Financials The Warehouse Group Limited

Equities

End-of-day quote New Zealand S.E. Other stock markets 06:00:00 2024-05-23 pm EDT			5-day change	1st Jan Change
1.17 ^NZD	-0.85%		-2.50%	-27.33%

May. 17	The Warehouse Group CEO Steps Down	MT
May. 10	New Zealand Shares End Week Flat; The Warehouse Group Rises 2% Despite Posting Lower Sales	MT

Fiscal Period: July	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	790.2	711.3	1,188	1,122	621.6	404.1	-	-
Enterprise Value (EV) ¹	866.3	543.2	1,188	1,097	669.7	471.3	490.5	486.2
P/E ratio	12.1 x	16 x	10.1 x	12.5 x	20.9 x	-13.8 x	10.2 x	7.38 x
Yield	7.42%	-	9.01%	6.15%	4.44%	5.7%	7.69%	10.5%
Capitalization / Revenue	0.26 x	0.22 x	0.35 x	0.34 x	0.18 x	0.13 x	0.13 x	0.13 x
EV / Revenue	0.28 x	0.17 x	0.35 x	0.33 x	0.2 x	0.15 x	0.16 x	0.15 x
EV / EBITDA	5.01 x	3.1 x	3.66 x	3.6 x	2.53 x	2.06 x	1.85 x	1.65 x
EV / FCF	6.34 x	-	-	-	-	4.17 x	6.59 x	3.74 x
FCF Yield	15.8%	-	-	-	-	24%	15.2%	26.7%
Price to Book	1.64 x	1.89 x	2.63 x	2.66 x	1.55 x	1.54 x	1.57 x	1.48 x
Nbr of stocks (in thousands)	345,050	345,286	345,286	345,354	345,354	345,354	-	-
Reference price ²	2.290	2.060	3.440	3.250	1.800	1.170	1.170	1.170
Announcement Date	9/25/19	10/14/20	9/28/22	9/27/22	9/28/23	-	-	-

¹NZD in Million²NZD

Estimates

Fiscal Period: July	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	3,071	3,173	3,415	3,294	3,399	3,052	3,110	3,210
EBITDA ¹	173	175	324.8	304.9	264.7	228.8	265.8	294
EBIT ¹	112.4	157.8	283.4	132.7	102	73.79	107.7	134.5
Operating Margin	3.66%	4.97%	8.3%	4.03%	3%	2.42%	3.46%	4.19%
Earnings before Tax (EBT)	94.06	57.97	156.7	121.9	43.59	-	-	-
Net income ¹	65.4	44.47	117.6	89.3	29.81	-40.14	39.54	54.82
Net margin	2.13%	1.4%	3.45%	2.71%	0.88%	-1.32%	1.27%	1.71%
EPS ²	0.1890	0.1290	0.3400	0.2590	0.0860	-0.0850	0.1144	0.1584
Free Cash Flow ¹	136.7	-	-	-	-	112.9	74.4	130
FCF margin	4.45%	-	-	-	-	3.7%	2.39%	4.05%
FCF Conversion (EBITDA)	79%	-	-	-	-	49.35%	27.99%	44.21%
FCF Conversion (Net income)	208.97%	-	-	-	-	-	188.16%	237.16%
Dividend per Share ²	0.1700	-	0.3100	0.2000	0.0800	0.0667	0.0900	0.1230
Announcement Date	9/25/19	10/14/20	9/28/22	9/27/22	9/28/23	-	-	-

¹NZD in Million²NZD

Estimates

Fiscal Period: July	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	76.2	-	-	-	48.1	67.2	86.5	82.2
Net Cash position ¹	-	168	-	25	-	-	-	-
Leverage (Debt/EBITDA)	0.4403 x	-	-	-	0.1816 x	0.2938 x	0.3253 x	0.2794 x
Free Cash Flow ¹	137	-	-	-	-	113	74.4	130
ROE (net income / shareholders' equity)	13.6%	18.8%	28.1%	21%	9.09%	6.69%	13.1%	18.6%
ROA (Net income/ Total Assets)	6.23%	3.06%	-	-	2.06%	-	-	-
Assets ¹	1,051	1,453	-	-	1,444	-	-	-
Book Value Per Share ²	1.390	1.090	1.310	1.220	1.160	0.7600	0.7400	0.7900
Cash Flow per Share ²	0.5700	-	-	-	0.6200	-0.4300	-0.3700	-0.3200
Capex ¹	61.3	64.5	83.2	107	115	62.6	70.8	74.4
Capex / Sales	2%	2.03%	2.44%	3.26%	3.39%	2.05%	2.28%	2.32%
Announcement Date	9/25/19	10/14/20	9/28/22	9/27/22	9/28/23	-	-	-

¹NZD in Million²NZD

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

1.17 NZD

Average target price

1.317 NZD

Spread / Average Target

+12.54%

	1st Jan change	Capi.
THE WAREHOUSE GROUP LIMITED	-27.33%	247M
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CENTRAL RETAIL CORPORATION	-21.95%	5.27B
RYOHIN KEIKAKU CO., LTD.	+4.09%	4.02B
WOOLWORTHS HOLDINGS LIMITED	-15.15%	3.01B
BERLI JUCKER	-10.80%	2.44B
MAGAZINE LUIZA S.A.	-38.89%	1.88B
IZUMI CO., LTD.	-6.74%	1.52B