CHORUS LIMITED (CNU)
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CNU - CHORUS LIMITED

FNArena Sector : Telecommunication

Year End: June

GICS Industry Group : Telecommunication Services

Debt/EBITDA: 6.3

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
$8.45 07 Aug 2025	0.160 OPEN $8.26	1.93% HIGH $8.45	593,778 LOW $8.26

LAST PRICE

CHANGE +/-

CHANGE %

VOLUME

$8.45

07 Aug
2025

0.160

OPEN

$8.26

1.93%

HIGH

$8.45

593,778

LOW

$8.26

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	FY25 Forecast	FY26 Forecast
EPS (cps)	2.8	xxx
DPS (cps)	52.7	xxx
EPS Growth	N/A	xxx
DPS Growth	N/A	xxx
PE Ratio	298.1	xxx
Dividend Yield	6.2%	xxx
Div Pay Ratio(%)	1863.1%	xxx

Title	FY23 Actual	FY24 Actual	FY25 Forecast	FY26 Forecast
EPS (cps)	xxx	- 2.0	3.1	xxx
DPS (cps)	xxx	47.5	57.8	xxx
EPS Growth	xxx	N/A	N/A	xxx
DPS Growth	xxx	11.8%	21.6%	xxx
Div Pay Ratio(%)	xxx	N/A	1863.1%	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: 6.06%

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	2019	2020	2021	2022	2023	2024
EPS Basic	xxx	xxx	xxx	xxx	xxx	-1.9
DPS All	xxx	xxx	xxx	xxx	xxx	43.9
Sales/Revenue	xxx	xxx	xxx	xxx	xxx	934.3 M
Book Value Per Share	xxx	xxx	xxx	xxx	xxx	176.9
Net Operating Cash Flow	xxx	xxx	xxx	xxx	xxx	473.6 M
Net Profit Margin	xxx	xxx	xxx	xxx	xxx	-0.89 %

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	-0.95 %
Return on Invested Capital	xxx	xxx	xxx	xxx	xxx	-0.18 %
Return on Assets	xxx	xxx	xxx	xxx	xxx	-0.15 %
Return on Equity	xxx	xxx	xxx	xxx	xxx	-0.95 %
Return on Total Capital	xxx	xxx	xxx	xxx	xxx	4.48 %
Free Cash Flow ex dividends	xxx	xxx	xxx	xxx	xxx	-113.8 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	283 M
Long Term Debt	xxx	xxx	xxx	xxx	xxx	3,796 M
Total Debt	xxx	xxx	xxx	xxx	xxx	4,078 M
Goodwill - Gross	xxx	xxx	xxx	xxx	xxx	-
Cash & Equivalents - Generic	xxx	xxx	xxx	xxx	xxx	41 M
Price To Book Value	xxx	xxx	xxx	xxx	xxx	3.97

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	408.9 M
Capex % of Sales	xxx	xxx	xxx	xxx	xxx	43.76 %
Cost of Goods Sold	xxx	xxx	xxx	xxx	xxx	626 M
Selling, General & Admin. Exp & Other	xxx	xxx	xxx	xxx	xxx	88 M
Research & Development	xxx	xxx	xxx	xxx	xxx	-
Investments - Total	xxx	xxx	xxx	xxx	xxx	89 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	16/04/2025	3	Neutral	-	-	Chorus reported a -7k decline in fixed line connections in 3Q, which UBS considers to be largely in line with its forecast for -6k. However, the annualised line loss works out to -36k is worse than the broker's forecast of -29k. Still, the broker is positive, expecting 4Q to benefit from connections from the 10k new fibre premises currently being built. No change to forecasts. Neutral. Target unchanged at NZ$8.50. FORECAST UBS forecasts a full year FY25 dividend of 52.97 cents and EPS of 3.65 cents. UBS forecasts a full year FY26 dividend of 54.80 cents and EPS of 10.96 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

16/04/2025

Neutral

Chorus reported a -7k decline in fixed line connections in 3Q, which UBS considers to be largely in line with its forecast for -6k. However, the annualised line loss works out to -36k is worse than the broker's forecast of -29k.

Still, the broker is positive, expecting 4Q to benefit from connections from the 10k new fibre premises currently being built.

No change to forecasts. Neutral. Target unchanged at NZ$8.50.

FORECAST
UBS forecasts a full year FY25 dividend of 52.97 cents and EPS of 3.65 cents.
UBS forecasts a full year FY26 dividend of 54.80 cents and EPS of 10.96 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	04/03/2025	4	Underweight	-	-	Jarden notes Chorus' 1H25 result was a little softer with an implied downgrade in FY25 guidance to the bottom end of the NZ$700-720m range. The broker believes the sequential slowing in fibre revenue was partly due to price increases being pushed out by three months to January 2025. The broker reckons there are limited signs of product mix negatively impacting revenue, but will be watching the mix and connections outlook closely. The real test will come from speed upgrades, the broker highlights. Slight changes to forecasts with the analyst making some additional allowance for downward mix shift on competition and a soft economy, but also reducing depreciation assumptions. Target price rises to NZ$8.17 from NZ$8.14. Underweight maintained. FORECAST Jarden forecasts a full year FY25 dividend of 52.52 cents and EPS of 1.28 cents. Jarden forecasts a full year FY26 dividend of 53.70 cents and EPS of 12.88 cents.

BROKER

DATE

RATING

RECOMMENDATION

TARGET PRICE

% TO REACH TARGET

COMMENTARY

Jarden

04/03/2025

Underweight

Jarden notes Chorus' 1H25 result was a little softer with an implied downgrade in FY25 guidance to the bottom end of the NZ$700-720m range.

The broker believes the sequential slowing in fibre revenue was partly due to price increases being pushed out by three months to January 2025.

The broker reckons there are limited signs of product mix negatively impacting revenue, but will be watching the mix and connections outlook closely. The real test will come from speed upgrades, the broker highlights.

Slight changes to forecasts with the analyst making some additional allowance for downward mix shift on competition and a soft economy, but also reducing depreciation assumptions.

Target price rises to NZ$8.17 from NZ$8.14. Underweight maintained.

FORECAST
Jarden forecasts a full year FY25 dividend of 52.52 cents and EPS of 1.28 cents.
Jarden forecasts a full year FY26 dividend of 53.70 cents and EPS of 12.88 cents.

Access Extra Coverage Research History >

CNU STOCK CHART

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Dividend Yield Today On Last Actual Payout :	5.14
Estimated Dividend Growth (Average Of Past Three Years)	%
Amount Invested	$
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CHORUS LIMITED (CNU)
Share Price Analysis and Chart