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CHORUS LIMITED (CNU)

CHORUS LIMITED (CNU)

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General Information
Company Name: Chorus Limited
Stock Code: CNU
Website: www.chorus.co.nz
GICS Sub-Industry: Integrated Telecommunication Services
Market Cap ($M): 947
Equiv. Shares (M): 385

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
 $ 2.460 $ 2.460 $ 2.470 $ 2.460 $ 2.470 67,701 $ -0.010  -0.405 %

Company Overview

Business Description:
Chorus Limited (CNU) is a telecommunication business owning and operating a nationwide fixed line access network infrastructure in New Zealand. This infrastructure comprises local telephone exchanges, cabinets and copper and fibre cables. It connects around 1.8 million New Zealand homes and businesses throughout the country.

Strategy Analysis:
CNU´s focus is the rollout of the UFB network while managing the separation of Telecom. CNU will construct and install the copper and fibre access network. This includes the installation of equipment at the premise. Over the longer term, CNU will maintain the network and to increase operating efficiencies. Chorus announced that on 21 December 2011 it issued a further GBP25.0m in Chorus Euro Medium Term Note (EMTN) bonds. These bonds will be consolidated with the existing GBP234.82m 6.75% bonds issued on 30 November 2011 and due on 6 April 2020. The company has now issued a total of GBP259.82m of bonds maturing in 2020. When combined with its syndicated bank facility, the company has approximately NZ$1.7bn of net interest bearing debt.

Financial Summary
Year to Jun NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2013  F 155.7 40.5 -2.4 6.1 19.2 7.8 0.0
2012  F 159.6 41.4 -34.8 5.9 19.2 7.8 0.0
2011  A 244.6 63.5 -- -- 0.0 -- 0.0
Source: Morningstar analyst estimates.

Peer Comparison
EPS Growth (%) P/E (%) Dividend Yield (%)
Company Mkt Cap 2011 A 2012 F 2013 F 2011 A 2012 F 2013 F 2011 A 2012 F 2013 F
Chorus (CNU) $951 M -- -- 0.2751 -- 7.1387 5.5984 0.0000 0.0706 0.0870
M2 Telecommunications Group (MTU) $506 M 0.5669 0.3478 0.2837 15.1261 11.2227 8.7426 0.0476 0.0555 0.0670
Telecom NZ (TEL) $3,831 M -0.0466 0.2111 0.1285 16.1777 13.3580 11.8366 0.0555 0.0907 0.0761
Telstra (TLS) $43,924 M -0.1664 0.0951 0.0623 13.5301 12.3556 11.6310 0.0793 0.0793 0.0793
TPG Telecom (TPM) $1,365 M 0.3311 0.4163 0.1903 17.0466 12.0364 10.1117 0.0262 0.0323 0.0374

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth P/S Ratio
CNU -- 7.86 2.91 10.00 --
Market 0.80 12.1 1.33 1.35 1.68
Sector 0.20 12.3 2.34 0.95 1.69

Directors
Name Position Start Date
Mr Mark Ratcliffe Chief Executive Officer 09 December 2011
Ms Susan (Sue) Jane Sheldon Non-Executive Chairman 01 July 2011
Mr Jonathan (Jon) P Hartley Non-Executive Director 01 December 2011
Dr Keith Turner Non-Executive Director 01 December 2011
Ms Prudence (Prue) Flacks Non-Executive Director 01 December 2011
Mr Clayton Wakefield Non-Executive Director 01 December 2011
Ms Anne Urlwin Non-Executive Director 01 December 2011

Management
Name Position
Vanessa Oakley Company Secretary
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