Financials The Warehouse 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
1.36 ^NZD	-3.55%		-6.21%	-15.53%

Mar. 20	The Warehouse Group Limited Declares Fully Imputed Interim Dividend for the Period Ended 28 January 2024, Payable on 23 April 2024	CI
Mar. 20	The Warehouse Group Limited Reports Earnings Results for the Half Year Ended January 28, 2024	CI

Fiscal Period: July	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	790.2	711.3	1,188	1,122	621.6	469.7	-	-
Enterprise Value (EV) ¹	866.3	543.2	1,188	1,097	669.7	508.4	529.3	536.4
P/E ratio	12.1 x	16 x	10.1 x	12.5 x	20.9 x	28.6 x	8.17 x	6.69 x
Yield	7.42%	-	9.01%	6.15%	4.44%	6.27%	8.24%	10.2%
Capitalization / Revenue	0.26 x	0.22 x	0.35 x	0.34 x	0.18 x	0.15 x	0.15 x	0.14 x
EV / Revenue	0.28 x	0.17 x	0.35 x	0.33 x	0.2 x	0.16 x	0.17 x	0.17 x
EV / EBITDA	5.01 x	3.1 x	3.66 x	3.6 x	2.53 x	1.92 x	1.83 x	1.73 x
EV / FCF	6.34 x	-	-	-	-	3.81 x	5.01 x	3.88 x
FCF Yield	15.8%	-	-	-	-	26.3%	20%	25.8%
Price to Book	1.64 x	1.89 x	2.63 x	2.66 x	1.55 x	1.54 x	1.48 x	1.39 x
Nbr of stocks (in thousands)	345,050	345,286	345,286	345,354	345,354	345,354	-	-
Reference price ²	2.290	2.060	3.440	3.250	1.800	1.360	1.360	1.360
Announcement Date	9/25/19	10/14/20	9/28/22	9/27/22	9/28/23	-	-	-

¹NZD in Million²NZD

Estimates

Fiscal Period: July	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	3,071	3,173	3,415	3,294	3,399	3,106	3,161	3,248
EBITDA ¹	173	175	324.8	304.9	264.7	265.3	288.5	309.9
EBIT ¹	112.4	157.8	283.4	132.7	102	101.8	121.9	138.7
Operating Margin	3.66%	4.97%	8.3%	4.03%	3%	3.28%	3.86%	4.27%
Earnings before Tax (EBT) ¹	94.06	57.97	156.7	121.9	43.59	53.47	77.71	80.91
Net income ¹	65.4	44.47	117.6	89.3	29.81	16.41	57.47	70.18
Net margin	2.13%	1.4%	3.45%	2.71%	0.88%	0.53%	1.82%	2.16%
EPS ²	0.1890	0.1290	0.3400	0.2590	0.0860	0.0475	0.1664	0.2032
Free Cash Flow ¹	136.7	-	-	-	-	133.5	105.7	138.2
FCF margin	4.45%	-	-	-	-	4.3%	3.34%	4.25%
FCF Conversion (EBITDA)	79%	-	-	-	-	50.33%	36.64%	44.59%
FCF Conversion (Net income)	208.97%	-	-	-	-	813.34%	183.92%	196.92%
Dividend per Share ²	0.1700	-	0.3100	0.2000	0.0800	0.0853	0.1120	0.1383
Announcement Date	9/25/19	10/14/20	9/28/22	9/27/22	9/28/23	-	-	-

¹NZD in Million²NZD

Estimates

Fiscal Period: July	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	76.2	-	-	-	48.1	38.8	59.6	66.8
Net Cash position ¹	-	168	-	25	-	-	-	-
Leverage (Debt/EBITDA)	0.4403 x	-	-	-	0.1816 x	0.1461 x	0.2067 x	0.2154 x
Free Cash Flow ¹	137	-	-	-	-	134	106	138
ROE (net income / shareholders' equity)	13.6%	18.8%	28.1%	21%	9.09%	11.7%	16.3%	18.4%
ROA (Net income/ Total Assets)	6.23%	3.06%	-	-	2.06%	5.57%	6.75%	6.84%
Assets ¹	1,051	1,453	-	-	1,444	294.7	851.4	1,026
Book Value Per Share ²	1.390	1.090	1.310	1.220	1.160	0.8800	0.9200	0.9800
Cash Flow per Share ²	0.5700	-	-	-	0.6200	-0.3600	-0.3400	-0.2600
Capex ¹	61.3	64.5	83.2	107	115	63.2	71.9	75.5
Capex / Sales	2%	2.03%	2.44%	3.26%	3.39%	2.04%	2.28%	2.32%
Announcement Date	9/25/19	10/14/20	9/28/22	9/27/22	9/28/23	-	-	-

¹NZD in Million²NZD

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

1.36 NZD

Average target price

1.6 NZD

Spread / Average Target

+17.65%

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