CHORUS LIMITED (CNU)
Share Price Analysis and Chart

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CNU - CHORUS LIMITED

FNArena Sector : Telecommunication

Year End: June

GICS Industry Group : Telecommunication Services

Debt/EBITDA: 6.52

Index: ASX200 | ASX300 | ALL-ORDS

Chorus is a New Zealand telecommunications company providing fixed & mobile phone services and internet services. It was de-merged from Telecom New Zealand and listed on both the ASX and NZX in 2011.

LAST PRICE	CHANGE +/-	CHANGE %	VOLUME
$7.06 22 Sep 2023	0.130 OPEN $6.83	1.88% HIGH $7.06	494,341 LOW $6.83

LAST PRICE

CHANGE +/-

CHANGE %

VOLUME

$7.06

22 Sep
2023

0.130

OPEN

$6.83

1.88%

HIGH

$7.06

494,341

LOW

$6.83

TARGET

$7.20

2.0% upside

Franking for last dividend paid out: 0%

OTHER COMPANIES IN THE SAME SECTOR
5GG . ABB . ESK . FSG . HTA . MAQ . SLC . SPK . ST1 . SYM . TLS . TPG . TPG . TUA .

FNARENA'S MARKET CONSENSUS FORECASTS

12 Month Avg FX Values

Present FX Values

Original Currency

Title	FY24 Forecast	FY25 Forecast
EPS (cps)	8.7	xxx
DPS (cps)	43.6	xxx
EPS Growth	N/A	xxx
DPS Growth	N/A	xxx
PE Ratio	80.9	xxx
Dividend Yield	6.2%	xxx
Div Pay Ratio(%)	500.0%	xxx

Title	FY24 Forecast	FY25 Forecast
EPS (cps)	8.8	xxx
DPS (cps)	43.9	xxx
EPS Growth	N/A	xxx
DPS Growth	N/A	xxx
PE Ratio	80.4	xxx
Dividend Yield	6.2%	xxx
Div Pay Ratio(%)	500.0%	xxx

Title	FY22 Actual	FY23 Actual	FY24 Forecast	FY25 Forecast
EPS (cps)	xxx	6.0	9.5	xxx
DPS (cps)	xxx	42.5	47.5	xxx
EPS Growth	xxx	- 55.2%	58.3%	xxx
DPS Growth	xxx	21.4%	11.8%	xxx
Div Pay Ratio(%)	xxx	708.3%	500.0%	xxx

This company reports in NZD.
All estimates have been converted into AUD by FNArena at present FX values.

Dividend yield today if purchased 3 years ago: 4.98%

DIVIDEND YIELD CALCULATOR

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: 11/09 - ex-div 20.06c (franking 0%)

HISTORICAL DATA ARE ALL IN AUD

Copyright © 2023 FactSet UK Limited. All rights reserved

Title	2018	2019	2020	2021	2022	2023
EPS Basic	xxx	xxx	xxx	xxx	xxx	5.2
DPS All	xxx	xxx	xxx	xxx	xxx	38.9
Sales/Revenue	xxx	xxx	xxx	xxx	xxx	896.7 M
Book Value Per Share	xxx	xxx	xxx	xxx	xxx	224.7
Net Operating Cash Flow	xxx	xxx	xxx	xxx	xxx	478.6 M
Net Profit Margin	xxx	xxx	xxx	xxx	xxx	2.55 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title	2018	2019	2020	2021	2022	2023
Return on Capital Employed	xxx	xxx	xxx	xxx	xxx	2.40 %
Return on Invested Capital	xxx	xxx	xxx	xxx	xxx	0.51 %
Return on Assets	xxx	xxx	xxx	xxx	xxx	0.42 %
Return on Equity	xxx	xxx	xxx	xxx	xxx	2.40 %
Return on Total Capital	xxx	xxx	xxx	xxx	xxx	4.31 %
Free Cash Flow ex dividends	xxx	xxx	xxx	xxx	xxx	-120.8 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	2018	2019	2020	2021	2022	2023
Short-Term Debt	xxx	xxx	xxx	xxx	xxx	376 M
Long Term Debt	xxx	xxx	xxx	xxx	xxx	3,631 M
Total Debt	xxx	xxx	xxx	xxx	xxx	4,007 M
Goodwill - Gross	xxx	xxx	xxx	xxx	xxx	-
Cash & Equivalents - Generic	xxx	xxx	xxx	xxx	xxx	70 M
Price To Book Value	xxx	xxx	xxx	xxx	xxx	3.45

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title	2018	2019	2020	2021	2022	2023
Capex	xxx	xxx	xxx	xxx	xxx	452.9 M
Capex % of Sales	xxx	xxx	xxx	xxx	xxx	50.51 %
Cost of Goods Sold	xxx	xxx	xxx	xxx	xxx	606 M
Selling, General & Admin. Exp & Other	xxx	xxx	xxx	xxx	xxx	84 M
Research & Development	xxx	xxx	xxx	xxx	xxx	-
Investments - Total	xxx	xxx	xxx	xxx	xxx	107 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

0.0

No. Of Recommendations

BROKER	DATE	RATING	RECOMMENDATION	TARGET PRICE	% TO REACH TARGET	COMMENTARY
Macquarie	xx/xx/xxxx	3	xxxxxxx	-	xx.xx%	Broker commentary and detailed analysis is available for Full Members Only. Login above or Get a Free Trial
Ord Minnett	22/08/2023	3	Hold	$7.20	1.98%	Chorus delivered a 3% increase in FY23 normalised EBITDA, slightly shy of Ord Minnett's expectations. The miss stemmed from higher-than-expected labour and network costs. Revenue was in line with forecasts. The broker reduces EBITDA forecasts for the next three years by -2% while longer term expectations are unchanged. With over 80% of the connection base now on fibre and the appetite for data still growing, a low-mid single-digit revenue growth profile appears secure. Ord Minnett retains a Hold rating with a $7.20 target. FORECAST Ord Minnett forecasts a full year FY24 dividend of 43.50 cents and EPS of 7.90 cents. Ord Minnett forecasts a full year FY25 dividend of 42.20 cents and EPS of 9.67 cents.

BROKER

DATE

RATING

RECOMMENDATION

TARGET PRICE

% TO REACH TARGET

COMMENTARY

Macquarie

xx/xx/xxxx

xxxxxxx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
Login above or Get a Free Trial

Ord Minnett

22/08/2023

Hold

$7.20

1.98%

Chorus delivered a 3% increase in FY23 normalised EBITDA, slightly shy of Ord Minnett's expectations. The miss stemmed from higher-than-expected labour and network costs. Revenue was in line with forecasts.

The broker reduces EBITDA forecasts for the next three years by -2% while longer term expectations are unchanged.

With over 80% of the connection base now on fibre and the appetite for data still growing, a low-mid single-digit revenue growth profile appears secure. Ord Minnett retains a Hold rating with a $7.20 target.

FORECAST
Ord Minnett forecasts a full year FY24 dividend of 43.50 cents and EPS of 7.90 cents.
Ord Minnett forecasts a full year FY25 dividend of 42.20 cents and EPS of 9.67 cents.

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CNU STOCK CHART

FNArena News on CNU

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Dividend Yield Today On Last Actual Payout :	5.57
Estimated Dividend Growth (Average Of Past Three Years)	%
Amount Invested	$
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CHORUS LIMITED (CNU)
Share Price Analysis and Chart