Financials Port of Tauranga Limited

Equities

POT

NZPOTE0003S0

Marine Port Services

End-of-day quote New Zealand S.E. Other stock markets 23:00:00 25/04/2024 BST			5-day change	1st Jan Change
5.09 ^NZD	+4.09%		+3.46%	-9.11%

02-23	Port of Tauranga Limited Announces Interim Dividend for the Six Months Ended 31 December 2023, Payable on March 22, 2024	CI
02-23	Port of Tauranga Limited Reports Earnings Results for the Half Year Ended December 31, 2023	CI

Valuation

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	4,312	5,237	4,782	4,232	4,245	3,463	-	-
Enterprise Value (EV) ¹	4,754	5,717	5,259	4,667	4,688	3,917	3,938	3,988
P/E ratio	42.8 x	58.3 x	46.9 x	37.9 x	36.3 x	33.8 x	29.1 x	26.2 x
Yield	2.1%	1.61%	1.92%	2.36%	2.5%	2.87%	3.12%	3.51%
Capitalization / Revenue	13.8 x	17.3 x	14.1 x	11.3 x	10.1 x	8.43 x	7.9 x	7.37 x
EV / Revenue	15.2 x	18.9 x	15.5 x	12.4 x	11.1 x	9.54 x	8.99 x	8.49 x
EV / EBITDA	27.5 x	35.2 x	29.7 x	24.2 x	22.3 x	20 x	18 x	16.4 x
EV / FCF	66.9 x	72.5 x	67.9 x	37.7 x	47.4 x	51.5 x	71.6 x	36.6 x
FCF Yield	1.49%	1.38%	1.47%	2.65%	2.11%	1.94%	1.4%	2.73%
Price to Book	3.7 x	4.5 x	3.42 x	2.04 x	1.99 x	1.61 x	1.6 x	1.59 x
Nbr of stocks (in thousands)	680,142	680,184	680,267	680,315	680,364	680,267	-	-
Reference price ²	6.340	7.700	7.030	6.220	6.240	5.090	5.090	5.090
Announcement Date	28/08/19	27/08/20	26/08/21	26/08/22	25/08/23	-	-	-

¹NZD in Million²NZD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	313.3	302	338.3	375.3	420.9	410.7	438	469.6
EBITDA ¹	173.2	162.2	177.1	193.1	210.3	196.1	219.2	243
EBIT ¹	145.6	132.5	143.1	156.4	169.9	155.7	177.7	200.1
Operating Margin	46.47%	43.87%	42.31%	41.68%	40.37%	37.92%	40.56%	42.62%
Earnings before Tax (EBT) ¹	135	118.4	137	150.4	159.3	139.6	155.8	175.4
Net income ¹	100.6	90.03	102.4	111.3	117.1	102.6	114.2	128.2
Net margin	32.11%	29.81%	30.26%	29.66%	27.83%	24.97%	26.07%	27.29%
EPS ²	0.1480	0.1320	0.1500	0.1640	0.1720	0.1506	0.1751	0.1943
Free Cash Flow ¹	71.06	78.9	77.42	123.7	98.82	76	55	109
FCF margin	22.69%	26.13%	22.88%	32.95%	23.48%	18.5%	12.56%	23.21%
FCF Conversion (EBITDA)	41.04%	48.63%	43.7%	64.05%	46.98%	38.76%	25.09%	44.86%
FCF Conversion (Net income)	70.66%	87.64%	75.62%	111.09%	84.36%	74.1%	48.17%	85.06%
Dividend per Share ²	0.1330	0.1240	0.1350	0.1470	0.1560	0.1459	0.1589	0.1785
Announcement Date	28/08/19	27/08/20	26/08/21	26/08/22	25/08/23	-	-	-

¹NZD in Million²NZD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: June	2022 S1	2023 S1	2024 S1	2024 S2
Net sales	186	211.9	200	-
EBITDA	97.4	107.7	93.74	-
EBIT	-	-	-	-
Operating Margin	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-
Net income	-	-	-	-
Net margin	-	-	-	-
EPS	-	-	-	-
Dividend per Share ¹	0.0650	0.0680	0.0600	0.1000
Announcement Date	25/02/22	24/02/23	23/02/24	-

¹NZD

Estimates

Balance Sheet Analysis

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	442	479	477	435	442	454	476	525
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.554 x	2.955 x	2.694 x	2.254 x	2.103 x	2.317 x	2.169 x	2.162 x
Free Cash Flow ¹	71.1	78.9	77.4	124	98.8	76	55	109
ROE (net income / shareholders' equity)	8.79%	7.73%	7.9%	6.4%	5.6%	4.75%	5.44%	6.11%
ROA (Net income/ Total Assets)	5.91%	5.05%	5.21%	4.61%	4.21%	5.46%	4.98%	5.52%
Assets ¹	1,703	1,783	1,965	2,413	2,784	1,878	2,295	2,324
Book Value Per Share ²	1.710	1.710	2.050	3.050	3.140	3.160	3.190	3.200
Cash Flow per Share ²	0.1600	0.1700	0.1500	0.2100	0.2100	0.2200	0.2300	0.2500
Capex ¹	42.5	39.3	23.3	21.6	45.8	36	77	93.4
Capex / Sales	13.55%	13.01%	6.89%	5.75%	10.87%	8.75%	17.58%	19.88%
Announcement Date	28/08/19	27/08/20	26/08/21	26/08/22	25/08/23	-	-	-

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

Ratings for Port of Tauranga Limited

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

5.09 NZD

Average target price

5.604 NZD

Spread / Average Target

+10.10%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Port Operators

	1st Jan change	Capi.
PORT OF TAURANGA LIMITED	-9.11%	2.05B
INTERNATIONAL CONTAINER TERMINAL SERVICES, INC.	+32.25%	11.49B
CHINA MERCHANTS PORT GROUP CO., LTD.	+14.79%	6.06B
BEIBU GULF PORT CO., LTD.	+8.12%	1.96B
WILSON SONS S.A.	-3.49%	1.45B
GUJARAT PIPAVAV PORT LIMITED	+40.02%	1.24B
GEMADEPT CORPORATION	+19.43%	1.03B
FAR-EASTERN SHIPPING COMPANY PLC.	-.--%	977M
PIRAEUS PORT AUTHORITY S.A.	+6.68%	661M
ASIAN TERMINALS, INC.	+26.53%	657M

Port Operators