Financials Argosy Property Limited

Equities

ARG

NZARGE0010S7

Real Estate Development & Operations

End-of-day quote New Zealand S.E. Other stock markets 06:00:00 2024-06-09 pm EDT			5-day change	1st Jan Change
1.06 ^NZD	-1.85%		-2.30%	-5.36%

May. 22	New Zealand Shares End Higher as RBNZ Holds Steady; New Zealand Oil & Gas to Delist from NZX	MT
May. 22	Argosy Property FY2024 Net Property Income Rises 3% to NZ$116.5 Million, NTA Per Share Falls to NZ$1.45	MT

Valuation

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	744.5	1,196	1,168	939.9	953.1	898	-	-
Enterprise Value (EV) ¹	1,522	1,991	1,905	1,698	953.1	1,633	1,660	1,662
P/E ratio	6.25 x	4.94 x	4.93 x	-11.6 x	-17.2 x	11.8 x	8.48 x	7.5 x
Yield	7.06%	4.49%	4.75%	5.99%	-	6.28%	6.18%	6.19%
Capitalization / Revenue	7.47 x	11.1 x	11.1 x	8.33 x	8.18 x	7.6 x	7.27 x	6.94 x
EV / Revenue	15.3 x	18.5 x	18.1 x	15.1 x	8.18 x	13.8 x	13.4 x	12.8 x
EV / EBITDA	17.3 x	20.8 x	20.4 x	16.6 x	9.09 x	15.4 x	14.9 x	14.3 x
EV / FCF	-	-	-	-	-	26.5 x	86.9 x	34.8 x
FCF Yield	-	-	-	-	-	3.77%	1.15%	2.88%
Price to Book	0.69 x	0.94 x	0.79 x	0.7 x	-	0.74 x	0.71 x	0.69 x
Nbr of stocks (in thousands)	827,187	833,776	846,551	846,724	847,169	847,169	-	-
Reference price ²	0.9000	1.435	1.380	1.110	1.125	1.060	1.060	1.060
Announcement Date	5/19/20	5/19/21	5/17/22	5/16/23	5/21/24	-	-	-

¹NZD in Million²NZD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: März	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	99.7	107.7	105.1	112.8	116.5	118.2	123.5	129.4
EBITDA ¹	88.2	95.6	93.3	102	104.9	106.2	111.1	116.4
EBIT ¹	88.2	95.6	93.3	102	104.9	106.2	111.1	116.4
Operating Margin	88.47%	88.77%	88.77%	90.43%	90.04%	89.85%	90%	89.98%
Earnings before Tax (EBT) ¹	123.9	248.4	241.2	-	-50.8	-28.4	97.8	101
Net income ¹	119.1	241.7	236.2	-80.8	-55.3	38.41	100	109.7
Net margin	119.46%	224.42%	224.74%	-71.63%	-47.47%	32.51%	81.01%	84.81%
EPS ²	0.1440	0.2904	0.2801	-0.0955	-0.0653	0.0899	0.1250	0.1413
Free Cash Flow ¹	-	-	-	-	-	61.6	19.1	47.8
FCF margin	-	-	-	-	-	52.13%	15.47%	36.94%
FCF Conversion (EBITDA)	-	-	-	-	-	58.02%	17.19%	41.06%
FCF Conversion (Net income)	-	-	-	-	-	160.37%	19.1%	43.56%
Dividend per Share ²	0.0635	0.0645	0.0655	0.0665	-	0.0666	0.0655	0.0657
Announcement Date	5/19/20	5/19/21	5/17/22	5/16/23	5/21/24	-	-	-

¹NZD in Million²NZD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S2	2021 S1	2021 S2	2022 S1	2022 S2	2023 S1
Net sales ¹	48.69	51.1	56.6	53.07	52.03	54.95
EBITDA	-	-	-	-	-	-
EBIT ¹	-	-	50.41	47.22	46.08	49.77
Operating Margin	-	-	89.05%	88.98%	88.56%	90.56%
Earnings before Tax (EBT)	-	-	-	-	-	-
Net income	-	-	-	-	-	-
Net margin	-	-	-	-	-	-
EPS	-	-	-	-	-	-
Dividend per Share	-	-	-	0.0328	-	-
Announcement Date	5/19/20	11/25/20	5/19/21	11/23/21	5/17/22	11/22/22

¹NZD in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	777	794	737	758	-	735	762	764
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	8.812 x	8.309 x	7.9 x	7.431 x	-	6.927 x	6.858 x	6.567 x
Free Cash Flow ¹	-	-	-	-	-	61.6	19.1	47.8
ROE (net income / shareholders' equity)	5.72%	5.75%	4.7%	4.57%	-	4.49%	4.76%	4.77%
ROA (Net income/ Total Assets)	6.61%	3.31%	-	2.85%	-	5.38%	5.59%	5.79%
Assets ¹	1,802	7,295	-	-2,834	-	714	1,789	1,895
Book Value Per Share ²	1.300	1.530	1.740	1.580	-	1.440	1.490	1.540
Cash Flow per Share ²	0.0700	-	-	0.0800	-	0.0700	0.0700	0.0700
Capex ¹	101	68.8	59.9	54.3	-	41.9	29.8	10.1
Capex / Sales	101.06%	63.9%	56.96%	48.11%	-	35.44%	24.13%	7.8%
Announcement Date	5/19/20	5/19/21	5/17/22	5/16/23	5/21/24	-	-	-

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 Argosy Property Limited

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

1.06 NZD

Average target price

1.145 NZD

Spread / Average Target

+8.02%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Other Real Estate Development & Operations

	1st Jan change	Capi.
ARGOSY PROPERTY LIMITED	-5.36%	559M
MITSUI FUDOSAN CO., LTD.	+31.43%	26.94B
CHINA RESOURCES LAND LIMITED	+3.93%	26.56B
SUN HUNG KAI PROPERTIES LIMITED	-12.85%	25.79B
DLF LIMITED	+16.69%	25B
CHINA OVERSEAS LAND & INVESTMENT LTD.	+11.63%	21.52B
MITSUBISHI ESTATE CO., LTD.	+36.49%	21.27B
EMAAR PROPERTIES	-4.42%	17.81B
MACROTECH DEVELOPERS LIMITED	+44.10%	17.07B
POLY DEVELOPMENTS AND HOLDINGS GROUP CO., LTD.	+5.25%	17.06B

Other Real Estate Development & Operations