TOURISM HOLDINGS LIMITED (THL)
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THL

THL - TOURISM HOLDINGS LIMITED

FNArena Sector : Travel, Leisure & Tourism
Year End: June
GICS Industry Group : Transportation
Debt/EBITDA: 1.68
Index:

LAST PRICE CHANGE +/- CHANGE % VOLUME

$2.00

28 Aug
2025

0.030

OPEN

$1.97

1.52%

HIGH

$2.00

25,000

LOW

$1.97

TARGET
$2.65 32.5% upside
Franking for last dividend paid out: 100%
OTHER COMPANIES IN THE SAME SECTOR
AIA . AIZ . CEH . CHL . CTD . EVT . EXP . FLT . HLO . KLS . QAN . SDR . SKO . SST . VGL . VRL . VVA . WEB . WJL .
FNARENA'S MARKET CONSENSUS FORECASTS
THL: 1
Title FY26
Forecast		 FY27
Forecast
EPS (cps) 19.2 xxx
DPS (cps) 8.4 xxx
EPS Growth N/A xxx
DPS Growth N/A xxx
PE Ratio 10.4 xxx
Dividend Yield 4.2% xxx
Div Pay Ratio(%) 43.5% 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

Dividend Yield Today On Last Actual Payout :

 N/A

Estimated Dividend Growth
(Average Of Past Three Years)

Amount Invested

 $ 

Tell Me The Dividend After This Many Years
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: 19/09 - (franking ex-di

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2025 FactSet UK Limited. All rights reserved
Title 202020212022202320242025
EPS Basic xxxxxxxxxxxxxxx-10.7
DPS All xxxxxxxxxxxxxxx7.0
Sales/Revenue xxxxxxxxxxxxxxx854.9 M
Book Value Per Share xxxxxxxxxxxxxxx242.1
Net Operating Cash Flow xxxxxxxxxxxxxxx26.0 M
Net Profit Margin xxxxxxxxxxxxxxx-2.75 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202020212022202320242025
Return on Capital Employed xxxxxxxxxxxxxxx-4.28 %
Return on Invested Capital xxxxxxxxxxxxxxx-2.13 %
Return on Assets xxxxxxxxxxxxxxx-1.66 %
Return on Equity xxxxxxxxxxxxxxx-4.28 %
Return on Total Capital xxxxxxxxxxxxxxx26.36 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx-19.4 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 202020212022202320242025
Short-Term Debt xxxxxxxxxxxxxxx58 M
Long Term Debt xxxxxxxxxxxxxxx646 M
Total Debt xxxxxxxxxxxxxxx704 M
Goodwill - Gross xxxxxxxxxxxxxxx188 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx46 M
Price To Book Value xxxxxxxxxxxxxxx0.86

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202020212022202320242025
Capex xxxxxxxxxxxxxxx38.6 M
Capex % of Sales xxxxxxxxxxxxxxx4.52 %
Cost of Goods Sold xxxxxxxxxxxxxxx437 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx102 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx1 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

0.7

No. Of Recommendations

3
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

UBS

xx/xx/xxxx

3

xxxxxxx

-

xx.xx%

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

26/08/2025

1

Buy

-

-

Ord Minnett explains an unwind of the covid-induced supercycle weighed on Tourism Holdings Rentals' FY25 results, with net profit after tax down -45%, which was out of management's control.

The analyst sees the bottom of the cycle, and given the stock has attracted corporate interest, downside pressures may be limited.

With an aim and initiatives for the company to deliver NZ$100m in net profit after tax in 3-4 years, management continues to adopt a "go it alone" policy.

Ord Minnett lifts its EPS forecast by 11% for FY26 and 6% for FY27, due to lower depreciation and interest expense assumptions. Buy rating retained. Target raised to NZ$2.85 from NZ$2.75.

FORECAST
Ord Minnett forecasts a full year FY26 dividend of 7.76 cents and EPS of 19.36 cents.
Ord Minnett forecasts a full year FY27 dividend of 12.23 cents and EPS of 30.68 cents.

Morgans

xx/xx/xxxx

1

xxxxxxx xx xxx xxxx xxxx

$xx.xx

xx.xx%

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EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

2

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

Wilsons

xx/xx/xxxx

3

xxxxxx xxxxxx

$xx.xx

xx.xx%

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Jarden

30/04/2025

2

Downgrade to Overweight from Buy

-

-

Tourism Holdings Rentals provided a trading update indicating to Jarden a further deterioration in vehicle sales and a slowdown in forward bookings in the US.

Management believes underlying profit for FY25 will be "significantly below" the current consensus forecast.

The broker notes a material decline in US tourism bookings, although rental demand outside the US remains positive, supporting a more stable outlook into FY26.

While net debt remains manageable under extended facilities, Jarden highlights a higher net debt to earnings, well above pre-covid levels, raising concerns over balance sheet pressure if trading conditions worsen further.

Jarden downgrades earnings forecasts by -32%-40% across FY25-27, reflecting reduced vehicle sales, lower rental revenue per asset, and a smaller fleet size. The target falls to NZ$3.00 from NZ$4.21 and the rating is downgraded to Overweight from Buy.

Jarden notes the company's dominant A&NZ market position and resilience in rental yields, but also recognises uncertainty in North America due to tariff risks.

FORECAST
Jarden forecasts a full year FY26 dividend of 6.39 cents and EPS of 16.16 cents.
Access Extra Coverage Research History >

THL STOCK CHART

FNArena News on THL

1
FNArena Corporate Results Monitor – 26-08-2025

Aug 26 2025 - Australia
2
Rudi’s View: Navigating Covid Legacies

Jul 16 2025 - Rudi's View
3
Australian Broker Call *Extra* Edition – Jul 10, 2025

Jul 10 2025 - Daily Market Reports
4
Next Week At A Glance – 23-27 Jun 2025

Jun 20 2025 - Weekly Reports
5
In Case You Missed It – BC Extra Upgrades & Downgrades – 20-06-25

Jun 20 2025 - Weekly Reports

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