Financials Precinct Properties NZ Ltd & Precinct Properties Investments Ltd

Equities

PCT

NZAPTE0001S3

Real Estate Development & Operations

End-of-day quote New Zealand S.E. 03:30:00 27/06/2024 am IST 5-day change 1st Jan Change
1.115 NZD -2.62% Intraday chart for Precinct Properties NZ Ltd & Precinct Properties Investments Ltd -1.76% -11.86%

Valuation

Fiscal Period: June 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 2,325 2,063 2,334 2,173 2,046 1,769 - -
Enterprise Value (EV) 1 3,077 3,213 3,421 3,437 3,288 2,982 3,012 3,016
P/E ratio 11.6 x 68.3 x 11.2 x 19.4 x -13.4 x -19.2 x 16.2 x 10.3 x
Yield 3.39% 4.01% 4.06% 4.89% 5.19% 6.06% 5.96% 6%
Capitalization / Revenue 17.1 x 19.5 x 11.7 x 10.8 x 9.35 x 11.4 x 10.4 x 9.47 x
EV / Revenue 22.7 x 30.4 x 17.1 x 17.2 x 15 x 19.2 x 17.7 x 16.1 x
EV / EBITDA 38.7 x - 31 x 28.8 x 22 x 20.2 x 19.1 x 18.2 x
EV / FCF 4,82,26,682 x - - -1,30,67,772 x - - - -
FCF Yield 0% - - -0% - - - -
Price to Book 1.2 x 1.09 x 1.05 x 0.88 x 0.93 x 0.87 x 0.87 x 0.85 x
Nbr of stocks (in thousands) 13,13,764 13,13,764 14,58,501 15,85,784 15,85,858 15,86,353 - -
Reference price 2 1.770 1.570 1.600 1.370 1.290 1.115 1.115 1.115
Announcement Date 15/08/19 12/08/20 12/08/21 18/08/22 23/08/23 - - -
1NZD in Million2NZD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: June 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 135.8 105.8 199.8 200.3 218.9 154.9 170.3 186.8
EBITDA 1 79.5 - 110.2 119.2 149.6 147.4 158 165.9
EBIT 1 79.2 92.5 110.2 108.3 132.9 146.1 165.5 181.4
Operating Margin 58.32% 87.43% 55.16% 54.07% 60.71% 94.33% 97.14% 97.11%
Earnings before Tax (EBT) 201.4 - 146 129.3 - - - -
Net income 1 189.9 30.2 187.7 110 -153.1 -155.7 109.5 172
Net margin 139.84% 28.54% 93.94% 54.92% -69.94% -100.51% 64.28% 92.06%
EPS 2 0.1523 0.0230 0.1426 0.0706 -0.0965 -0.0582 0.0687 0.1081
Free Cash Flow 63.8 - - -263 - - - -
FCF margin 46.98% - - -131.3% - - - -
FCF Conversion (EBITDA) 80.25% - - - - - - -
FCF Conversion (Net income) 33.6% - - - - - - -
Dividend per Share 2 0.0600 0.0630 0.0650 0.0670 0.0670 0.0676 0.0665 0.0669
Announcement Date 15/08/19 12/08/20 12/08/21 18/08/22 23/08/23 - - -
1NZD in Million2NZD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: June 2020 S1 2020 S2 2021 S1 2021 S2 2022 S1 2022 S2 2023 S1 2024 S1
Net sales 1 54 51.8 62.5 137.3 62 138.3 71.1 73.8
EBITDA 1 - - - - 56.5 - 66.6 75.4
EBIT - - - - 51.2 57.1 - -
Operating Margin - - - - 82.58% 41.29% - -
Earnings before Tax (EBT) - - - - - - - -
Net income - - - - - - - -
Net margin - - - - - - - -
EPS - - - - - - - -
Dividend per Share 2 - - 0.0300 - 0.0335 - 0.0335 0.0338
Announcement Date 20/02/20 12/08/20 28/03/21 12/08/21 23/02/22 18/08/22 23/02/23 22/02/24
1NZD in Million2NZD
Estimates

Balance Sheet Analysis

Fiscal Period: June 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 752 1,151 1,088 1,264 1,242 1,213 1,244 1,247
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 9.453 x - 9.871 x 10.61 x 8.301 x 8.234 x 7.87 x 7.519 x
Free Cash Flow 63.8 - - -263 - - - -
ROE (net income / shareholders' equity) 4.36% 1.56% 6.04% 4.73% 3.47% 5.3% 5.45% 5.64%
ROA (Net income/ Total Assets) 2.91% 0.99% 3.76% 3.02% 2.14% 4.51% 5.08% 5.68%
Assets 1 6,524 3,038 4,992 3,648 -7,140 -3,456 2,155 3,028
Book Value Per Share 2 1.470 1.440 1.520 1.560 1.380 1.290 1.280 1.320
Cash Flow per Share 2 0.0500 0.0600 - 0.0600 0.0700 0.0600 0.0600 0.0700
Capex 1 234 254 225 199 258 181 100 48.6
Capex / Sales 172.09% 240.45% 112.66% 99.3% 117.72% 117.1% 58.86% 26.01%
Announcement Date 15/08/19 12/08/20 12/08/21 18/08/22 23/08/23 - - -
1NZD in Million2NZD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
4
Last Close Price
1.115 NZD
Average target price
1.28 NZD
Spread / Average Target
+14.80%
Consensus

Quarterly revenue - Rate of surprise

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