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Chorus Limited (ASX: CNU) - Financials

Current share price for CNU : $6.740 0.17 (2.46%)

Chorus Limited (CNU) is a telecommunication business operating a nationwide fixed line access network infrastructure in New Zealand. This infrastructure comprises local telephone exchanges, cabinets and copper and fibre cables. CNU has six products & services including: Basic Copper, Enhanced Copper, Fibre, Value Added Network Services, Field Services and Infrastructure Services.

The Intelligent Investor Australian Equity Income Fund (ASX:INIF) owns shares in Chorus Limited (ASX: CNU)

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CNU Per Share

Year to Jun Sales Cashflow Earnings Dividends Franking Book Value Average
Annual P/E		 Relative P/E Shareholder Return
2023 $1.62 86.7 ¢ 5.8 ¢ 39.1 ¢ 0% $2.24 128.2 846.1% 25.8%
2022 $1.50 88.4 ¢ 9 ¢ 31.6 ¢ 0% $2.08 71.5 431.6% 12.8%
2021 $1.50 88.1 ¢ 7.8 ¢ 22.6 ¢ 0% $1.97 92.6 783.7% -11.9%

CNU Capital Structure

Total Debt Interest Long Term Debt Percent Debt Preferred Stock Share Equity Percent Equity
$2,489,203 $182,854 $2,139,116 69% $0.00 $976,753 31%
Note: All dollars in thousands ('000) for the table above

CNU Historical Financials

2023 2022 2021
Revenue ($M) 900.5 870.3 881.3
Operating Margin (%) 69.6 69.3 68.7
Depreciation ($M) -326.2 -302.1 -308.1
Amortisation ($M) -84 -83 -87
Net Profit Before Abs ($M) 32.2 52.3 45.6
Net Profit After Abs ($M) 23 57.7 43.7
Income Tax Rate (%) 19.4 39.6 34.7
Net Profit Margin (%) 3.6 6 5.2
Employees ($T) 0.8 0.8 0.8
Long Term Debt ($M) 2,139.1 2,079.7 2,314.6
Shareholders Equity ($M) 976.8 928 882.3
Return on Capital (%) 5 5 5
Return on Equity (%) 3.3 5.6 5.2
Payout Ratio (%) 674 351 291

CNU Cashflow

2023 2022 2021
Customer Receipts ($M) 894 881 888
Net Operating Cashflow ($M) 481.5 514.1 517.4
Net Investing Cashflow ($M) -456 -466 -604
Net Financing Cashflow ($M) -37 -16 141

CNU Market & Earnings

2023 2022 2021
Market Cap ($M) 3,379 2,870 2,651
Net Gearing (%) 247.7 235.3 272.6
Net Interest Cover (%) 1.21 1.7 1.49
Dividend Yield (%) 5.1 4.9 4
NTA Per Share ($) 1.81 1.77 1.63
EBITDA ($M) 626.7 603.4 605.9
EBIT ($M) 216.9 218.3 210.3
EBT Before Abs ($M) 37.7 90.2 68.9

CNU Balance Sheet

2023 2022 2021
Cash ($M) 69.8 79.4 49.3
Debtors ($M) 90 112.7 113.5
Other Debtors ($M) 34
Prepayments ($M) 16.5
Inventories ($M)
Current Investments ($M) 39.51 8.12 3.72
Other Current Assets ($M) 0.92 24.35 21.41
Total Current Assets ($M) 250.8 224.6 188
Receivables ($M) 0.9 1.86
Inventories ($M)
Property, Plant & Equipment ($M) 11,095 10,456 10,616
Accumulated Depreciation ($M) -5,977 -5,708 -5,712
Intangibles ex. Goodwill ($M) 189.3 137.1 152.6
Goodwill ($M)
Future Income Tax Benefit ($M) 86.6
Non-Current Investments ($M) 106.6 108.2 66.1
Other Non-Current Assets ($M) 53.2 54.9
Total Non-Current Assets ($M) 5,414 5,048 5,266
Total Assets ($M) 5,665 5,272 5,454
Accounts Payable ($M) 257.3 238.1 258.7
Provisions ($M) 0.92 5.58
Short Term Debt ($M) 350.1 183.1 139.6
Other Current Liabilities ($M) 25.7 24.4 25.1
Total Current Liabilities ($M) 634 445.5 429
Creditors ($M) 10.11 14.43 10.24
Long Term Debt ($M) 2,139 2,080 2,315
Provisions ($M) 419 432 446.7
Other Non-Current Liabilities ($M) 1,486 1,373 1,371
Total Non-Current Liabilities ($M) 4,054 3,899 4,142
Total Liabilities ($M) 4,688 4,344 4,571
Share Capital ($M) 541.2 615.1 641.2
Reserves ex. Share Premium ($M) 304.1 54.1 -47.5
Share Premium Reserve ($M)
Retained Profits ($M) 131.4 258.8 288.5
Other Shareholders Equity ($M)
Convertible Equity ($M)
Outside Equity Interest ($M)
Total Shareholders Equity ($M) 976.8 928 882.3

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