TOWER LIMITED (TWR)
Share Price Analysis and Chart

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TWR - TOWER LIMITED

FNArena Sector : Insurance

Year End: September

GICS Industry Group : Insurance

Debt/EBITDA: N/A

Index:

LAST PRICE	CHANGE +/-	CHANGE %	VOLUME
$1.57 17 Sep 2025	0.010 OPEN $1.56	0.64% HIGH $1.59	5,126 LOW $1.56

LAST PRICE

CHANGE +/-

CHANGE %

VOLUME

$1.57

17 Sep
2025

0.010

OPEN

$1.56

0.64%

HIGH

$1.59

5,126

LOW

$1.56

OTHER COMPANIES IN THE SAME SECTOR
AUB . CVW . FCL . GDG . HLI . IAG . MPL . NHF . NOL . QBE . SDF . SUN .

FNARENA'S MARKET CONSENSUS FORECASTS

12 Month Avg FX Values

Present FX Values

Original Currency

Title	FY25 Forecast	FY26 Forecast
EPS (cps)	28.2	xxx
DPS (cps)	16.4	xxx
EPS Growth	N/A	xxx
DPS Growth	N/A	xxx
PE Ratio	5.5	xxx
Dividend Yield	10.5%	xxx
Div Pay Ratio(%)	58.3%	xxx

Title	FY25 Forecast	FY26 Forecast
EPS (cps)	27.5	xxx
DPS (cps)	16.0	xxx
EPS Growth	N/A	xxx
DPS Growth	N/A	xxx
PE Ratio	5.7	xxx
Dividend Yield	10.3%	xxx
Div Pay Ratio(%)	58.3%	xxx

Title	FY23 Actual	FY24 Actual	FY25 Forecast	FY26 Forecast
EPS (cps)	xxx	19.6	30.9	xxx
DPS (cps)	xxx	9.5	18.0	xxx
EPS Growth	xxx	N/A	57.7%	xxx
DPS Growth	xxx	N/A	89.5%	xxx
Div Pay Ratio(%)	xxx	48.5%	58.3%	xxx

This company reports in NZD.
All estimates have been converted into AUD by FNArena at present FX values.

Dividend yield today if purchased 3 years ago: 14.60%

DIVIDEND YIELD CALCULATOR

Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages

Last ex-div: 12/06 - (franking ex-di

HISTORICAL DATA ARE ALL IN AUD

Copyright © 2025 FactSet UK Limited. All rights reserved

Title	2019	2020	2021	2022	2023	2024
EPS Basic	xxx	xxx	xxx	xxx	xxx	19.5
DPS All	xxx	xxx	xxx	xxx	xxx	9.7
Sales/Revenue	xxx	xxx	xxx	xxx	xxx	533.9 M
Book Value Per Share	xxx	xxx	xxx	xxx	xxx	96.7
Net Operating Cash Flow	xxx	xxx	xxx	xxx	xxx	133.9 M
Net Profit Margin	xxx	xxx	xxx	xxx	xxx	12.24 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title	2019	2020	2021	2022	2023	2024
Return on Capital Employed	xxx	xxx	xxx	xxx	xxx	21.44 %
Return on Invested Capital	xxx	xxx	xxx	xxx	xxx	19.90 %
Return on Assets	xxx	xxx	xxx	xxx	xxx	8.88 %
Return on Equity	xxx	xxx	xxx	xxx	xxx	21.44 %
Return on Total Capital	xxx	xxx	xxx	xxx	xxx	28.64 %
Free Cash Flow ex dividends	xxx	xxx	xxx	xxx	xxx	121.2 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title	2019	2020	2021	2022	2023	2024
Short-Term Debt	xxx	xxx	xxx	xxx	xxx	5 M
Long Term Debt	xxx	xxx	xxx	xxx	xxx	22 M
Total Debt	xxx	xxx	xxx	xxx	xxx	26 M
Goodwill - Gross	xxx	xxx	xxx	xxx	xxx	16 M
Cash & Equivalents - Generic	xxx	xxx	xxx	xxx	xxx	69 M
Price To Book Value	xxx	xxx	xxx	xxx	xxx	1.42

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title	2019	2020	2021	2022	2023	2024
Capex	xxx	xxx	xxx	xxx	xxx	18.2 M
Capex % of Sales	xxx	xxx	xxx	xxx	xxx	3.41 %
Cost of Goods Sold	xxx	xxx	xxx	xxx	xxx	-
Selling, General & Admin. Exp & Other	xxx	xxx	xxx	xxx	xxx	87 M
Research & Development	xxx	xxx	xxx	xxx	xxx	-
Investments - Total	xxx	xxx	xxx	xxx	xxx	337 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
EXTRA COVERAGE

EXPERT VIEWS

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Sentiment Indicator

1.0

No. Of Recommendations

BROKER	DATE	RATING	RECOMMENDATION	TARGET PRICE	% TO REACH TARGET	COMMENTARY
Macquarie	16/09/2025	1	Outperform	-	-	Tower lifted FY25 underlying net profit guidance to NZ$100-110m from NZ$70-80m, due to lower assumed large losses, down to -NZ$7m from the -NZ$50m previous assumption. The insurer also revised management expense ratio to around 31% from less than 31% before, reflecting softer gross premium growth and ongoing technology/growth investment. Gross premium growth guidance cut to 2-3% from mid-single digits due to lower average premiums, even as policy and customer numbers grew. A higher proportion of lower-risk new policies was the contributor. FY25 earnings forecast upgraded by 44% but FY26 cut by -5%. Outperform. Target rises to NZ$1.70 from NZ$1.68. FORECAST Macquarie forecasts a full year FY25 dividend of 16.41 cents and EPS of 28.18 cents. Macquarie forecasts a full year FY26 dividend of 10.94 cents and EPS of 15.50 cents.

BROKER

DATE

RATING

RECOMMENDATION

TARGET PRICE

% TO REACH TARGET

COMMENTARY

Macquarie

16/09/2025

Outperform

Tower lifted FY25 underlying net profit guidance to NZ$100-110m from NZ$70-80m, due to lower assumed large losses, down to -NZ$7m from the -NZ$50m previous assumption.

The insurer also revised management expense ratio to around 31% from less than 31% before, reflecting softer gross premium growth and ongoing technology/growth investment.

Gross premium growth guidance cut to 2-3% from mid-single digits due to lower average premiums, even as policy and customer numbers grew. A higher proportion of lower-risk new policies was the contributor.

FY25 earnings forecast upgraded by 44% but FY26 cut by -5%. Outperform. Target rises to NZ$1.70 from NZ$1.68.

FORECAST
Macquarie forecasts a full year FY25 dividend of 16.41 cents and EPS of 28.18 cents.
Macquarie forecasts a full year FY26 dividend of 10.94 cents and EPS of 15.50 cents.

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EXTRA COVERAGE

Display All Commentary

No. Of Recommendations

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER	DATE	RATING	RECOMMENDATION	TARGET PRICE	% TO REACH TARGET	COMMENTARY

Access Extra Coverage Research History >

TWR STOCK CHART

FNArena News on TWR

1	Next Week At A Glance – 10-14 Feb 2025 Feb 07 2025 - Weekly Reports

2	FNArena Corporate Results Monitor – 09-12-2024 Dec 09 2024 - Australia

3	Rudi’s Views: August 2023 – Winners & Losers Sep 13 2023 - Rudi's View

4	Brokers Tip Rosy Year For Insurers Jul 05 2018 - Australia

5	Weekly Ratings, Targets, Forecast Changes Mar 12 2018 - Weekly Reports

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10	Pros And Cons Of Insurance Companies Aug 02 2023 - Australia

Dividend Yield Today On Last Actual Payout :	5.43
Estimated Dividend Growth (Average Of Past Three Years)	%
Amount Invested	$
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TOWER LIMITED (TWR)
Share Price Analysis and Chart