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Chorus

DB:7CH
Snowflake Description

Overvalued with concerning outlook.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
7CH
DB
NZ$3B
Market Cap
  1. Home
  2. DE
  3. Telecom
Company description

Chorus Limited, together with its subsidiaries, provides fixed line communications infrastructure services in New Zealand. The last earnings update was 43 days ago. More info.


Add to Portfolio Compare Print
7CH Share Price and Events
7 Day Returns
2.8%
DB:7CH
3.6%
DE Telecom
2.1%
DE Market
1 Year Returns
-
DB:7CH
-18.5%
DE Telecom
-16.6%
DE Market
7CH Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Chorus (7CH) 2.8% -9.3% -1.1% - - -
DE Telecom 3.6% -14% -15% -18.5% -28.5% -34.7%
DE Market 2.1% -12.6% -22.9% -16.6% -21.9% -27.8%
1 Year Return vs Industry and Market
  • No trading data on 7CH.
  • No trading data on 7CH.
Price Volatility
7CH
Industry
5yr Volatility vs Market
Related Companies

Value

 Is Chorus undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Chorus to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Chorus.

DB:7CH Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 7 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 4.1%
Perpetual Growth Rate 10-Year DE Government Bond Rate -0.4%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for DB:7CH
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate -0.4%
Equity Risk Premium S&P Global 5.4%
Telecom Unlevered Beta Simply Wall St/ S&P Global 0.39
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.391 (1 + (1- 28%) (120.68%))
0.819
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.82
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= -0.39% + (0.819 * 5.44%)
4.07%

Discounted Cash Flow Calculation for DB:7CH using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Chorus is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

DB:7CH DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (NZD, Millions) Source Present Value
Discounted (@ 4.07%)
2020 -154.00 Analyst x2 -147.98
2021 -28.50 Analyst x2 -26.32
2022 41.00 Analyst x1 36.38
2023 68.20 Est @ 66.34% 58.15
2024 99.79 Est @ 46.32% 81.76
2025 132.04 Est @ 32.31% 103.95
2026 161.74 Est @ 22.5% 122.36
2027 187.03 Est @ 15.63% 135.96
2028 207.27 Est @ 10.83% 144.79
2029 222.74 Est @ 7.46% 149.51
Present value of next 10 years cash flows NZ$658.00
DB:7CH DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= NZ$222.74 × (1 + -0.39%) ÷ (4.07% – -0.39%)
NZ$4,978.16
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= NZ$4,978.16 ÷ (1 + 4.07%)10
NZ$3,341.52
DB:7CH Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= NZ$658.00 + NZ$3,341.52
NZ$3,999.52
Equity Value per Share
(NZD)
= Total value / Shares Outstanding
= NZ$3,999.52 / 443.71
NZ$9.01
DB:7CH Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:7CH represents 0.53546x of NZSE:CNU
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.53546x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (NZD) x Listing Adjustment Factor
= NZ$ 9.01 x 0.53546
€4.83
Value per share (EUR) From above. €4.83
Current discount Discount to share price of €3.70
= -1 x (€3.70 - €4.83) / €4.83
23.3%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Chorus is available for.
Intrinsic value
23%
Share price is €3.7 vs Future cash flow value of €4.83
Current Discount Checks
For Chorus to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Chorus's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Chorus's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Chorus's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Chorus's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:7CH PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in NZD NZ$0.12
NZSE:CNU Share Price ** NZSE (2020-04-07) in NZD NZ$6.91
Europe Telecom Industry PE Ratio Median Figure of 61 Publicly-Listed Telecom Companies 17.97x
Germany Market PE Ratio Median Figure of 402 Publicly-Listed Companies 16.83x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Chorus.

DB:7CH PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NZSE:CNU Share Price ÷ EPS (both in NZD)

= 6.91 ÷ 0.12

56.58x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Chorus is overvalued based on earnings compared to the Europe Telecom industry average.
  • Chorus is overvalued based on earnings compared to the Germany market.
Price based on expected Growth
Does Chorus's expected growth come at a high price?
Raw Data
DB:7CH PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 56.58x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 7 Analysts
8.9%per year
Europe Telecom Industry PEG Ratio Median Figure of 33 Publicly-Listed Telecom Companies 1.36x
Germany Market PEG Ratio Median Figure of 256 Publicly-Listed Companies 1.22x

*Line of best fit is calculated by linear regression .

DB:7CH PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 56.58x ÷ 8.9%

6.35x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Chorus is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Chorus's assets?
Raw Data
DB:7CH PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in NZD NZ$2.20
NZSE:CNU Share Price * NZSE (2020-04-07) in NZD NZ$6.91
Germany Telecom Industry PB Ratio Median Figure of 7 Publicly-Listed Telecom Companies 1.24x
Germany Market PB Ratio Median Figure of 573 Publicly-Listed Companies 1.45x
DB:7CH PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NZSE:CNU Share Price ÷ Book Value per Share (both in NZD)

= 6.91 ÷ 2.20

3.14x

* Primary Listing of Chorus.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Chorus is overvalued based on assets compared to the DE Telecom industry average.
X
Value checks
We assess Chorus's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Telecom industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Telecom industry average (and greater than 0)? (1 check)
  5. Chorus has a total score of 1/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Chorus expected to perform in the next 1 to 3 years based on estimates from 7 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
8.9%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Chorus expected to grow at an attractive rate?
  • Chorus's earnings growth is expected to exceed the low risk savings rate of -0.4%.
Growth vs Market Checks
  • Chorus's earnings growth is positive but not above the Germany market average.
  • Chorus's revenue growth is positive but not above the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:7CH Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:7CH Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 7 Analysts 8.9%
DB:7CH Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 7 Analysts 0.3%
Germany Telecom Industry Earnings Growth Rate Market Cap Weighted Average 19.4%
Germany Telecom Industry Revenue Growth Rate Market Cap Weighted Average 2.2%
Germany Market Earnings Growth Rate Market Cap Weighted Average 14%
Germany Market Revenue Growth Rate Market Cap Weighted Average 3.9%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
DB:7CH Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below
All numbers in NZD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:7CH Future Estimates Data
Date (Data in NZD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-06-30 969 526 66 6
2021-06-30 968 499 62 7
2020-06-30 963 466 55 7
2020-04-07
DB:7CH Past Financials Data
Date (Data in NZD Millions) Revenue Cash Flow Net Income *
2019-12-31 964 533 54
2019-09-30 967 515 54
2019-06-30 970 496 53
2019-03-31 975 508 61
2018-12-31 980 519 68
2018-09-30 985 514 77
2018-06-30 990 508 85
2018-03-31 1,000 474 90
2017-12-31 1,010 439 94
2017-09-30 1,025 482 104
2017-06-30 1,040 524 113
2017-03-31 1,049 513 119

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Chorus's earnings are expected to grow by 8.9% yearly, however this is not considered high growth (20% yearly).
  • Chorus's revenue is expected to grow by 0.3% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:7CH Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below

All data from Chorus Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:7CH Future Estimates Data
Date (Data in NZD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-06-30 0.14 0.18 0.12 5.00
2021-06-30 0.13 0.16 0.11 6.00
2020-06-30 0.12 0.13 0.09 6.00
2020-04-07
DB:7CH Past Financials Data
Date (Data in NZD Millions) EPS *
2019-12-31 0.12
2019-09-30 0.12
2019-06-30 0.12
2019-03-31 0.14
2018-12-31 0.15
2018-09-30 0.18
2018-06-30 0.20
2018-03-31 0.22
2017-12-31 0.23
2017-09-30 0.25
2017-06-30 0.28
2017-03-31 0.30

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Chorus is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Chorus's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Germany market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Germany market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Chorus has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Chorus performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Chorus's growth in the last year to its industry (Telecom).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Chorus's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
  • Chorus's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Chorus's 1-year earnings growth is negative, it can't be compared to the Europe Telecom industry average.
Earnings and Revenue History
Chorus's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Chorus Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:7CH Past Revenue, Cash Flow and Net Income Data
Date (Data in NZD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 964.00 54.00 -1.00
2019-09-30 967.00 53.50 -0.50
2019-06-30 970.00 53.00
2019-03-31 975.00 60.50 2.50
2018-12-31 980.00 68.00 5.00
2018-09-30 985.00 76.50 2.50
2018-06-30 990.00 85.00
2018-03-31 1,000.00 89.50 -0.50
2017-12-31 1,010.00 94.00 -1.00
2017-09-30 1,025.00 103.50 -0.50
2017-06-30 1,040.00 113.00
2017-03-31 1,049.00 118.50 3.50
2016-12-31 1,058.00 124.00 7.00
2016-09-30 1,033.00 107.50 7.00
2016-06-30 1,008.00 91.00 7.00
2016-03-31 983.00 75.50 6.00
2015-12-31 958.00 60.00 5.00
2015-09-30 982.00 75.50 5.00
2015-06-30 1,006.00 91.00 5.00
2015-03-31 1,028.00 112.50 5.50
2014-12-31 1,050.00 134.00 6.00
2014-09-30 1,054.00 141.00 5.50
2014-06-30 1,058.00 148.00 5.00
2014-03-31 1,062.50 156.50 5.50
2013-12-31 1,067.00 165.00 6.00
2013-09-30 1,062.00 168.00 5.50
2013-06-30 1,057.00 171.00 5.00

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Chorus has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Chorus used its assets less efficiently than the Europe Telecom industry average last year based on Return on Assets.
  • Chorus's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Chorus's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Telecom industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Chorus has a total score of 0/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Chorus's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Chorus's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Chorus's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Chorus's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Chorus's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.3x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Chorus Company Filings, last reported 3 months ago.

DB:7CH Past Debt and Equity Data
Date (Data in NZD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 975.00 3,439.00 678.00
2019-09-30 975.00 3,439.00 678.00
2019-06-30 979.00 2,875.00 273.00
2019-03-31 979.00 2,875.00 273.00
2018-12-31 1,010.00 2,763.00 281.00
2018-09-30 1,010.00 2,763.00 281.00
2018-06-30 1,022.00 2,309.00 50.00
2018-03-31 1,022.00 2,309.00 50.00
2017-12-31 1,013.00 2,204.00 40.00
2017-09-30 1,013.00 2,204.00 40.00
2017-06-30 944.00 2,043.00 170.00
2017-03-31 944.00 2,043.00 170.00
2016-12-31 919.00 2,034.00 155.00
2016-09-30 919.00 2,034.00 155.00
2016-06-30 871.00 1,902.00 103.00
2016-03-31 871.00 1,902.00 103.00
2015-12-31 843.00 1,874.00 78.00
2015-09-30 843.00 1,874.00 78.00
2015-06-30 819.00 1,842.00 83.00
2015-03-31 819.00 1,842.00 83.00
2014-12-31 798.00 1,775.00 103.00
2014-09-30 798.00 1,775.00 103.00
2014-06-30 731.00 1,848.00 177.00
2014-03-31 731.00 1,848.00 177.00
2013-12-31 673.00 1,764.00 170.00
2013-09-30 673.00 1,764.00 170.00
2013-06-30 624.00 1,832.00 80.00
  • Chorus's level of debt (352.7%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (222.5% vs 352.7% today).
  • Debt is not well covered by operating cash flow (15.5%, less than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 1.5x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess Chorus's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Chorus has a total score of 0/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Chorus's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
3.4%
Current annual income from Chorus dividends. Estimated to be 3.74% next year.
If you bought €2,000 of Chorus shares you are expected to receive €68 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Chorus's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.67%).
  • Chorus's dividend is below the markets top 25% of dividend payers in Germany (4.71%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
DB:7CH Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below
Germany Telecom Industry Average Dividend Yield Market Cap Weighted Average of 5 Stocks 4.9%
Germany Market Average Dividend Yield Market Cap Weighted Average of 314 Stocks 3.7%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.8%
Germany Bottom 25% Dividend Yield 25th Percentile 1.7%
Germany Top 25% Dividend Yield 75th Percentile 4.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

DB:7CH Future Dividends Estimate Data
Date (Data in NZ$) Dividend per Share (annual) Avg. No. Analysts
2022-06-30 0.29 6.00
2021-06-30 0.25 7.00
2020-06-30 0.24 7.00
2020-04-07
DB:7CH Past Annualized Dividends Data
Date (Data in NZ$) Dividend per share (annual) Avg. Yield (%)
2020-02-25 0.235 3.475
2019-09-30 0.230 3.929
2019-02-25 0.225 4.014
2018-08-27 0.220 4.548
2017-03-27 0.205 4.902
2016-08-29 0.210 5.324
2016-02-19 0.160 3.872
2016-02-18 0.160 4.142
2015-02-23 0.000 0.000
2014-08-25 0.000 0.000
2014-02-24 0.000 0.000
2013-08-26 0.310 16.595
2013-02-25 0.200 7.385
2012-08-27 0.146 4.678

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Chorus has been paying a dividend for less than 10 years and during this time payments have been volatile (annual drop of over 20%).
  • Dividend payments have increased, but Chorus only paid a dividend in the past 8 years.
Current Payout to shareholders
What portion of Chorus's earnings are paid to the shareholders as a dividend.
  • Dividends paid are not well covered by earnings (0.5x coverage).
Future Payout to shareholders
  • Dividends after 3 years are not well covered by earnings (0.6x coverage).
X
Income/ dividend checks
We assess Chorus's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Chorus afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Chorus has a total score of 1/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Chorus's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
JB Rousselot
TENURE AS CEO 0.4 years
CEO Bio

Mr. Jean-Baptiste B. Rousselot, also known as JB, has been Chief Executive Office and Director of Chorus Limited since November 20, 2019. Mr. Rousselot was Chief Strategy Officer of nbn co limited since July 1, 2017 until July 2019. Mr. Rousselot served as the Chief Network Operations Officer at NBN Co. Limited. since October 03, 2013. Mr. Rousselot served as Head of Strategy & Transformation at NBN Co. Limited since October 2013 until February 2015. Mr. Rousselot served as Executive Director of Voice Broadband And Media of Telstra Corporation Limited since March 2010. Mr. Rousselot served as Director and Company Secretary of ASX listed FTR Holdings Limited and was actively involved in a number of other investments, including OzEmail Limited. Mr. Rousselot has direct operational experience in the technology sector, having served as Chief Executive Officer and Director of Internet telephony startup, OzEmail Interline Pty Limited for two years. He came to Australia in 1994 as Executive Director of merchant bank Turnbull & Partners Limited, where he was responsible for technology investments. He serves as a Director of Australasian Media & Communications Fund 2 and Fulcrum Capital Partners Limited. He holds an MBA from the Massachusetts Institute of Technology (MIT) and a Masters in Engineering from the Ecole Nationale des Ponts et Chaussées (France).

CEO Compensation
  • Insufficient data for JB to compare compensation growth.
  • Insufficient data for JB to establish whether their remuneration is reasonable compared to companies of similar size in Germany.
Management Team Tenure

Average tenure of the Chorus management team in years:

1.7
Average Tenure
  • The average tenure for the Chorus management team is less than 2 years, this suggests a new team.
Management Team

JB Rousselot

TITLE
CEO & Director
TENURE
0.4 yrs

David Collins

TITLE
Chief Financial Officer
TENURE
1.3 yrs

Ewen Powell

TITLE
Chief Technology Officer

Brett Jackson

TITLE
Investor Relations Manager

Elaine Campbell

TITLE
General Counsel & Company Secretary
TENURE
1.7 yrs

Nathan Beaumont

TITLE
Media & PR Manager

Shaun Philp

TITLE
General Manager of People & Culture
TENURE
2.6 yrs

Ed Hyde

TITLE
Chief Customer Officer
TENURE
1.8 yrs

Andrew Hopkinson

TITLE
Treasurer

Andy Carroll

TITLE
General Manager of Network & Field Management
TENURE
1.9 yrs
Board of Directors Tenure

Average tenure of the Chorus board of directors in years:

4
Average Tenure
  • The tenure for the Chorus board of directors is about average.
Board of Directors

Patrick Strange

TITLE
Independent Chairman
COMPENSATION
NZ$224K
TENURE
4.6 yrs

JB Rousselot

TITLE
CEO & Director
TENURE
0.4 yrs

Jon Hartley

TITLE
Deputy Chairman
COMPENSATION
NZ$168K
TENURE
4.6 yrs

Prue Flacks

TITLE
Independent Director
COMPENSATION
NZ$146K
TENURE
8.3 yrs

Murray Jordan

TITLE
Independent Director
COMPENSATION
NZ$126K
TENURE
4.6 yrs

Mark Cross

TITLE
Independent Non-Executive Director
COMPENSATION
NZ$130K
TENURE
3.4 yrs

Jack Matthews

TITLE
Independent Director
COMPENSATION
NZ$126K
TENURE
2.8 yrs

Sue Bailey

TITLE
Independent Director
TENURE
0.5 yrs
Who owns this company?
Recent Insider Trading
  • Chorus individual insiders have only sold shares in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
01. Apr 20 Sell First Sentier Investors (Australia) IM Ltd Company 27. Mar 20 27. Mar 20 -53,414 €3.61 €-192,723
31. Mar 20 Sell First Sentier Investors (Australia) IM Ltd Company 26. Mar 20 26. Mar 20 -22,273 €3.76 €-81,613
27. Mar 20 Sell Morgan Stanley, Investment Banking and Brokerage Investments Company 24. Mar 20 24. Mar 20 -34,101 €3.22 €-109,907
27. Mar 20 Sell First Sentier Investors (Australia) IM Ltd Company 24. Mar 20 24. Mar 20 -49,669 €3.21 €-159,575
26. Mar 20 Sell Morgan Stanley, Investment Banking and Brokerage Investments Company 23. Mar 20 23. Mar 20 -121,230 €3.03 €-367,795
26. Mar 20 Buy Morgan Stanley, Investment Banking and Brokerage Investments Company 23. Mar 20 23. Mar 20 116,345 €3.08 €358,304
26. Mar 20 Sell First Sentier Investors (Australia) IM Ltd Company 20. Mar 20 23. Mar 20 -699,656 €3.25 €-2,274,083
26. Mar 20 Buy First Sentier Investors (Australia) IM Ltd Company 19. Mar 20 23. Mar 20 17,974 €3.40 €60,407
24. Mar 20 Sell Morgan Stanley, Investment Banking and Brokerage Investments Company 19. Mar 20 20. Mar 20 -171,761 €3.36 €-577,088
24. Mar 20 Buy Morgan Stanley, Investment Banking and Brokerage Investments Company 19. Mar 20 20. Mar 20 74,366 €3.34 €248,553
23. Mar 20 Sell First Sentier Investors (Australia) IM Ltd Company 13. Mar 20 17. Mar 20 -192,905 €3.58 €-687,872
23. Mar 20 Buy First Sentier Investors (Australia) IM Ltd Company 11. Mar 20 16. Mar 20 229,699 €3.95 €794,702
23. Aug 19 Sell First Sentier Investors (Australia) IM Ltd Company 19. Aug 19 19. Aug 19 -793 €2.97 €-2,353
23. Aug 19 Buy First Sentier Investors (Australia) IM Ltd Company 19. Aug 19 19. Aug 19 793 €2.97 €2,353
08. Aug 19 Buy First Sentier Investors (Australia) IM Ltd Company 03. Apr 19 22. Jul 19 997,058 €3.59 €0
22. Aug 19 Sell First Sentier Investors (Australia) IM Ltd Company 06. Aug 19 13. Aug 19 -167,184 €3.22 €0
04. Sep 19 Buy First Sentier Investors (Australia) IM Ltd Company 26. Aug 19 26. Aug 19 5,115 €2.90 €14,835
25. Aug 19 Sell First Sentier Investors (Australia) IM Ltd Company 20. Aug 19 20. Aug 19 -166,781 €3.02 €-503,496
10. Feb 20 Buy First Sentier Investors (Australia) IM Ltd Company 05. Feb 20 05. Feb 20 1,089 €3.81 €4,148
01. Nov 19 Buy First Sentier Investors (Australia) IM Ltd Company 17. Oct 19 29. Oct 19 179,135 €3.32 €0
07. Feb 20 Sell First Sentier Investors (Australia) IM Ltd Company 03. Feb 20 03. Feb 20 -165,908 €3.75 €-621,446
07. Feb 20 Buy First Sentier Investors (Australia) IM Ltd Company 31. Jan 20 31. Jan 20 1,000 €3.81 €3,814
24. Sep 19 Sell First Sentier Investors (Australia) IM Ltd Company 05. Sep 19 05. Sep 19 -178,091 €2.91 €-517,876
24. Sep 19 Buy First Sentier Investors (Australia) IM Ltd Company 02. Sep 19 03. Sep 19 10,126 €2.89 €28,837
19. Feb 20 Sell First Sentier Investors (Australia) IM Ltd Company 14. Feb 20 14. Feb 20 -1,420 €3.74 €-5,313
26. Dec 19 Sell First Sentier Investors (Australia) IM Ltd Company 20. Dec 19 20. Dec 19 -49,667 €3.82 €-189,722
06. Jan 20 Sell First Sentier Investors (Australia) IM Ltd Company 30. Dec 19 30. Dec 19 -5,428 €3.72 €-20,208
26. Dec 19 Sell First Sentier Investors (Australia) IM Ltd Company 23. Dec 19 23. Dec 19 -9,646 €3.81 €-36,768
04. Feb 20 Sell First Sentier Investors (Australia) IM Ltd Company 22. Jan 20 29. Jan 20 -9,167 €4.05 €-35,803
15. Jan 20 Sell First Sentier Investors (Australia) IM Ltd Company 07. Jan 20 07. Jan 20 -44,541 €3.78 €-168,355
22. Dec 19 Sell First Sentier Investors (Australia) IM Ltd Company 06. Nov 19 05. Dec 19 -326,487 €3.56 €0
11. Mar 20 Sell Morgan Stanley, Investment Banking and Brokerage Investments Company 05. Mar 20 06. Mar 20 -160,575 €4.23 €-679,982
11. Mar 20 Buy Morgan Stanley, Investment Banking and Brokerage Investments Company 05. Mar 20 06. Mar 20 196,148 €4.24 €832,395
05. Aug 19 Sell Colonial First State Investments Limited Company 25. Sep 18 31. Jul 19 -3,331,286 €3.21 €-10,227,124
05. Aug 19 Buy Colonial First State Investments Limited Company 18. Sep 18 30. Jul 19 2,872,803 €3.13 €8,655,464
03. Mar 20 Sell Colonial First State Investments Limited Company 29. Oct 19 22. Jan 20 -522,892 €4.02 €-1,858,113
03. Mar 20 Buy Colonial First State Investments Limited Company 21. Oct 19 28. Feb 20 6,896,957 €3.73 €24,426,585
17. Oct 19 Sell Colonial First State Investments Limited Company 18. Jun 19 15. Oct 19 -1,482,070 €3.41 €-4,803,849
17. Oct 19 Buy Colonial First State Investments Limited Company 18. Jun 19 16. Oct 19 1,144,388 €3.34 €3,532,695
09. Mar 20 Buy Morgan Stanley, Investment Banking and Brokerage Investments Company 18. Feb 20 20. Feb 20 151,907 €3.76 €570,281
09. Mar 20 Buy First Sentier Investors (Australia) IM Ltd Company 27. Feb 20 04. Mar 20 310,171 €4.00 €1,220,917
08. Mar 20 Sell Andrew Carroll Individual 05. Mar 20 05. Mar 20 -20,000 €4.21 €-84,174
03. Mar 20 Sell ASB Group Investments Ltd. Company 12. Nov 19 27. Feb 20 -327,645 €3.86 €-1,207,118
03. Mar 20 Buy ASB Group Investments Ltd. Company 23. Oct 19 10. Feb 20 426,015 €3.30 €1,405,557
03. Mar 20 Sell First Sentier Investors (Australia) IM Ltd Company 20. Dec 19 31. Jan 20 -7,359 €3.82 €-27,146
03. Mar 20 Buy First Sentier Investors (Australia) IM Ltd Company 16. Oct 19 03. Dec 19 20,317 €2.97 €60,402
20. Feb 20 Sell Morgan Stanley, Investment Banking and Brokerage Investments Company 17. Feb 20 17. Feb 20 -15,038 €3.75 €-56,465
20. Feb 20 Buy Morgan Stanley, Investment Banking and Brokerage Investments Company 17. Feb 20 17. Feb 20 76,323 €3.75 €285,953
19. Feb 20 Buy Morgan Stanley, Investment Banking and Brokerage Investments Company 12. Feb 20 14. Feb 20 192,519 €3.78 €726,135
19. Feb 20 Buy First Sentier Investors (Australia) IM Ltd Company 13. Feb 20 13. Feb 20 250,000 €3.80 €950,409
14. Feb 20 Sell Morgan Stanley, Investment Banking and Brokerage Investments Company 11. Feb 20 11. Feb 20 -6,317 €3.60 €-22,708
14. Feb 20 Buy Morgan Stanley, Investment Banking and Brokerage Investments Company 11. Feb 20 11. Feb 20 34,787 €3.60 €125,195
10. Feb 20 Sell Morgan Stanley, Investment Banking and Brokerage Investments Company 05. Feb 20 05. Feb 20 -19,887 €3.81 €-75,662
10. Feb 20 Buy Morgan Stanley, Investment Banking and Brokerage Investments Company 05. Feb 20 05. Feb 20 46,026 €3.81 €175,332
12. Feb 20 Sell Morgan Stanley, Investment Banking and Brokerage Investments Company 06. Feb 20 06. Feb 20 -25,252 €3.68 €-92,374
12. Feb 20 Buy Morgan Stanley, Investment Banking and Brokerage Investments Company 06. Feb 20 06. Feb 20 30,787 €3.68 €112,599
07. Feb 20 Sell Morgan Stanley, Investment Banking and Brokerage Investments Company 31. Jan 20 04. Feb 20 -119,940 €3.82 €-458,437
07. Feb 20 Buy Morgan Stanley, Investment Banking and Brokerage Investments Company 31. Jan 20 04. Feb 20 230,887 €3.80 €877,731
26. Dec 19 Sell Morgan Stanley, Investment Banking and Brokerage Investments Company 23. Dec 19 23. Dec 19 -97,907 €3.83 €-375,457
26. Dec 19 Buy Morgan Stanley, Investment Banking and Brokerage Investments Company 23. Dec 19 23. Dec 19 55,013 €3.83 €210,855
26. Dec 19 Buy First Sentier Investors (Australia) IM Ltd Company 19. Dec 19 20. Dec 19 361,809 €3.82 €700,551
01. Nov 19 Buy Morgan Stanley, Investment Banking and Brokerage Investments Company 20. Sep 19 28. Oct 19 91,260 €3.07 €280,218
06. Jan 20 Sell Morgan Stanley, Investment Banking and Brokerage Investments Company 27. Dec 19 30. Dec 19 -63,374 €3.76 €-100,325
06. Jan 20 Buy Morgan Stanley, Investment Banking and Brokerage Investments Company 27. Dec 19 30. Dec 19 181,412 €3.77 €683,743
30. Dec 19 Buy First Sentier Investors (Australia) IM Ltd Company 24. Dec 19 24. Dec 19 5,929 €3.77 €22,332
06. Jan 20 Buy First Sentier Investors (Australia) IM Ltd Company 27. Dec 19 27. Dec 19 172,955 €3.79 €655,087
26. Dec 19 Buy First Sentier Investors (Australia) IM Ltd Company 23. Dec 19 23. Dec 19 58,955 €3.82 €225,322
30. Aug 19 Buy Andrew Cross Individual 29. Aug 19 29. Aug 19 5,000 €2.91 €14,568
15. Jan 20 Sell Morgan Stanley, Investment Banking and Brokerage Investments Company 10. Jan 20 10. Jan 20 -44,239 €3.79 €-167,461
15. Jan 20 Buy Morgan Stanley, Investment Banking and Brokerage Investments Company 10. Jan 20 10. Jan 20 46,116 €3.80 €175,038
22. Aug 19 Sell Morgan Stanley, Investment Banking and Brokerage Investments Company 05. Aug 19 16. Aug 19 -547,705 €3.24 €-1,774,422
22. Aug 19 Buy Morgan Stanley, Investment Banking and Brokerage Investments Company 05. Aug 19 16. Aug 19 378,202 €3.28 €1,204,687
26. Dec 19 Buy Morgan Stanley, Investment Banking and Brokerage Investments Company 19. Dec 19 20. Dec 19 209,431 €3.81 €797,695
30. Aug 19 Buy Patrick Strange Individual 28. Aug 19 28. Aug 19 6,000 €2.92 €17,507
01. Nov 19 Buy Morgan Stanley Investment Management Inc. Company 08. Oct 19 08. Oct 19 243 €3.07 €745
30. Aug 19 Buy Prudence Flacks Individual 28. Aug 19 28. Aug 19 4,000 €2.87 €11,466
18. Oct 19 Sell Accident Compensation Corporation, Asset Management Arm Company 11. Sep 19 17. Oct 19 -877,397 €3.10 €-2,720,331
18. Oct 19 Buy Accident Compensation Corporation, Asset Management Arm Company 11. Sep 19 17. Oct 19 311,519 €3.00 €935,226
30. Dec 19 Buy Morgan Stanley, Investment Banking and Brokerage Investments Company 24. Dec 19 24. Dec 19 23,900 €3.95 €90,806
04. Feb 20 Buy Morgan Stanley, Investment Banking and Brokerage Investments Company 13. Jan 20 30. Jan 20 475,598 €4.03 €1,829,171
04. Feb 20 Buy First Sentier Investors (Australia) IM Ltd Company 14. Jan 20 20. Jan 20 454,692 €3.85 €1,751,010
15. Jan 20 Buy Morgan Stanley, Investment Banking and Brokerage Investments Company 31. Dec 19 09. Jan 20 241,533 €3.87 €898,692
15. Jan 20 Buy First Sentier Investors (Australia) IM Ltd Company 02. Jan 20 06. Jan 20 38,356 €3.75 €142,393
22. Dec 19 Buy Morgan Stanley, Investment Banking and Brokerage Investments Company 30. Oct 19 17. Dec 19 2,834,409 €3.54 €9,466,725
22. Dec 19 Buy First Sentier Investors (Australia) IM Ltd Company 07. Nov 19 18. Dec 19 4,155,732 €3.68 €0
22. Dec 19 Buy Morgan Stanley Investment Management Inc. Company 16. Dec 19 16. Dec 19 249 €3.63 €904
17. Oct 19 Buy ASB Group Investments Ltd. Company 28. Jun 19 08. Oct 19 2,834,995 €3.24 €8,801,178
17. Oct 19 Sell First Sentier Investors (Australia) IM Ltd Company 12. Jul 19 12. Jul 19 -1,206 €3.33 €-4,015
24. Sep 19 Sell Morgan Stanley, Investment Banking and Brokerage Investments Company 30. Aug 19 18. Sep 19 -1,245,470 €3.08 €-3,702,825
24. Sep 19 Buy Morgan Stanley, Investment Banking and Brokerage Investments Company 30. Aug 19 18. Sep 19 727,125 €3.06 €2,128,796
11. Sep 19 Sell Accident Compensation Corporation, Asset Management Arm Company 10. May 19 10. Sep 19 -2,812,969 €3.36 €-9,451,774
11. Sep 19 Buy Accident Compensation Corporation, Asset Management Arm Company 10. May 19 10. Sep 19 5,770,837 €3.14 €17,947,672
04. Sep 19 Buy Murray Jordan Individual 04. Sep 19 04. Sep 19 78,438 €2.94 €230,570
04. Sep 19 Buy Anne Urlwin Individual 04. Sep 19 04. Sep 19 5,000 €2.93 €14,641
04. Sep 19 Buy Morgan Stanley, Investment Banking and Brokerage Investments Company 21. Aug 19 29. Aug 19 618,077 €2.93 €1,796,917
25. Aug 19 Sell Morgan Stanley, Investment Banking and Brokerage Investments Company 20. Aug 19 20. Aug 19 -67,206 €3.02 €-203,247
25. Aug 19 Buy Morgan Stanley, Investment Banking and Brokerage Investments Company 20. Aug 19 20. Aug 19 125,894 €3.03 €380,915
23. Aug 19 Buy Morgan Stanley, Investment Banking and Brokerage Investments Company 19. Aug 19 19. Aug 19 88,096 €2.96 €261,007
05. Aug 19 Sell ASB Group Investments Ltd. Company 09. Oct 18 29. May 19 -580,099 €3.02 €-1,753,451
05. Aug 19 Buy ASB Group Investments Ltd. Company 18. Sep 18 02. Jul 19 2,017,833 €2.97 €5,984,679
05. Aug 19 Sell First Sentier Investors (Australia) IM Ltd Company 18. Oct 18 12. Jul 19 -71,922 €2.70 €-194,163
08. Aug 19 Buy Morgan Stanley, Investment Banking and Brokerage Investments Company 01. Apr 19 02. Aug 19 6,065,497 €3.53 €20,089,051
05. Jul 19 Buy Jonathan Hartley Individual 22. May 19 22. May 19 35,000 €0.61 €21,521
X
Management checks
We assess Chorus's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Chorus has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

Chorus Limited, together with its subsidiaries, provides fixed line communications infrastructure services in New Zealand. It offers phone and broadband services over copper and fiber networks for residential and business customers; and very high speed digital subscriber line broadband services. The company also provides colocation services. Chorus Limited was founded in 2008 and is based in Wellington, New Zealand.

Details
Name: Chorus Limited
7CH
Exchange: DB
Founded: 2008
NZ$1,685,261,548
443,709,223
Website: http://www.chorus.co.nz
Address: Chorus Limited
1 Willis Street,
Level 10,
Wellington,
New Zealand
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NZSE CNU Ordinary Shares New Zealand Stock Exchange NZ NZD 21. Nov 2011
OTCPK CRRL.F Ordinary Shares Pink Sheets LLC US USD 21. Nov 2011
DB 7CH Ordinary Shares Deutsche Boerse AG DE EUR 21. Nov 2011
BST 7CH Ordinary Shares Boerse-Stuttgart DE EUR 21. Nov 2011
ASX CNU Ordinary Shares Australian Securities Exchange AU AUD 21. Nov 2011
CHIA CNU Ordinary Shares Chi-X Australia AU AUD 21. Nov 2011
OTCPK CHRY.Y SPONSORED ADS Pink Sheets LLC US USD 23. Nov 2011
Number of employees
Current staff
Staff numbers
862
Chorus employees.
Industry
Alternative Carriers
Telecom
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/07 22:42
End of day share price update: 2020/04/07 00:00
Last estimates confirmation: 2020/03/13
Last earnings filing: 2020/02/24
Last earnings reported: 2019/12/31
Last annual earnings reported: 2019/06/30


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.