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Chorus Ltd - Stock Quote CNU

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Morningstar's Chorus Ltd Stock Analysis

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A Chorus of Dividends and Capital Returns

Brian Han Director

Analyst Note

| Brian Han |

We lift our fair value estimate on Chorus by 3% to NZD 7.00, or AUD 6.50 at current exchange rates. The upgrade is not due to management’s updated fiscal 2022 EBITDA guidance to NZD 665 million to NZD 685 million--a NZD 25 million phantom upgrade reflecting one-offs (NZD 15 million) and field service revenue recognition changes (NZD 10 million). Rather, it reflects the better-than-expected underlying cost performance, especially in labour (down 3%) and network maintenance (down 18%). This led to a circa 2% increase in our EBITDA forecasts from fiscal 2023.

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Chorus Ltd's Company Profile

Business Description

Chorus is New Zealand’s largest fixed-line communications infrastructure group, 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