash flow
4.55% dividend yield
Mixed vs. peers (8/15)
Moderate moat 49/100
Evidence: High Range A$0.4760 – A$0.9095 Share as image

Fair value as of: Jul 16, 2026

From 26 valuation models · updated 25 days ago

Share price +9.0% over the past month.

A solid business, but screening 39% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (A$0.9095). The favourable scenario is already priced in.
  • Solid but not exceptional quality (52/100) and above fair value, neither a clear bargain nor a standout compounder.
  • A fairly wide model range (A$0.4760 to A$0.9095) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

A$1.20 A$0.4364 Fair Value A$0.6970 May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 16, 2026.

How to read this chart

60‑month range A$0.4364 – A$1.20 · fair‑value band A$0.4760 – A$0.9095 · the A$1.15 price screens above the A$0.6970 fair value. Dashed = 300-day average. As of Jul 16, 2026.

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Analysis

Count Limited (CUP) currently trades at A$1.15, while our model-based Fair Value estimate is A$0.6970, implying the stock looks roughly 39.4% overvalued today. The Quality Score stands at 52/100 (solid quality), in the Industrials sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, Count Limited generated revenue of A$152M at a net margin of 9.3%. Revenue grew 12.0% year over year. It earns a return on equity of 13.1%. Net debt stands at A$40.6M. Fundamentals as of Jul 16, 2026

Our scenario range runs from A$0.4760 (bear case) to A$0.9095 (bull case); at A$1.15, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 4% below its 52-week high and 41% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at -35% fair-value upside, at -39%, CUP screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Growth DCF A$1.01 A$1.68 A$2.73 80
Residual Income A$0.4000 A$0.4200 A$0.4200 76
Rev-Margin DCF A$0.7800 A$1.34 A$2.51 74
All 26 models by family
DCF Models
FCF DCF A$1.08 A$1.55 A$2.92 38
Owner Earnings A$0.8800 A$1.81 A$3.44 31
5Y Revenue Exit A$0.7100 A$1.16 A$2.09 39
5Y EBITDA Exit A$1.02 A$1.80 A$3.32 41
5Y P/E Exit A$0.7600 A$1.57 A$2.64 38
10Y Revenue Exit A$0.8300 A$1.61 A$2.02 36
10Y EBITDA Exit A$1.04 A$2.19 A$4.13 37
10Y P/E Exit A$0.8800 A$1.71 A$2.98 35
Earnings-Based
Graham-Dodd A$0.2800 A$1.99 A$2.79 54
Lynch FV A$1.03 A$1.47 A$1.91 50
PEG = 1.0 A$1.03 A$1.47 A$1.91 46
EPV A$0.2200 A$0.2600 A$0.2900 59
Dividend Discount
Gordon GGM A$0.2600 A$0.4400 A$0.5800 70
DDM Multi-Stage A$0.2600 A$0.4200 A$0.4800 61
Multiples
P/E Multiple A$0.6600 A$0.8800 A$1.10 63
P/S Multiple A$0.5300 A$0.7100 A$0.8900 58
P/B Multiple A$0.5300 A$0.7100 A$0.8900 55
EV/EBIT A$0.6700 A$0.9300 A$1.18 53
EV/EBITDA A$0.9900 A$1.34 A$1.70 54
EV/Revenue A$0.4600 A$0.6900 A$0.9200 43
Asset-Based
NCAV (Graham) A$0.2600 A$0.3500 A$0.5300 50
Growth DCF
Growth DCF A$1.01 A$1.68 A$2.73 80
Rev-Margin DCF A$0.7800 A$1.34 A$2.51 74
Economic Profit
Residual Income A$0.4000 A$0.4200 A$0.4200 76
ROIC Compounder A$0.2200 A$0.2600 A$0.2900 72
Growth Earnings
Growth-Adj P/E A$1.34 A$1.92 A$2.49 68

Widest divergence: Growth Earnings (A$1.92) versus Economic Profit (A$0.2600). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) A$152M
Revenue growth (YoY) +12.0%
Net margin 9.3%
Return on equity 13.1%
Free cash flow A$20.9M FY2025
P/E ratio 12.9
More key figures
Operating margin 12.0%
EPS (TTM) A$0.0800
Dividend yield 4.6%
EPS growth (YoY) +131%
Net debt A$40.6M FY2025

Figures from reported company fundamentals · as of Jul 16, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 52/100

Of which business quality 51 · Market factors (momentum, volatility) 67

Profitability 35
Margins and returns on capital today
Quality Growth 90
Are margins and returns improving?
Cashflow 81
Earnings quality: real cash, not paper profit
Fin. Strength 32
Balance sheet, leverage, solvency risk
Investment 77
Disciplined investing over empire-building
Low Volatility 85
Calm price path (market factor)
Momentum 49
Price trend over the last 3–12 months (market factor)
52W Momentum 76
Distance to the 52-week high (market factor)
Net Issuance 0
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Count Limited provides accounting, business advisory, and financial planning services in Australia. It operates through Equity Partnerships, Wealth, and Services segments. The Equity Partnerships segment offers accounting, audit and assurance, taxation, financial planning, and business and corporate advisory services.

Full company description

Count Limited provides accounting, business advisory, and financial planning services in Australia. It operates through Equity Partnerships, Wealth, and Services segments. The Equity Partnerships segment offers accounting, audit and assurance, taxation, financial planning, and business and corporate advisory services. The Wealth segment provides financial services and investment products provided by Australian Financial Services license holders. The Service segment offers services that support the accounting and financial planning firms. It provides training, finance and lending, digital and IT systems, sector expertise, and support services. The company was formerly known as CountPlus Limited and changed its name to Count Limited in May 2023. Count Limited was founded in 1980 and is headquartered in Sydney, Australia.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Count Limited reported revenue of A$144M in FY2025 versus A$80.8M in FY2021, a compound +15.6%/yr. Reported net income was A$8.9M in FY2025, compounding +15.8%/yr from FY2021.

Growth Quality 81/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
A$144M
Latest YoY
+27.9%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+18.6%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+11.2%
Avg. growth/yr (17Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+44.0%
Revenue +15.6%/yr
FY21 A$80.8M
FY22 A$86.7M
FY23 A$91.5M
FY24 A$113M
FY25 A$144M
Net income +15.8%/yr
FY21 A$4.9M
FY22 A$5.1M
FY23 A$5.1M
FY24 A$1.1M
FY25 A$8.9M
Character of growth · EPS growth decomposed (2014-2025) −11.0 % p.a.
Revenue per share −3.0 pp

of which total revenue −0.5 pp · buybacks/dilution −2.5 pp

EBIT margin −5.7 pp
Tax rate +0.6 pp
Residual (interest, one-offs) −3.0 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

CUP screens 39% overvalued. Compare with Cintas Corporation →

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Cite: Fair Value Calculator (2026). "Count Limited Fair Value". https://www.fairvalue-calculator.com/stock/CUP

Peer Group

Specialty Business Services · 253 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 52 · Below median
Fair Value upside −39% · Below median
Return on equity (TTM) 13% · Above median
Return on assets 2% · Below median
Net margin (TTM) 9% · Above median
Operating margin (TTM) 12% · Above median
Revenue growth 12% · Above median
Dividend yield (TTM) 4.6% · Above median
Debt / equity 0.36× · Higher than median

Valuation Multiples vs Specialty Business Services median · lower = cheaper

P/E (TTM) 13.2× · Cheaper than median
P/B 1.42× · Cheaper than median
P/S (TTM) 1.04× · Pricier than median
P/FCF 7.6× · Pricier than median
EV/EBITDA 8.0× · Cheaper than median
PEG 3.16× · Pricier than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 0 · sector 24
FUTURE 60 · sector 27
PAST 52 · sector 33
HEALTH 82 · sector 92
DIVIDEND 91 · sector 54

VALUE 0: the price sits above our fair-value range.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Specialty Business Services stocks, each showing price versus our Fair Value estimate (as of Jul 16, 2026).

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Copart, Inc CPRT $27.61 $28.59 +4%
Global Payments Inc GPN $80.49 $69.67 -13%
RB Global, Inc RBA C$156.43 C$49.14 -69%
Brambles Limited BXB A$18.79 A$12.28 -35%
UL Solutions Inc ULS $87.76 $33.62 -62%
Wolters Kluwer N.V WKL €62.56 €103.99 +66%
Aramark ARMK $56.74 $13.73 -76%

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Frequently asked questions

Is Count Limited (CUP) overvalued or undervalued?
As of Jul 16, 2026, our model estimates a fair value of A$0.6970 versus a price of A$1.15, about −39% (overvalued).
What is the fair value of CUP?
Our model-based fair value for Count Limited is A$0.6970 (as of Jul 16, 2026), built from audited fundamentals. The current price is A$1.15.
What is the quality score of CUP?
Count Limited has a Quality Score of 52/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Count Limited (CUP)?
Count Limited reported trailing-twelve-month revenue of about A$152M (latest available figure, as of Jul 16, 2026).
What is the net profit margin of CUP?
The net profit margin of Count Limited is about 9.3%, meaning it keeps roughly 9.3% of revenue as net income. Based on the latest reported figures.
Does Count Limited pay a dividend?
Count Limited currently shows a dividend yield of about 4.64% relative to its recent price (as of Jul 16, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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