CHORUS LIMITED (CNU)
Share Price Analysis and Chart

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08/09/2025

3

Neutral

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UBS highlights Chorus has outperformed the NZX50 by 12% year-to-date, compared to Spark New Zealand ((SPK)), which has underperformed by -13%, and the company is screening as expensive.

For Chorus investors, the key aspect surrounds any change in its dividend policy if S&P changes its rating criteria for a BBB rating, which could happen later in 2025, according to the analyst.

UBS maintains its Neutral rating and target at NZ$9.25.

FORECAST
UBS forecasts a full year FY26 dividend of 54.52 cents and EPS of 9.09 cents.
UBS forecasts a full year FY27 dividend of 57.24 cents and EPS of 16.36 cents.

10/10/2025

4

Underweight

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Jarden compares dual-listed Chorus (New Zealand and Australia) with New Zealand-listed competitor Vector.

The analyst favours Vector for its stronger growth options, more favourable regulatory settings, lower competitive exposure, greater dividend flexibility, and better relative value.

The broker keeps its Underweight rating for Chorus, highlighting ongoing long-term dividend pressure and a valuation disconnect from discounted cash flow.

The target price for Chorus is trimmed to NZ$8.37 from NZ$8.44.

FORECAST
Jarden forecasts a full year FY26 dividend of 54.52 cents and EPS of 12.27 cents.
Jarden forecasts a full year FY27 dividend of 56.33 cents and EPS of 11.99 cents.