Financials Channel Infrastructure NZ 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
1.56 ^NZD	+1.30%		+3.31%	+7.59%

Apr. 19	New Zealand Shares Slide as Market Shifts Away from Expectations of Imminent Rate Cuts	MT
Apr. 19	Channel Infrastructure Posts 13% Increase in Q1 Fuel Demand Outlook to 921 Million Liters	MT

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	586.9	171.8	349	531.5	548.6	590.2	-	-
Enterprise Value (EV) ¹	831.8	403.3	532.6	788.5	548.6	867.5	875.8	867.1
P/E ratio	145 x	-0.87 x	-0.54 x	44.7 x	22.7 x	12.5 x	17.8 x	17.7 x
Yield	1.06%	-	-	4.9%	-	7.19%	7.86%	8.06%
Capitalization / Revenue	1.68 x	0.7 x	1.49 x	3.36 x	3.99 x	4.31 x	4.33 x	4.25 x
EV / Revenue	2.39 x	1.64 x	2.28 x	4.98 x	3.99 x	6.34 x	6.42 x	6.24 x
EV / EBITDA	7.03 x	8 x	7.31 x	9.69 x	6.29 x	9.15 x	9.34 x	9.08 x
EV / FCF	-	-	-	-	-	13.4 x	11.3 x	11.3 x
FCF Yield	-	-	-	-	-	7.47%	8.83%	8.88%
Price to Book	0.78 x	0.3 x	0.6 x	1.03 x	-	1.21 x	1.25 x	1.28 x
Nbr of stocks (in thousands)	312,201	312,306	371,255	371,694	378,378	378,319	-	-
Reference price ²	1.880	0.5500	0.9400	1.430	1.450	1.560	1.560	1.560
Announcement Date	2/26/20	2/16/21	2/22/22	2/24/23	2/28/24	-	-	-

¹NZD in Million²NZD

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	348.4	245.7	234.1	158.2	137.6	136.8	136.3	138.9
EBITDA ¹	118.2	50.42	72.85	81.41	87.16	94.86	93.8	95.5
EBIT ¹	18.3	-36.8	-11.19	48.89	51.75	59.58	60.2	61.57
Operating Margin	5.25%	-14.97%	-4.78%	30.91%	37.62%	43.56%	44.15%	44.32%
Earnings before Tax (EBT) ¹	4.859	-271.4	-765.1	25.44	29.15	64.83	45.72	45.85
Net income ¹	4.165	-198.3	-552.6	11.96	24.06	46.67	32.9	33.02
Net margin	1.2%	-80.68%	-236.07%	7.56%	17.49%	34.12%	24.13%	23.77%
EPS ²	0.0130	-0.6350	-1.739	0.0320	0.0640	0.1245	0.0878	0.0881
Free Cash Flow ¹	-	-	-	-	-	64.8	77.3	77
FCF margin	-	-	-	-	-	47.37%	56.7%	55.43%
FCF Conversion (EBITDA)	-	-	-	-	-	68.31%	82.41%	80.63%
FCF Conversion (Net income)	-	-	-	-	-	138.85%	234.93%	233.17%
Dividend per Share ²	0.0200	-	-	0.0700	-	0.1121	0.1226	0.1258
Announcement Date	2/26/20	2/16/21	2/22/22	2/24/23	2/28/24	-	-	-

¹NZD in Million²NZD

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	245	232	184	257	-	277	286	277
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.071 x	4.592 x	2.52 x	3.157 x	-	2.924 x	3.045 x	2.9 x
Free Cash Flow ¹	-	-	-	-	-	64.8	77.3	77
ROE (net income / shareholders' equity)	0.55%	-5.28%	-104%	2.36%	-	6.17%	6.73%	7.15%
ROA (Net income/ Total Assets)	0.3%	-2.71%	-47.5%	1.14%	-	6.4%	6.47%	6.72%
Assets ¹	1,386	7,319	1,163	1,052	-	729.7	508.3	491.2
Book Value Per Share ²	2.420	1.810	1.560	1.390	-	1.280	1.250	1.220
Cash Flow per Share ²	0.3800	0.1000	0.1100	-0.0400	0.1000	0.2200	0.1600	0.1700
Capex ¹	77.7	33.9	33.4	59.1	-	25.2	51.3	28.8
Capex / Sales	22.3%	13.81%	14.29%	37.39%	-	18.42%	37.64%	20.72%
Announcement Date	2/26/20	2/16/21	2/22/22	2/24/23	2/28/24	-	-	-

¹NZD in Million²NZD

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

C-

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

1.56 NZD

Average target price

1.693 NZD

Spread / Average Target

+8.55%

	1st Jan change	Capi.
CHANNEL INFRASTRUCTURE NZ LIMITED	+7.59%	350M
HF SINCLAIR CORPORATION	+3.35%	11.3B
TÜRKIYE PETROL RAFINERILERI	+34.34%	11.4B
IDEMITSU KOSAN CO., LTD.	+36.55%	9.18B
ICAHN ENTERPRISES L.P.	+0.35%	7.4B
MANGALORE REFINERY AND PETROCHEMICALS LIMITED	+88.44%	5.28B
CVR ENERGY, INC.	+9.64%	3.34B
SINOPEC SHANGHAI PETROCHEMICAL COMPANY LIMITED	-1.77%	3.33B
MOTOR OIL HELLAS CORINTH REFINERIES S.A.	+12.04%	3.08B
HELLENIQ ENERGY HOLDINGS S.A.	+15.04%	2.73B