Financials Tower Limited

Equities

End-of-day quote New Zealand S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
0.83 ^NZD	+0.61%		+0.61%	+36.07%

Apr. 26	New Zealand Shares Drop on Consumer Pessimism; Ebos Group Falls 3% After Appointing New CFO	MT
Apr. 26	AM Best Affirms Tower's Financial Strength Rating as A- (Excellent)	MT

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	232.8	253	274.1	242.9	235.3	315	-	-
Enterprise Value (EV) ¹	232.8	253	197.4	193.4	171.3	246	244	242.2
P/E ratio	14.6 x	21.1 x	14.7 x	13.5 x	-207 x	5.93 x	5.93 x	4.34 x
Yield	-	-	7.69%	10.2%	-	5.62%	9.04%	10%
Capitalization / Revenue	0.77 x	0.79 x	0.81 x	0.68 x	0.6 x	0.56 x	0.49 x	0.44 x
EV / Revenue	0.77 x	0.79 x	0.58 x	0.54 x	0.44 x	0.44 x	0.38 x	0.34 x
EV / EBITDA	6.75 x	6.9 x	4.28 x	4.22 x	5.38 x	3.19 x	2.82 x	2.72 x
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	0.79 x	0.73 x	0.79 x	0.76 x	0.78 x	1.21 x	1.1 x	1.03 x
Nbr of stocks (in thousands)	337,324	421,647	421,647	379,484	379,484	379,484	-	-
Reference price ²	0.6900	0.6000	0.6500	0.6400	0.6200	0.8300	0.8300	0.8300
Announcement Date	11/19/19	11/25/20	11/23/21	11/22/22	11/22/23	-	-	-

¹NZD in Million²NZD

Estimates

Fiscal Period: Septiembre	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	303.4	322.1	340.1	357.2	393.1	559.1	640.5	713.4
EBITDA ¹	34.48	36.66	46.1	45.81	31.81	77	86.42	89.05
EBIT ¹	-	-	28.83	26.1	8.357	50.52	58.34	59.7
Operating Margin	-	-	8.48%	7.31%	2.13%	9.04%	9.11%	8.37%
Earnings before Tax (EBT) ¹	26	20.25	28.45	25.2	7.437	51.72	66.57	80.8
Net income ¹	16.56	11.89	18.68	18.8	-1.228	53.09	53.18	72.68
Net margin	5.46%	3.69%	5.49%	5.26%	-0.31%	9.5%	8.3%	10.19%
EPS ²	0.0473	0.0285	0.0443	0.0473	-0.003000	0.1399	0.1400	0.1912
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	-	-	0.0500	0.0650	-	0.0467	0.0750	0.0833
Announcement Date	11/19/19	11/25/20	11/23/21	11/22/22	11/22/23	-	-	-

¹NZD in Million²NZD

Estimates

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	-	-	76.7	49.4	64	69	71	72.8
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	5.87%	3.74%	5.44%	5.3%	2.55%	14.1%	13.8%	16.6%
ROA (Net income/ Total Assets)	-	-	-	-	-	-	-	-
Assets ¹	-	-	-	-	-	-	-	-
Book Value Per Share ²	0.8700	0.8300	0.8200	0.8400	0.7900	0.6800	0.7500	0.8100
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex ¹	-	-	-	-	-	18.2	18.6	19.1
Capex / Sales	-	-	-	-	-	3.26%	2.9%	2.68%
Announcement Date	11/19/19	11/25/20	11/23/21	11/22/22	11/22/23	-	-	-

¹NZD in Million²NZD

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

C+

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

0.83 NZD

Average target price

0.9 NZD

Spread / Average Target

+8.43%

	1st Jan change	Capi.
TOWER LIMITED	+36.07%	187M
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SAMPO OYJ	-3.96%	20.38B