Financials Napier Port Holdings 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
2.38 ^NZD	+1.28%		+1.28%	-5.18%

Apr. 09	New Zealand Shares Fall for Second Day; Fisher & Paykel Healthcare Launches Apnea Mask	MT
Apr. 09	Napier Port Holdings H1 Total Container Volumes Fall 17.3% to 119k TEU	MT

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	613.6	707.9	629.6	575.9	467	475.1	-	-
Enterprise Value (EV) ¹	582.4	700.7	705.3	705.5	591.1	593.6	585.6	576.3
P/E ratio	90.3 x	32.3 x	26.3 x	28.8 x	29.3 x	22.2 x	17 x	14.1 x
Yield	0.81%	1.41%	2.38%	2.6%	2.24%	3.16%	4.11%	4.91%
Capitalization / Revenue	6.16 x	7.05 x	5.75 x	5.03 x	3.94 x	3.57 x	3.15 x	2.95 x
EV / Revenue	5.85 x	6.98 x	6.44 x	6.16 x	4.99 x	4.46 x	3.89 x	3.58 x
EV / EBITDA	14.4 x	17.1 x	16.1 x	17.6 x	15.9 x	12.2 x	9.53 x	8.35 x
EV / FCF	48,870,951 x	-	-	-	-	-	-	-
FCF Yield	0%	-	-	-	-	-	-	-
Price to Book	1.82 x	2.04 x	1.77 x	1.47 x	1.18 x	1.19 x	1.15 x	1.12 x
Nbr of stocks (in thousands)	199,876	199,404	199,876	199,959	199,567	199,605	-	-
Reference price ²	3.070	3.550	3.150	2.880	2.340	2.380	2.380	2.380
Announcement Date	11/18/19	11/17/20	11/15/21	11/15/22	11/13/23	-	-	-

¹NZD in Million²NZD

Estimates

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	99.62	100.4	109.5	114.5	118.4	133.1	150.7	160.8
EBITDA ¹	40.5	41.03	43.79	40.09	37.24	48.49	61.46	69
EBIT ¹	28.87	28.89	30.71	26.51	21.01	32.33	45.2	52.64
Operating Margin	28.98%	28.76%	28.05%	23.15%	17.75%	24.29%	30%	32.73%
Earnings before Tax (EBT)	12.03	-	-	-	-	-	-	-
Net income ¹	6.848	22.01	23.16	20.42	16.59	21.44	28.09	33.79
Net margin	6.87%	21.92%	21.16%	17.83%	14.01%	16.11%	18.65%	21.01%
EPS ²	0.0340	0.1100	0.1200	0.1000	0.0800	0.1070	0.1402	0.1686
Free Cash Flow	11.92	-	-	-	-	-	-	-
FCF margin	11.96%	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	29.42%	-	-	-	-	-	-	-
FCF Conversion (Net income)	174.02%	-	-	-	-	-	-	-
Dividend per Share ²	0.0250	0.0500	0.0750	0.0750	0.0525	0.0752	0.0977	0.1169
Announcement Date	11/18/19	11/17/20	11/15/21	11/15/22	11/13/23	-	-	-

¹NZD in Million²NZD

Estimates

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	75.7	130	124	119	111	101
Net Cash position ¹	31.2	7.2	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	1.728 x	3.233 x	3.333 x	2.445 x	1.798 x	1.467 x
Free Cash Flow	11.9	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	7.24%	6.46%	6.19%	5.47%	3.96%	4.63%	6.8%	7.93%
ROA (Net income/ Total Assets)	5.64%	-	-	3.92%	-	5.7%	7.88%	9.1%
Assets ¹	121.3	-	-	521.4	-	376.5	356.5	371.5
Book Value Per Share ²	1.680	1.740	1.780	1.960	1.980	2.010	2.070	2.130
Cash Flow per Share ²	0.2400	0.1500	0.1700	0.1600	0.1900	0.1700	0.2200	0.2500
Capex ¹	17.6	46	104	72.1	13.8	19.2	19.5	19.8
Capex / Sales	17.72%	45.79%	94.72%	62.93%	11.62%	14.4%	12.94%	12.33%
Announcement Date	11/18/19	11/17/20	11/15/21	11/15/22	11/13/23	-	-	-

¹NZD in Million²NZD

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

C+

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

2.38 NZD

Average target price

2.65 NZD

Spread / Average Target

+11.34%

	1st Jan change	Capi.
NAPIER PORT HOLDINGS LIMITED	-5.18%	282M
INTERNATIONAL CONTAINER TERMINAL SERVICES, INC.	+32.25%	11.49B
CHINA MERCHANTS PORT GROUP CO., LTD.	+14.79%	6.06B
PORT OF TAURANGA LIMITED	-9.11%	2.05B
BEIBU GULF PORT CO., LTD.	+8.12%	1.96B
TIANJIN PORT CO., LTD.	+8.52%	1.78B
WILSON SONS S.A.	-3.49%	1.45B
GUJARAT PIPAVAV PORT LIMITED	+42.05%	1.24B
GEMADEPT CORPORATION	+19.43%	1.03B
FAR-EASTERN SHIPPING COMPANY PLC.	-.--%	977M