Company Valuation: Tower Limited

Data adjusted to current consolidation scope
Fiscal Period: September 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 274.1 242.9 235.3 512.3 599.5 652.5 - -
Change - -11.38% -3.13% 117.74% 17.01% 8.84% - -
Enterprise Value (EV) 1 197.4 193.4 171.3 436.9 528.4 609 603.5 601.3
Change - -2% -11.45% 155.1% 20.94% 15.25% -0.91% -0.36%
P/E 14.7x 13.5x -207x 6.89x 7.51x 14.1x 10.9x 9.1x
PBR 0.79x 0.76x 0.78x 1.42x 1.71x 1.96x 2.04x 1.82x
PEG - 1.99x 2x -0x 1.07x -0.3x 0.4x 0.5x
Capitalization / Revenue 0.81x 0.68x 0.6x 0.91x 1x 1.13x 1.06x 0.98x
EV / Revenue 0.58x 0.54x 0.44x 0.78x 0.88x 1.05x 0.98x 0.9x
EV / EBITDA - - - - - - - -
EV / EBIT 6.85x 7.41x 20.5x 3.63x 3.51x 6.86x 6.12x 5.4x
EV / FCF - - - - - 29x 7.74x 6.58x
FCF Yield - - - - - 3.45% 12.9% 15.2%
Dividend per Share 2 0.0556 0.0722 - 0.1056 0.245 0.1175 0.1288 0.1425
Rate of return 7.69% 10.2% - 7.04% 14% 6.18% 6.78% 7.5%
EPS 2 0.0492 0.0526 -0.00333 0.2178 0.233 0.1346 0.1742 0.2088
Distribution rate 113% 137% - 48.5% 105% 87.3% 73.9% 68.2%
Net sales 1 340.1 357.2 393.1 562.4 597.1 579.5 615.1 669.2
EBITDA 46.1 45.81 31.81 - - - - -
EBIT 1 28.83 26.1 8.357 120.3 150.7 88.8 98.62 111.4
Net income 1 18.68 18.8 -1.228 74.28 83.67 47.95 63.29 73.73
Net Debt 1 -76.71 -49.45 -64.01 -75.39 -71.05 -43.45 -49 -51.2
Reference price 2 0.722 0.711 0.689 1.500 1.750 1.900 1.900 1.900
Nbr of stocks (in thousands) 379,483 341,536 341,536 341,536 342,552 343,411 - -
Announcement Date 11/23/21 11/22/22 11/22/23 11/27/24 11/26/25 - - -
1NZD in Million2NZD
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
14.12x1.05x - 6.18% 382M
15.5x1.76x - 3.1% 93.11B
10.71x - - 1.32% 76.38B
7.31x - - 1.67% 65.58B
11.26x1.14x - 3.32% 46.65B
11.26x - - 2.56% 39.81B
11.52x0.8x - 2.94% 38.49B
16.18x2.06x - 2.17% 34.58B
9.31x2.35x - 0.17% 33.37B
8.84x - - 0.92% 33.36B
Average 11.60x 1.53x 2.43% 46.17B
Weighted average by Cap. 11.54x 1.61x 2.13%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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