Financials Kiwi Property Group 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
0.81 ^NZD	-2.41%		-2.41%	-7.43%

Apr. 04	New Zealand Shares Flat on as Rate Cut Hopes Dim; Rua Bioscience Signs Cannabis Supply Deal	MT
Apr. 04	Kiwi Property Group's Preliminary Property Portfolio Valuation Inches Up in H2	MT

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	2,128	1,475	1,946	1,727	1,430	1,289	-	-
Enterprise Value (EV) ¹	2,973	2,474	3,011	2,851	2,543	2,483	2,526	2,589
P/E ratio	15.4 x	-7.52 x	9.9 x	7.7 x	-6.28 x	-20.9 x	9.58 x	7.33 x
Yield	4.68%	-	4.15%	5.09%	6.26%	7.01%	6.76%	6.87%
Capitalization / Revenue	11.8 x	7.9 x	11.2 x	9.23 x	7.02 x	6.98 x	6.72 x	6.33 x
EV / Revenue	16.5 x	13.2 x	17.3 x	15.2 x	12.5 x	13.4 x	13.2 x	12.7 x
EV / EBITDA	17.8 x	14.9 x	19.8 x	17.5 x	13.6 x	16.2 x	15.2 x	14.6 x
EV / FCF	-48,481,136 x	-	-	-	-	-	-	-
FCF Yield	-0%	-	-	-	-	-	-	-
Price to Book	1.04 x	0.71 x	0.91 x	0.76 x	0.74 x	0.71 x	0.71 x	0.68 x
Nbr of stocks (in thousands)	1,432,820	1,569,088	1,569,369	1,570,095	1,571,172	1,591,972	-	-
Reference price ²	1.485	0.9400	1.240	1.100	0.9100	0.8100	0.8100	0.8100
Announcement Date	5/19/19	5/25/20	5/23/21	5/22/22	5/22/23	-	-	-

¹NZD in Million²NZD

Estimates

Fiscal Period: Maart	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	180.7	186.8	173.6	187.1	203.7	184.7	191.9	203.8
EBITDA ¹	167.1	166.5	152	163	187.1	153.3	166.4	177.5
EBIT ¹	159.8	164.2	152	163	173.6	152.7	160.2	171
Operating Margin	88.44%	87.92%	87.59%	87.14%	85.2%	82.64%	83.49%	83.91%
Earnings before Tax (EBT)	162.1	-170.1	222.4	260.6	-	-	-	-
Net income ¹	138.1	-186.7	196.5	224.3	-227.7	-61.1	133.7	169
Net margin	76.44%	-99.95%	113.22%	119.86%	-111.78%	-33.08%	69.68%	82.91%
EPS ²	0.0967	-0.1250	0.1252	0.1429	-0.1449	-0.0388	0.0846	0.1105
Free Cash Flow	-61.33	-	-	-	-	-	-	-
FCF margin	-33.95%	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	0.0695	-	0.0515	0.0560	0.0570	0.0568	0.0548	0.0556
Announcement Date	5/19/19	5/25/20	5/23/21	5/22/22	5/22/23	-	-	-

¹NZD in Million²NZD

Estimates

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	846	999	1,065	1,124	1,113	1,194	1,236	1,300
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	5.061 x	5.996 x	7.005 x	6.896 x	5.95 x	7.787 x	7.429 x	7.321 x
Free Cash Flow	-61.3	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	6.83%	5.63%	5.01%	4.87%	5.55%	5.01%	5.04%	5.38%
ROA (Net income/ Total Assets)	4.37%	4.56%	3.15%	3.09%	3.42%	4.85%	5.19%	5.28%
Assets ¹	3,159	-4,098	6,234	7,269	-6,666	-1,260	2,577	3,200
Book Value Per Share ²	1.430	1.320	1.360	1.450	1.230	1.150	1.150	1.190
Cash Flow per Share ²	-	-	-	-	0.0800	0.0600	0.0600	0.0600
Capex ¹	161	160	103	81	162	187	79.8	47.3
Capex / Sales	89.32%	85.44%	59.47%	43.31%	79.7%	100.97%	41.56%	23.23%
Announcement Date	5/19/19	5/25/20	5/23/21	5/22/22	5/22/23	-	-	-

¹NZD in Million²NZD

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

B+

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

0.81 NZD

Average target price

0.935 NZD

Spread / Average Target

+15.43%

	1st Jan change	Capi.
KIWI PROPERTY GROUP LIMITED	-7.43%	765M
MITSUI FUDOSAN CO., LTD.	+36.16%	27.94B
SUN HUNG KAI PROPERTIES LIMITED	-13.74%	26.97B
DLF LIMITED	+25.00%	26.95B
CHINA RESOURCES LAND LIMITED	-0.71%	25.32B
MITSUBISHI ESTATE CO., LTD.	+44.49%	22.58B
EMAAR PROPERTIES	+2.78%	19.59B
CHINA OVERSEAS LAND & INVESTMENT LTD.	+1.45%	19.52B
SUMITOMO REALTY & DEVELOPMENT CO., LTD.	+28.54%	16.23B
CK ASSET HOLDINGS LIMITED	-14.80%	14.98B