Financials Stride Property Group

Equities

End-of-day quote New Zealand S.E. Other stock markets 06:00:00 2024-04-29 pm EDT			5-day change	1st Jan Change
1.25 ^NZD	-0.79%		-2.34%	-13.19%

Mar. 06	New Zealand Shares Rise on Wednesday, Investore Property Declares Dividend Reinvestment Plan Issue Price	MT
Mar. 06	Stride Property & Stride Investment Management's Joint Venture to Develop Hamiton Location	MT

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	501.9	298	752.5	745.3	445.3	413.3	-	-
Enterprise Value (EV) ²	714.7	540.3	978.2	956.8	702	644.8	640.5	634
P/E ratio	9.71 x	19.8 x	6.93 x	8.79 x	-6.06 x	30.3 x	11 x	9.19 x
Yield	4.37%	7.23%	4.35%	4.98%	6.11%	6.4%	6.26%	6.28%
Capitalization / Revenue	13.4 x	7.78 x	20.7 x	17.5 x	10.4 x	9 x	9.07 x	8.88 x
EV / Revenue	19 x	14.1 x	26.9 x	22.5 x	16.4 x	14 x	14 x	13.6 x
EV / EBITDA	20.2 x	15.4 x	24.9 x	23.5 x	16.5 x	14.3 x	14.5 x	14.1 x
EV / FCF	133,847,381 x	-	128,098,641 x	-10,526,897 x	-	-	-	-
FCF Yield	0%	-	0%	-0%	-	-	-	-
Price to Book	1.05 x	0.72 x	1.06 x	0.87 x	0.66 x	0.67 x	0.67 x	0.65 x
Nbr of stocks (in thousands)	365,297	365,352	472,828	540,189	543,320	559,039	-	-
Reference price ³	2.020	1.370	2.280	1.990	1.310	1.250	1.250	1.250
Announcement Date	5/29/19	6/23/20	5/27/21	5/27/22	5/26/23	-	-	-

¹NZD in Million²USD in Million³NZD

Estimates

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	37.52	38.3	36.33	42.57	42.89	45.94	45.6	46.55
EBITDA ¹	35.3	35.19	39.3	40.65	42.64	45.22	44.07	45.03
EBIT ¹	35.16	34.74	39.25	40.52	42.64	45.22	44.07	45.03
Operating Margin	93.71%	90.7%	108.03%	95.19%	99.4%	98.44%	96.66%	96.73%
Earnings before Tax (EBT)	53.3	18.58	103	80.6	-	-	-	-
Net income ¹	49.89	16.41	96.08	72.61	-70.44	-9.39	28.51	44.41
Net margin	132.98%	42.85%	264.45%	170.57%	-164.24%	-20.44%	62.53%	95.39%
EPS ²	0.2081	0.0691	0.3288	0.2263	-0.2160	0.0412	0.1141	0.1361
Free Cash Flow	5.34	-	7.636	-90.89	-	-	-	-
FCF margin	14.23%	-	21.02%	-213.52%	-	-	-	-
FCF Conversion (EBITDA)	15.12%	-	19.43%	-	-	-	-	-
FCF Conversion (Net income)	10.7%	-	7.95%	-	-	-	-	-
Dividend per Share ²	0.0883	0.0991	0.0991	0.0991	0.0800	0.0800	0.0782	0.0785
Announcement Date	5/29/19	6/23/20	5/27/21	5/27/22	5/26/23	-	-	-

¹USD in Million²NZD

Estimates

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	213	242	226	211	257	231	227	221
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	6.027 x	6.886 x	5.744 x	5.202 x	6.02 x	5.119 x	5.154 x	4.899 x
Free Cash Flow	5.34	-	7.64	-90.9	-	-	-	-
ROE (net income / shareholders' equity)	5.67%	5.41%	5.4%	4.82%	5%	5.38%	4.87%	4.85%
ROA (Net income/ Total Assets)	3.71%	-	3.65%	-	3.57%	5%	5.19%	5.23%
Assets ¹	1,343	-	2,629	-	-1,973	-187.9	549.4	849.1
Book Value Per Share ²	1.920	1.900	2.150	2.280	1.980	1.850	1.860	1.910
Cash Flow per Share ²	0.0900	0.0800	0.0700	0.0700	0.0700	0.1000	0.0800	0.0900
Capex ¹	16.2	29	12.7	14	-	13.1	5.94	3.84
Capex / Sales	43.27%	75.6%	34.93%	32.77%	-	28.48%	13.02%	8.25%
Announcement Date	5/29/19	6/23/20	5/27/21	5/27/22	5/26/23	-	-	-

¹USD in Million²NZD

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

C+

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

1.25 NZD

Average target price

1.42 NZD

Spread / Average Target

+13.60%

	1st Jan change	Capi.
STRIDE PROPERTY GROUP	-13.19%	421M
MITSUI FUDOSAN CO., LTD.	+38.03%	28.07B
SUN HUNG KAI PROPERTIES LIMITED	-13.85%	26.92B
DLF LIMITED	+22.78%	26.28B
CHINA RESOURCES LAND LIMITED	+1.61%	26.06B
MITSUBISHI ESTATE CO., LTD.	+47.04%	22.69B
CHINA OVERSEAS LAND & INVESTMENT LTD.	+5.96%	20.3B
EMAAR PROPERTIES	+3.66%	19.59B
SUMITOMO REALTY & DEVELOPMENT CO., LTD.	+28.56%	16.31B
POLY DEVELOPMENTS AND HOLDINGS GROUP CO., LTD.	-10.00%	15.21B