Financials Kiwi Property Group Limited

Equities

End-of-day quote New Zealand S.E. Other stock markets 06:00:00 2024-05-30 pm EDT			5-day change	1st Jan Change
0.82 ^NZD	+1.86%		-.--%	-6.29%

May. 28	Kiwi Property Announces the Appointment of Kevin Kenrick to its Board of Directors	CI
May. 27	Kiwi Property Posts NZ$2.1 Million Net Loss in Fiscal 2024, Declares Dividend	MT

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	1,475	1,946	1,727	1,430	1,337	1,305	-	-
Enterprise Value (EV) ¹	2,474	3,011	2,851	2,543	1,337	2,028	2,062	2,057
P/E ratio	-7.52 x	9.9 x	7.7 x	-6.28 x	-646 x	11.8 x	8.28 x	7.36 x
Yield	-	4.15%	5.09%	6.26%	-	6.59%	6.7%	6.85%
Capitalization / Revenue	7.9 x	11.2 x	9.23 x	7.02 x	7.23 x	7.14 x	7.44 x	7.08 x
EV / Revenue	13.2 x	17.3 x	15.2 x	12.5 x	7.23 x	11.1 x	11.8 x	11.2 x
EV / EBITDA	14.9 x	19.8 x	17.5 x	13.6 x	7.87 x	12.4 x	13.4 x	12.9 x
EV / FCF	-	-	-	-	-	4.18 x	25.3 x	25 x
FCF Yield	-	-	-	-	-	23.9%	3.96%	4%
Price to Book	0.71 x	0.91 x	0.76 x	0.74 x	-	0.7 x	0.68 x	0.66 x
Nbr of stocks (in thousands)	1,569,088	1,569,369	1,570,095	1,571,172	1,591,972	1,591,972	-	-
Reference price ²	0.9400	1.240	1.100	0.9100	0.8400	0.8200	0.8200	0.8200
Announcement Date	5/25/20	5/23/21	5/22/22	5/22/23	5/26/24	-	-	-

¹NZD in Million²NZD

Estimates

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	186.8	173.6	187.1	203.7	184.9	182.9	175.4	184.3
EBITDA ¹	166.5	152	163	187.1	170	163.3	154.4	159.5
EBIT ¹	164.2	152	163	173.6	156.3	152.9	144.6	152.4
Operating Margin	87.92%	87.59%	87.14%	85.2%	84.53%	83.56%	82.41%	82.68%
Earnings before Tax (EBT) ¹	-170.1	222.4	260.6	-	-	26.9	154	190
Net income ¹	-186.7	196.5	224.3	-227.7	-2.119	110.9	149.5	173.8
Net margin	-99.95%	113.22%	119.86%	-111.78%	-1.15%	60.63%	85.21%	94.31%
EPS ²	-0.1250	0.1252	0.1429	-0.1449	-0.001300	0.0697	0.0991	0.1113
Free Cash Flow ¹	-	-	-	-	-	484.6	81.6	82.2
FCF margin	-	-	-	-	-	264.93%	46.51%	44.6%
FCF Conversion (EBITDA)	-	-	-	-	-	296.83%	52.85%	51.55%
FCF Conversion (Net income)	-	-	-	-	-	436.99%	54.58%	47.29%
Dividend per Share ²	-	0.0515	0.0560	0.0570	-	0.0540	0.0549	0.0562
Announcement Date	5/25/20	5/23/21	5/22/22	5/22/23	5/26/24	-	-	-

¹NZD in Million²NZD

Estimates

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	999	1,065	1,124	1,113	-	722	757	752
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	5.996 x	7.005 x	6.896 x	5.95 x	-	4.424 x	4.901 x	4.714 x
Free Cash Flow ¹	-	-	-	-	-	485	81.6	82.2
ROE (net income / shareholders' equity)	5.63%	5.01%	4.87%	5.55%	-	5.03%	5.33%	5.31%
ROA (Net income/ Total Assets)	4.56%	3.15%	3.09%	3.42%	-	-	-	-
Assets ¹	-4,098	6,234	7,269	-6,666	-	-	-	-
Book Value Per Share ²	1.320	1.360	1.450	1.230	-	1.180	1.210	1.250
Cash Flow per Share ²	-	-	-	0.0800	-	0.0600	0.0600	0.0600
Capex ¹	160	103	81	162	-	83.8	63.3	60
Capex / Sales	85.44%	59.47%	43.31%	79.7%	-	45.82%	36.07%	32.53%
Announcement Date	5/25/20	5/23/21	5/22/22	5/22/23	5/26/24	-	-	-

¹NZD in Million²NZD

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

B+

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

0.82 NZD

Average target price

0.9375 NZD

Spread / Average Target

+14.33%

	1st Jan change	Capi.
KIWI PROPERTY GROUP LIMITED	-6.29%	801M
SUN HUNG KAI PROPERTIES LIMITED	-10.83%	26.36B
CHINA RESOURCES LAND LIMITED	+1.43%	25.9B
DLF LIMITED	+12.29%	24.19B
MITSUBISHI ESTATE CO., LTD.	+35.85%	21.26B
CHINA OVERSEAS LAND & INVESTMENT LTD.	+7.12%	20.63B
EMAAR PROPERTIES	-3.28%	18.43B
POLY DEVELOPMENTS AND HOLDINGS GROUP CO., LTD.	+3.23%	16.74B
MACROTECH DEVELOPERS LIMITED	+34.62%	16.42B
HENDERSON LAND DEVELOPMENT COMPANY LIMITED	+1.04%	15.04B