Stock FSF FONTERRA SHAREHOLDERS FUND
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Financials Fonterra Shareholders Fund

Equities

FSF

NZFSFE0001S5

Investment Management & Fund Operators

End-of-day quote New Zealand S.E.
Other stock markets
 06:00:00 2024-04-25 pm EDT 		5-day change 1st Jan Change
3.61 NZD -2.17% Intraday chart for Fonterra Shareholders Fund -0.55% +3.44%
Apr. 19 New Zealand Shares Slide as Market Shifts Away from Expectations of Imminent Rate Cuts MT
Apr. 19 Fonterra Apponts Permanent COO MT

Valuation

Fiscal Period: July 2019 2020 2021 2022 2024 2025 2026
Capitalization 1 388 401.1 402.7 324.4 387.8 - -
Enterprise Value (EV) 1 6,408 5,685 4,203 5,624 3,389 3,257 3,343
P/E ratio -10.8 x 8.88 x 10.4 x 8.39 x 5.9 x 8.09 x 8.03 x
Yield - 1.31% 4.01% 6.62% 13.3% 7.15% 7.53%
Capitalization / Revenue 0.02 x 0.02 x 0.02 x 0.01 x 0.02 x 0.02 x 0.02 x
EV / Revenue 0.32 x 0.27 x 0.2 x 0.25 x 0.15 x 0.15 x 0.15 x
EV / EBITDA 4.64 x 3.77 x 2.64 x 3.46 x 1.61 x 1.77 x 1.78 x
EV / FCF 5.85 x - 2.97 x - 4.95 x 5.47 x 8.26 x
FCF Yield 17.1% - 33.7% - 20.2% 18.3% 12.1%
Price to Book 1.05 x 0.92 x 0.88 x 0.7 x 0.75 x 0.72 x 0.7 x
Nbr of stocks (in thousands) 102,909 104,997 107,664 107,417 107,411 - -
Reference price 2 3.770 3.820 3.740 3.020 3.610 3.610 3.610
Announcement Date 9/25/19 9/17/20 9/22/21 9/22/22 - - -
1NZD in Million2NZD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: July 2019 2020 2021 2022 2024 2025 2026
Net sales 1 20,114 20,975 21,124 22,953 22,578 21,556 21,648
EBITDA 1 1,380 1,506 1,594 1,626 2,108 1,835 1,875
EBIT 1 819 879 952 991 1,443 1,131 1,137
Operating Margin 4.07% 4.19% 4.51% 4.32% 6.39% 5.25% 5.25%
Earnings before Tax (EBT) -428 978 635 830 - - -
Net income 1 -557 686 578 584 1,010 738.2 736.3
Net margin -2.77% 3.27% 2.74% 2.54% 4.47% 3.42% 3.4%
EPS 2 -0.3500 0.4300 0.3600 0.3600 0.6114 0.4464 0.4498
Free Cash Flow 1 1,095 - 1,417 - 684 596 405
FCF margin 5.44% - 6.71% - 3.03% 2.76% 1.87%
FCF Conversion (EBITDA) 79.35% - 88.9% - 32.45% 32.47% 21.6%
FCF Conversion (Net income) - - 245.16% - 67.73% 80.74% 55%
Dividend per Share 2 - 0.0500 0.1500 0.2000 0.4797 0.2581 0.2717
Announcement Date 9/25/19 9/17/20 9/22/21 9/22/22 - - -
1NZD in Million2NZD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: July 2023 S1
Net sales 1 39
EBITDA -
EBIT -
Operating Margin -
Earnings before Tax (EBT) -
Net income -
Net margin -
EPS -
Dividend per Share -
Announcement Date 3/26/23
1NZD in Million
Estimates

Balance Sheet Analysis

Fiscal Period: July 2019 2020 2021 2022 2024 2025 2026
Net Debt 1 6,020 5,284 3,800 5,300 3,001 2,870 2,956
Net Cash position 1 - - - - - - -
Leverage (Debt/EBITDA) 4.362 x 3.509 x 2.384 x 3.26 x 1.424 x 1.563 x 1.576 x
Free Cash Flow 1 1,095 - 1,417 - 684 596 405
ROE (net income / shareholders' equity) 4.47% 6.14% 8.68% 8.23% 12.2% 8.88% 8.61%
ROA (Net income/ Total Assets) - - 3.34% - 8.57% 6.7% 6.57%
Assets 1 - - 17,329 - 11,791 11,022 11,214
Book Value Per Share 2 3.600 4.150 4.250 4.300 4.810 4.990 5.190
Cash Flow per Share 2 0.6200 0.9900 0.9000 0.2000 1.070 1.020 1.000
Capex 1 600 419 545 552 850 1,017 1,071
Capex / Sales 2.98% 2% 2.58% 2.4% 3.76% 4.72% 4.95%
Announcement Date 9/25/19 9/17/20 9/22/21 9/22/22 - - -
1NZD in Million2NZD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Fonterra Shareholders Fund

Trading Rating
Investor Rating
ESG Refinitiv
C+
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
3
Last Close Price
3.61 NZD
Average target price
3.937 NZD
Spread / Average Target
+9.05%
Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

Sector Other Investment Management & Fund Operators

1st Jan change Capi.
FONTERRA SHAREHOLDERS FUND Stock Fonterra Shareholders Fund
+3.44% 230M
BLACKROCK, INC. Stock BlackRock, Inc.
-6.03% 113B
UBS GROUP AG Stock UBS Group AG
-3.98% 87.91B
APOLLO GLOBAL MANAGEMENT, INC. Stock Apollo Global Management, Inc.
+20.96% 63.76B
BROOKFIELD CORPORATION Stock Brookfield Corporation
+5.29% 61.9B
BANK OF NEW YORK MELLON CORPORATION (THE) Stock Bank of New York Mellon Corporation (The)
+10.12% 42.86B
AMERIPRISE FINANCIAL, INC. Stock Ameriprise Financial, Inc.
+7.95% 40.84B
3I GROUP PLC Stock 3i Group plc
+18.92% 34.58B
T. ROWE PRICE GROUP INC. Stock T. Rowe Price Group Inc.
+5.88% 25.48B
STATE STREET CORPORATION Stock State Street Corporation
-5.25% 22.13B
Other Investment Management & Fund Operators
  1. Stock Market
  2. Equities
  3. FSF Stock
  4. Financials Fonterra Shareholders Fund