CHORUS LIMITED (CNU)
Share Price Analysis and Chart

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CNU - CHORUS LIMITED

FNArena Sector : Telecommunication

Year End: June

GICS Industry Group : Telecommunication Services

Debt/EBITDA: 6.99

Index: ASX200 | ASX300 | ALL-ORDS

Chorus is a New Zealand telecommunications company providing fixed & mobile phone services and internet services. It was de-merged from Telecom New Zealand and listed on both the ASX and NZX in 2011.

LAST PRICE	CHANGE +/-	CHANGE %	VOLUME
$8.85 27 Aug 2025	0.080 OPEN $8.77	0.91% HIGH $8.87	1,068,220 LOW $8.71

LAST PRICE

CHANGE +/-

CHANGE %

VOLUME

$8.85

27 Aug
2025

0.080

OPEN

$8.77

0.91%

HIGH

$8.87

1,068,220

LOW

$8.71

OTHER COMPANIES IN THE SAME SECTOR
5GG . 5GN . ABB . ESK . FSG . MAQ . SLC . SPK . ST1 . TLS . TPG . TPG . TUA .

FNARENA'S MARKET CONSENSUS FORECASTS

12 Month Avg FX Values

Present FX Values

Original Currency

Title	FY26 Forecast	FY27 Forecast
EPS (cps)	13.7	xxx
DPS (cps)	54.6	xxx
EPS Growth	N/A	xxx
DPS Growth	N/A	xxx
PE Ratio	64.4	xxx
Dividend Yield	6.2%	xxx
Div Pay Ratio(%)	397.3%	xxx

Title	FY26 Forecast	FY27 Forecast
EPS (cps)	13.5	xxx
DPS (cps)	53.8	xxx
EPS Growth	N/A	xxx
DPS Growth	N/A	xxx
PE Ratio	65.4	xxx
Dividend Yield	6.1%	xxx
Div Pay Ratio(%)	397.3%	xxx

Title	FY24 Actual	FY25 Actual	FY26 Forecast	FY27 Forecast
EPS (cps)	xxx	N/A	15.0	xxx
DPS (cps)	xxx	N/A	59.8	xxx
EPS Growth	xxx	N/A	N/A	xxx
DPS Growth	xxx	N/A	N/A	xxx
Div Pay Ratio(%)	xxx	N/A	397.3%	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: N/A

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: 16/09 - (franking ex-di

HISTORICAL DATA ARE ALL IN AUD

Copyright © 2025 FactSet UK Limited. All rights reserved

Title	2020	2021	2022	2023	2024	2025
EPS Basic	xxx	xxx	xxx	xxx	xxx	0.8
DPS All	xxx	xxx	xxx	xxx	xxx	52.4
Sales/Revenue	xxx	xxx	xxx	xxx	xxx	922.2 M
Book Value Per Share	xxx	xxx	xxx	xxx	xxx	121.0
Net Operating Cash Flow	xxx	xxx	xxx	xxx	xxx	508.1 M
Net Profit Margin	xxx	xxx	xxx	xxx	xxx	0.40 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title	2020	2021	2022	2023	2024	2025
Return on Capital Employed	xxx	xxx	xxx	xxx	xxx	0.56 %
Return on Invested Capital	xxx	xxx	xxx	xxx	xxx	0.08 %
Return on Assets	xxx	xxx	xxx	xxx	xxx	0.07 %
Return on Equity	xxx	xxx	xxx	xxx	xxx	0.56 %
Return on Total Capital	xxx	xxx	xxx	xxx	xxx	4.22 %
Free Cash Flow ex dividends	xxx	xxx	xxx	xxx	xxx	-57.5 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	2020	2021	2022	2023	2024	2025
Short-Term Debt	xxx	xxx	xxx	xxx	xxx	244 M
Long Term Debt	xxx	xxx	xxx	xxx	xxx	4,230 M
Total Debt	xxx	xxx	xxx	xxx	xxx	4,474 M
Goodwill - Gross	xxx	xxx	xxx	xxx	xxx	-
Cash & Equivalents - Generic	xxx	xxx	xxx	xxx	xxx	75 M
Price To Book Value	xxx	xxx	xxx	xxx	xxx	6.47

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title	2020	2021	2022	2023	2024	2025
Capex	xxx	xxx	xxx	xxx	xxx	362.1 M
Capex % of Sales	xxx	xxx	xxx	xxx	xxx	39.27 %
Cost of Goods Sold	xxx	xxx	xxx	xxx	xxx	623 M
Selling, General & Admin. Exp & Other	xxx	xxx	xxx	xxx	xxx	91 M
Research & Development	xxx	xxx	xxx	xxx	xxx	-
Investments - Total	xxx	xxx	xxx	xxx	xxx	220 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

0.5

No. Of Recommendations

BROKER	DATE	RATING	RECOMMENDATION	TARGET PRICE	% TO REACH TARGET	COMMENTARY
Macquarie	xx/xx/xxxx	1	xxxxxxxxxx	-	xx.xx%	Broker commentary and detailed analysis is available for Full Members Only. Login above or Get a Free Trial
UBS	26/08/2025	3	Neutral	-	-	Chorus' FY25 was in line, with EBITDA of NZ$705m and DPS 57.5c. UBS notes management has guided FY26 EBITDA to NZ$710–730m, with copper revenue declines and lower labour capitalisation tempering the uplift. UBS notes proposed CPI-plus wholesale price rises from 1 January 2026 (4-6%) and speed upgrades to blunt fixed-wireless competition, and flags potential dividend upside if S&P relaxes BBB criteria. UBS maintains its Neutral rating and raises its 12-month price target to NZ$9.25 from NZ$8.50. Forecasts are cut for FY26 (EBITDA -1%, EPS -16%) but lifted for FY27–FY28 (EBITDA up 1–3%; EPS up 4–18%), with DPS nudged to NZ63c/66c. FORECAST UBS forecasts a full year FY26 dividend of 54.78 cents and EPS of 9.13 cents. UBS forecasts a full year FY27 dividend of 57.52 cents and EPS of 16.43 cents.

BROKER

DATE

RATING

RECOMMENDATION

TARGET PRICE

% TO REACH TARGET

COMMENTARY

Macquarie

xx/xx/xxxx

xxxxxxxxxx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
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UBS

26/08/2025

Neutral

Chorus' FY25 was in line, with EBITDA of NZ$705m and DPS 57.5c. UBS notes management has guided FY26 EBITDA to NZ$710–730m, with copper revenue declines and lower labour capitalisation tempering the uplift.

UBS notes proposed CPI-plus wholesale price rises from 1 January 2026 (4-6%) and speed upgrades to blunt fixed-wireless competition, and flags potential dividend upside if S&P relaxes BBB criteria.

UBS maintains its Neutral rating and raises its 12-month price target to NZ$9.25 from NZ$8.50. Forecasts are cut for FY26 (EBITDA -1%, EPS -16%) but lifted for FY27–FY28 (EBITDA up 1–3%; EPS up 4–18%), with DPS nudged to NZ63c/66c.

FORECAST
UBS forecasts a full year FY26 dividend of 54.78 cents and EPS of 9.13 cents.
UBS forecasts a full year FY27 dividend of 57.52 cents and EPS of 16.43 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
Jarden	28/08/2025	4	Underweight	-	-	Jarden notes Chorus' FY25 EBITDA was in line with its forecast, and midpoint of FY26 guidance of NZ$720m compared with its estimate of NZ$719m, prompting a lift to the midpoint. Momentum returned in fibre revenues in 2H25 and mid single-digit price increases are proposed in January 2025. However, the broker is cautious of trade-down mix given soft macro conditions and increased spec on homestarter to 100Mbps. The broker nudged capex outlook higher but is still slightly below the low end of the company's guidance range. Underweight. Target rises to NZ$8.44 from NZ$8.17. FORECAST Jarden forecasts a full year FY26 dividend of 54.78 cents and EPS of 12.33 cents. Jarden forecasts a full year FY27 dividend of 56.61 cents and EPS of 12.05 cents.

BROKER

DATE

RATING

RECOMMENDATION

TARGET PRICE

% TO REACH TARGET

COMMENTARY

Jarden

28/08/2025

Underweight

Jarden notes Chorus' FY25 EBITDA was in line with its forecast, and midpoint of FY26 guidance of NZ$720m compared with its estimate of NZ$719m, prompting a lift to the midpoint.

Momentum returned in fibre revenues in 2H25 and mid single-digit price increases are proposed in January 2025. However, the broker is cautious of trade-down mix given soft macro conditions and increased spec on homestarter to 100Mbps.

The broker nudged capex outlook higher but is still slightly below the low end of the company's guidance range.

Underweight. Target rises to NZ$8.44 from NZ$8.17.

FORECAST
Jarden forecasts a full year FY26 dividend of 54.78 cents and EPS of 12.33 cents.
Jarden forecasts a full year FY27 dividend of 56.61 cents and EPS of 12.05 cents.

Access Extra Coverage Research History >

CNU STOCK CHART

FNArena News on CNU

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Dividend Yield Today On Last Actual Payout :	N/A
Estimated Dividend Growth (Average Of Past Three Years)	%
Amount Invested	$
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CHORUS LIMITED (CNU)
Share Price Analysis and Chart