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Chorus Ltd CNU

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Morningstar’s Analysis

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Government’s Broad Bans Impacting Chorus’ Broadband

Brian Han Director

Analyst Note

| Brian Han |

Chorus’ flat fiscal 2021 EBITDA of NZD 649 million was in line with our expectations. The NZD 9 million revenue shortfall relative our forecast was more than offset by a solid cost performance, resulting in an NZD 2 million better-than-expected earnings outcome. The fact that we are splitting hairs on these figures is testament to Chorus’ earnings stability, especially given the COVID-19-infected conditions during year.

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Company Profile

Business Description

Chorus is New Zealand's largest fixed-line communications infrastructure entity, and was demerged in 2011 from Telecom New Zealand. Chorus offers wholesale access to its nationwide copper and fibre network to retail service providers. It also provides backhaul services to retail service providers and connects mobile phone towers. Chorus is currently involved in the government's rollout of ultra-fast broadband, a fibre-to-the-premises network to cover 87% of the population by the end of 2023.

1 Willis Street, Level 10, P.O. Box 632
Wellington, NTL, New Zealand
T +64 800600100
Sector Communication Services
Industry Telecom Services
Most Recent Earnings
Fiscal Year End Jun 30, 2022
Stock Type
Employees 820