Company Valuation: Tower Limited

Data adjusted to current consolidation scope
Fiscal Period: September 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 274.1 242.9 235.3 512.3 599.5 683.4 - -
Change - -11.38% -3.13% 117.74% 17.01% 14% - -
Enterprise Value (EV) 1 197.4 193.4 171.3 436.9 528.4 640.5 633.6 631.6
Change - -2% -11.45% 155.1% 20.94% 21.22% -1.08% -0.32%
P/E 14.7x 13.5x -207x 6.89x 7.51x 14.8x 10.7x 9.23x
PBR 0.79x 0.76x 0.78x 1.42x 1.71x 2.31x 2.08x 1.86x
PEG - 1.99x 2x -0x 1.07x -0.4x 0.3x 0.6x
Capitalization / Revenue 0.81x 0.68x 0.6x 0.91x 1x 1.18x 1.11x 1.02x
EV / Revenue 0.58x 0.54x 0.44x 0.78x 0.88x 1.11x 1.03x 0.94x
EV / EBITDA - - - - - - - -
EV / EBIT 6.85x 7.41x 20.5x 3.63x 3.51x 7.21x 6.43x 5.67x
EV / FCF - - - - - 30.5x 8.12x 6.91x
FCF Yield - - - - - 3.28% 12.3% 14.5%
Dividend per Share 2 0.0556 0.0722 - 0.1056 0.245 0.1175 0.1312 0.1438
Rate of return 7.69% 10.2% - 7.04% 14% 5.9% 6.6% 7.22%
EPS 2 0.0492 0.0526 -0.00333 0.2178 0.233 0.1345 0.1854 0.2157
Distribution rate 113% 137% - 48.5% 105% 87.4% 70.8% 66.7%
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 48.69 65.48 74.89
Net Debt 1 -76.71 -49.45 -64.01 -75.39 -71.05 -42.86 -49.75 -51.76
Reference price 2 0.722 0.711 0.689 1.500 1.750 1.990 1.990 1.990
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 (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
14.8x1.11x - 5.9% 387M
15.89x1.9x - 3.07% 96.49B
10.62x - - 1.33% 75.72B
6.07x - - 1.91% 57.55B
10.8x1.11x - 3.4% 46.07B
11.17x0.8x - 2.93% 38.92B
11.15x - - 2.62% 38.78B
8.98x2.27x - 0.18% 32.17B
8.34x - - 0.98% 31.46B
14.94x1.91x - 2.35% 31.25B
Average 11.28x 1.52x 2.47% 44.88B
Weighted average by Cap. 11.31x 1.63x 2.21%

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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