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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Dividend | NZD 0.070 - NZD 0.070 | NZD 0.070 |
| Adjusted Dividend Yield | 6.2% - 6.2% | 6.2% |
| Perpetuity Growth Rate | 5.8% - 6.3% | 6.0% |
| Discount Rate | 14.1% - 12.1% | 13.1% |
| Fair Value | NZD 0.88 - NZD 1.26 | NZD 1.03 |
| Upside | -21.6% - 12.2% | -7.7% |
| Calculate Adjusted Dividend | ||||||||
| (NZD in millions) | Latest | Notes | ||||||
| Net Income To Common | (28) | |||||||
| (-) Cash Dividends Paid | (110) | |||||||
| (=) Cash Retained | 0 | 0.0% | ||||||
| Low | Mid | High | ||||||
| Required Retention Ratio | 20.0% | 12.5% | 7.5% | % of net income needed for future growth | ||||
| Adj Net Income | 0 | 0 | 0 | |||||
| (=) Cash Required | 0 | 0 | 0 | |||||
| Cash Retained | 0 | 0 | 0 | |||||
| (-) Cash Required | 0 | 0 | 0 | |||||
| (=) Excess Retained | 0 | 0 | 0 | |||||
| (/) FX Rate Adjustment | 1.00 | 1.00 | 1.00 | |||||
| (=) Excess Retained (NZD) | 0 | 0 | 0 | |||||
| (/) Shares Outstanding | 1,587.0 | 1,587.0 | 1,587.0 | |||||
| (=) Excess Retained per Share | 0.00 | 0.00 | 0.00 | |||||
| Low | Mid | High | ||||||
| LTM Dividend per Share | 0.07 | 0.07 | 0.07 | |||||
| (+) Excess Retained per Share | 0.00 | 0.00 | 0.00 | |||||
| Adjusted Dividend | 0.07 | 0.07 | 0.07 | |||||
| Sensitivity Analysis | ||||||||
| Adjusted Dividend | 0.07 | |||||||
| Cost of Equity | ||||||||
| Growth Rate | 12.1% | 12.6% | 13.1% | 13.6% | 14.1% | |||
| 4.0% | 0.89 | 0.84 | 0.79 | 0.75 | 0.71 | |||
| 5.0% | 1.02 | 0.96 | 0.90 | 0.85 | 0.80 | |||
| 6.0% | 1.20 | 1.11 | 1.03 | 0.97 | 0.91 | |||
| 7.0% | 1.45 | 1.32 | 1.21 | 1.12 | 1.04 | |||
| 8.0% | 1.82 | 1.62 | 1.46 | 1.33 | 1.23 | |||