CHORUS LIMITED (CNU)
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24/02/2026

3

Neutral

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Chorus delivered a first half result that was slightly better than UBS expected amid better cost control. The main variance was lower network costs given the retirement of copper networks.

Revenue was in line with fibre revenue growth of 7%. FY26 guidance has been maintained for EBITDA in the range of NZ$710-730m.

The broker believes the business could revalue its fibre network at the FY26 result and makes no major changes to forecasts. Neutral retained. Target edges up to NZ$9.35 from NZ$9.25.

FORECAST
UBS forecasts a full year FY26 dividend of 53.39 cents and EPS of 8.90 cents.
UBS forecasts a full year FY27 dividend of 56.05 cents and EPS of 16.91 cents.

16/03/2026

4

Underweight

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The Commerce Commission’s draft decision to retain the current methodology for calculating regulatory WACC  fails to address volatility in allowable revenues for regulated utilities, Jarden notes.

The analyst points to large swings in risk-free rates have caused significant revenue fluctuations across regulatory periods, raising financeability concerns for operators and potential price shocks for consumers.

Jarden believes adopting a trailing average cost of debt, similar to approaches used by overseas regulators, would better smooth revenues and reduce volatility.

Underweight rated with an unchanged NZ$8.43 target price.

FORECAST
Jarden forecasts a full year FY26 dividend of 53.39 cents and EPS of 11.66 cents.
Jarden forecasts a full year FY27 dividend of 54.72 cents and EPS of 14.24 cents.