Financials Stride Property Group

Equities

End-of-day quote New Zealand S.E. Other stock markets 06:00:00 2024-05-30 pm EDT			5-day change	1st Jan Change
1.28 ^NZD	+3.23%		+5.79%	-11.11%

May. 28	Stride Property Group Reports Earnings Results for the Full Year Ended March 31, 2024	CI
May. 28	Stride Property & Stride Investment Management Narrows Net Loss in Fiscal Year 2024	MT

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	298	752.5	745.3	445.3	450.2	439.1	-	-
Enterprise Value (EV) ²	540.3	978.2	956.8	702	450.2	676.4	676.2	671.7
P/E ratio	19.8 x	6.93 x	8.79 x	-6.06 x	-13.2 x	17.1 x	9.39 x	9.07 x
Yield	7.23%	4.35%	4.98%	6.11%	-	6.25%	6.25%	6.27%
Capitalization / Revenue	7.78 x	20.7 x	17.5 x	10.4 x	10.1 x	9.89 x	9.46 x	9.07 x
EV / Revenue	14.1 x	26.9 x	22.5 x	16.4 x	10.1 x	15.2 x	14.6 x	13.9 x
EV / EBITDA	15.4 x	24.9 x	23.5 x	16.5 x	10.4 x	15.7 x	15.1 x	14.6 x
EV / FCF	-	128 x	-10.5 x	-	-	26.1 x	34.1 x	29.4 x
FCF Yield	-	0.78%	-9.5%	-	-	3.83%	2.93%	3.4%
Price to Book	0.72 x	1.06 x	0.87 x	0.66 x	-	0.71 x	0.69 x	0.67 x
Nbr of stocks (in thousands)	365,352	472,828	540,189	543,320	558,408	559,039	-	-
Reference price ³	1.370	2.280	1.990	1.310	1.350	1.280	1.280	1.280
Announcement Date	6/23/20	5/27/21	5/27/22	5/26/23	5/28/24	-	-	-

¹NZD in Million²USD in Million³NZD

Estimates

Fiscal Period: März	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	38.3	36.33	42.57	42.89	44.48	44.42	46.43	48.41
EBITDA ¹	35.19	39.3	40.65	42.64	43.43	42.97	44.66	45.91
EBIT ¹	34.74	39.25	40.52	42.64	43.43	42.99	44.69	45.93
Operating Margin	90.7%	108.03%	95.19%	99.4%	97.65%	96.79%	96.26%	94.88%
Earnings before Tax (EBT) ¹	18.58	103	80.6	-	-	-2.148	46.09	47.38
Net income ¹	16.41	96.08	72.61	-70.44	-34.53	26	46.3	48.18
Net margin	42.85%	264.45%	170.57%	-164.24%	-77.62%	58.53%	99.72%	99.51%
EPS ²	0.0691	0.3288	0.2263	-0.2160	-0.1022	0.0750	0.1363	0.1411
Free Cash Flow ¹	-	7.636	-90.89	-	-	25.9	19.82	22.83
FCF margin	-	21.02%	-213.52%	-	-	58.3%	42.7%	47.15%
FCF Conversion (EBITDA)	-	19.43%	-	-	-	60.27%	44.38%	49.73%
FCF Conversion (Net income)	-	7.95%	-	-	-	99.61%	42.82%	47.39%
Dividend per Share ²	0.0991	0.0991	0.0991	0.0800	-	0.0800	0.0800	0.0802
Announcement Date	6/23/20	5/27/21	5/27/22	5/26/23	5/28/24	-	-	-

¹USD in Million²NZD

Estimates

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	242	226	211	257	-	237	237	233
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	6.886 x	5.744 x	5.202 x	6.02 x	-	5.522 x	5.308 x	5.067 x
Free Cash Flow ¹	-	7.64	-90.9	-	-	25.9	19.8	22.8
ROE (net income / shareholders' equity)	5.41%	5.4%	4.82%	5%	-	5%	4.99%	5.01%
ROA (Net income/ Total Assets)	-	3.65%	-	3.57%	-	-	-	-
Assets ¹	-	2,629	-	-1,973	-	-	-	-
Book Value Per Share ²	1.900	2.150	2.280	1.980	-	1.810	1.870	1.920
Cash Flow per Share ²	0.0800	0.0700	0.0700	0.0700	-	0.0800	0.0800	0.0900
Capex ¹	29	12.7	14	-	-	5.9	5.24	4.07
Capex / Sales	75.6%	34.93%	32.77%	-	-	13.27%	11.28%	8.41%
Announcement Date	6/23/20	5/27/21	5/27/22	5/26/23	5/28/24	-	-	-

¹USD in Million²NZD

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

C+

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

1.28 NZD

Average target price

1.395 NZD

Spread / Average Target

+8.98%

	1st Jan change	Capi.
STRIDE PROPERTY GROUP	-11.11%	439M
SUN HUNG KAI PROPERTIES LIMITED	-10.83%	26.36B
CHINA RESOURCES LAND LIMITED	+1.43%	25.9B
DLF LIMITED	+12.29%	24.19B
MITSUBISHI ESTATE CO., LTD.	+35.85%	21.26B
CHINA OVERSEAS LAND & INVESTMENT LTD.	+7.12%	20.63B
EMAAR PROPERTIES	-3.28%	18.43B
POLY DEVELOPMENTS AND HOLDINGS GROUP CO., LTD.	+3.23%	16.74B
MACROTECH DEVELOPERS LIMITED	+34.62%	16.42B
HENDERSON LAND DEVELOPMENT COMPANY LIMITED	+1.04%	15.04B