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EROAD LIMITED

(ERD)
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EROAD : enters NZX 50

12/12/2021 | 07:06pm EDT

Following the completion of its 100% acquisition of Coretex Ltd, EROAD is pleased to announce that from 20 December, it will be part of the NZX 50 index.

The NZX 50 is an index of the top 50 most valuable listed companies in New Zealand, and is widely considered New Zealand's preeminent benchmark index. EROAD is entering the NZX 50 at number 45.

CEO Steven Newman said "This is an incredible achievement for our teams. We've always said that the acquisition of Coretex would be transformational and this is only the beginning."

Both EROAD and Coretex are home grown NZ tech start-ups which have enjoyed sustained success on the global telematics stage. "The fact that both businesses have been focused on the same international markets but have matured with complementary strengths is incredible" Newman says.

EROAD has achieved significant growth over the last 7 years since it first listed on the NZX in 2014. It also listed on the ASX in 2020 to attract further investment and continue delivering on its growth strategy.

The acquisition of Coretex which is now complete, is one of the biggest made by any tech company listed on the NZX. "We have the potential to be an iconic NZ company. The real winner is NZ tech. We see so many NZ tech start-ups being acquired by international players and jobs going offshore once they reach a certain size. It feels great to be able to reverse that trend for once and lead industry disruption from this end of the world".

EROAD will appear on the NZX 50 Index when markets open on 20 December.

Disclaimer

EROAD Limited published this content on 13 December 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 December 2021 00:05:06 UTC.


© Publicnow 2021
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Financials
Sales 2022 125 M 81,0 M 81,0 M
Net income 2022 -6,33 M -4,09 M -4,09 M
Net cash 2022 0,13 M 0,09 M 0,09 M
P/E ratio 2022 -
Yield 2022 -
Capitalization 327 M 211 M 211 M
EV / Sales 2022 2,61x
EV / Sales 2023 2,16x
Nbr of Employees 363
Free-Float 84,5%
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Mean consensus BUY
Number of Analysts 3
Last Close Price 2,98 NZD
Average target price 5,07 NZD
Spread / Average Target 70,0%
EPS Revisions
Managers and Directors
Mark Heine CEO, Secretary, Executive VP & General Counsel
Graham Robert Stuart Independent Chairman
Tim Hogan Chief Technology Officer
Matt Dalton Chief Operating Officer
Soona Lee Director-North America Regulatory Compliance
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