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Tourism Holdings

NZSE:THL
Snowflake Description

Very undervalued with moderate growth potential.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
THL
NZSE
NZ$163M
Market Cap
  1. Home
  2. NZ
  3. Transportation
Company description

Tourism Holdings Limited, together with its subsidiaries, operates as a tourism company in Australia, New Zealand, and the United States. The last earnings update was 41 days ago. More info.


Add to Portfolio Compare Print
  • Tourism Holdings has significant price volatility in the past 3 months.
THL Share Price and Events
7 Day Returns
23.7%
NZSE:THL
6.4%
Global Transportation
2.2%
NZ Market
1 Year Returns
-77.4%
NZSE:THL
-13.4%
Global Transportation
-2.6%
NZ Market
THL Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Tourism Holdings (THL) 23.7% -54.9% -65.7% -77.4% -68.6% -32.4%
Global Transportation 6.4% 1.7% -17.2% -13.4% 10.6% 9.2%
NZ Market 2.2% -9.9% -15.7% -2.6% 15.2% 27.9%
1 Year Return vs Industry and Market
  • THL underperformed the Transportation industry which returned -13.4% over the past year.
  • THL underperformed the Market in New Zealand which returned -2.6% over the past year.
Price Volatility
THL
Industry
5yr Volatility vs Market
Related Companies

THL Value

 Is Tourism Holdings 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 Tourism Holdings 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 Tourism Holdings.

NZSE:THL Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Dividend Discount Model
Dividend Per Share Company Filings (2019-12-31) in NZD NZ$ 0.20841333333333
Payout Ratio Company Filings (2019-12-31) 6520.8%
Discount Rate (Cost of Equity) See below 7%
Perpetual Growth Rate 10-Year NZ Government Bond Rate 1.3%

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 NZSE:THL
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year NZ Govt Bond Rate 1.3%
Equity Risk Premium S&P Global 5.4%
Transportation Unlevered Beta Simply Wall St/ S&P Global 0.86
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.864 (1 + (1- 28%) (167.31%))
1.051
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.05
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.32% + (1.051 * 5.44%)
7.04%

Discounted Cash Flow Calculation for NZSE:THL using Dividend Discount Model Model

The calculations below outline how an intrinsic value for Tourism Holdings is arrived at by discounting future dividends to their present value. This approach is used for finance firms where free cash flow is difficult to estimate (e.g. Banks/ Insurance firms).

If the firm does not pay the majority of its earnings out as a dividend this method will often arrive at a value significantly lower than the share price.

See our documentation to learn about this calculation.

NZSE:THL Gordon Growth Model
Calculation Result
Value per share = Expected dividends per share / (Discount Rate - Perpetual growth rate)
= NZ$0.21 / (7.04% - 1.32%)
NZ$3.65
NZSE:THL Discount to Share Price
Calculation Result
Value per share (NZD) From above. NZ$3.65
Current discount Discount to share price of NZ$1.15
= -1 x (NZ$1.15 - NZ$3.65) / NZ$3.65
68.5%

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

Current Discount
Amount off the current price Tourism Holdings is available for.
Intrinsic value
>50%
Share price is NZ$1.15 vs Future cash flow value of NZ$3.65
Current Discount Checks
For Tourism Holdings to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Tourism Holdings's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Tourism Holdings's share price is below the future cash flow value, and 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 Tourism Holdings's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Tourism Holdings's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NZSE:THL PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in NZD NZ$0.18
NZSE:THL Share Price ** NZSE (2020-04-09) in NZD NZ$1.15
Global Transportation Industry PE Ratio Median Figure of 207 Publicly-Listed Transportation Companies 12.15x
New Zealand Market PE Ratio Median Figure of 84 Publicly-Listed Companies 16.02x

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

** Primary Listing of Tourism Holdings.

NZSE:THL PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

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

= 1.15 ÷ 0.18

6.25x

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

  • Tourism Holdings is good value based on earnings compared to the Global Transportation industry average.
  • Tourism Holdings is good value based on earnings compared to the New Zealand market.
Price based on expected Growth
Does Tourism Holdings's expected growth come at a high price?
Raw Data
NZSE:THL PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 6.25x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts
33.1%per year
Global Transportation Industry PEG Ratio Median Figure of 98 Publicly-Listed Transportation Companies 1.43x
New Zealand Market PEG Ratio Median Figure of 59 Publicly-Listed Companies 0.84x

*Line of best fit is calculated by linear regression .

NZSE:THL PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 6.25x ÷ 33.1%

0.19x

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

  • Tourism Holdings is good value based on expected growth next year.
Price based on value of assets
What value do investors place on Tourism Holdings's assets?
Raw Data
NZSE:THL PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in NZD NZ$2.15
NZSE:THL Share Price * NZSE (2020-04-09) in NZD NZ$1.15
Global Transportation Industry PB Ratio Median Figure of 251 Publicly-Listed Transportation Companies 0.93x
New Zealand Market PB Ratio Median Figure of 118 Publicly-Listed Companies 1.24x
NZSE:THL PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 1.15 ÷ 2.15

0.54x

* Primary Listing of Tourism Holdings.

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

  • Tourism Holdings is good value based on assets compared to the Global Transportation industry average.
X
Value checks
We assess Tourism Holdings'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 Transportation 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 Transportation industry average (and greater than 0)? (1 check)
  5. Tourism Holdings has a total score of 6/6, 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.

THL Future Performance

 How is Tourism Holdings expected to perform in the next 1 to 3 years based on estimates from 4 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
33.1%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Tourism Holdings expected to grow at an attractive rate?
  • Tourism Holdings's earnings growth is expected to exceed the low risk savings rate of 1.3%.
Growth vs Market Checks
  • Tourism Holdings's earnings growth is expected to exceed the New Zealand market average.
  • Tourism Holdings's revenue growth is positive but not above the New Zealand market average.
Annual Growth Rates Comparison
Raw Data
NZSE:THL Future Growth Rates Data Sources
Data Point Source Value (per year)
NZSE:THL Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts 33.1%
NZSE:THL Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 4 Analysts 3.1%
Global Transportation Industry Earnings Growth Rate Market Cap Weighted Average 9.8%
Global Transportation Industry Revenue Growth Rate Market Cap Weighted Average 4%
New Zealand Market Earnings Growth Rate Market Cap Weighted Average 9%
New Zealand Market Revenue Growth Rate Market Cap Weighted Average 6%

*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
NZSE:THL Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below
All numbers in NZD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NZSE:THL Future Estimates Data
Date (Data in NZD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-06-30 450 45 42 4
2021-06-30 397 35 19 4
2020-06-30 416 78 20 4
2020-04-09
NZSE:THL Past Financials Data
Date (Data in NZD Millions) Revenue Cash Flow Net Income *
2019-12-31 423 18 25
2019-09-30 423 14 28
2019-06-30 423 10 30
2019-03-31 424 9 43
2018-12-31 424 8 57
2018-09-30 425 16 60
2018-06-30 426 25 62
2018-03-31 415 25 52
2017-12-31 404 25 42
2017-09-30 372 20 36
2017-06-30 341 15 30
2017-03-31 316 18 29

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Tourism Holdings's earnings are expected to grow significantly at over 20% yearly.
  • Tourism Holdings's revenue is expected to grow by 3.1% 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
NZSE:THL 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 4 Analyst Estimates (S&P Global) See Below

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

NZSE:THL Future Estimates Data
Date (Data in NZD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-06-30 0.28 0.31 0.25 4.00
2021-06-30 0.13 0.24 -0.10 4.00
2020-06-30 0.14 0.16 0.06 4.00
2020-04-09
NZSE:THL Past Financials Data
Date (Data in NZD Millions) EPS *
2019-12-31 0.18
2019-09-30 0.21
2019-06-30 0.24
2019-03-31 0.35
2018-12-31 0.47
2018-09-30 0.49
2018-06-30 0.51
2018-03-31 0.43
2017-12-31 0.35
2017-09-30 0.30
2017-06-30 0.26
2017-03-31 0.25

*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.
  • Tourism Holdings is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Tourism Holdings'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 Global market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Global 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.
Tourism Holdings has a total score of 3/6, 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.

THL Past Performance

  How has Tourism Holdings 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 Tourism Holdings's growth in the last year to its industry (Transportation).
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.
  • Tourism Holdings's year on year earnings growth rate has been positive over the past 5 years, however the most recent earnings are below average.
  • Tourism Holdings's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Tourism Holdings's 1-year earnings growth is negative, it can't be compared to the Global Transportation industry average.
Earnings and Revenue History
Tourism Holdings'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 Tourism Holdings Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NZSE:THL Past Revenue, Cash Flow and Net Income Data
Date (Data in NZD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 423.20 25.30 255.20
2019-09-30 423.10 27.53 250.92
2019-06-30 423.00 29.75 246.63
2019-03-31 423.53 43.41 242.62
2018-12-31 424.06 57.07 238.60
2018-09-30 424.97 59.71 236.40
2018-06-30 425.88 62.35 234.21
2018-03-31 414.89 52.02 230.46
2017-12-31 403.90 41.69 226.72
2017-09-30 372.35 35.93 213.45
2017-06-30 340.80 30.18 200.17
2017-03-31 315.99 28.81 186.93
2016-12-31 291.19 27.43 173.70
2016-09-30 285.06 25.90 169.40
2016-06-30 278.93 24.38 165.11
2016-03-31 268.91 23.52 158.20
2015-12-31 258.89 22.67 151.30
2015-09-30 247.74 21.38 147.96
2015-06-30 236.60 20.10 144.63
2015-03-31 231.84 17.20 175.45
2014-12-31 227.09 14.29 206.27
2014-09-30 227.54 12.70 176.51
2014-06-30 228.00 11.12 146.74
2014-03-31 228.23 8.93 84.33
2013-12-31 228.45 6.74 21.91
2013-09-30 226.54 5.28 22.64
2013-06-30 224.62 3.81 23.36

*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.
  • Tourism Holdings has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Tourism Holdings used its assets more efficiently than the Global Transportation industry average last year based on Return on Assets.
  • Tourism Holdings's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Tourism Holdings'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 Transportation 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.
Tourism Holdings has a total score of 2/6, 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.

THL Health

 How is Tourism Holdings'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 Tourism Holdings's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Tourism Holdings is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Tourism Holdings's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Tourism Holdings'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 0.5x 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 Tourism Holdings Company Filings, last reported 3 months ago.

NZSE:THL Past Debt and Equity Data
Date (Data in NZD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 314.91 191.91 5.71
2019-09-30 314.91 191.91 5.71
2019-06-30 277.02 216.93 8.84
2019-03-31 277.02 216.93 8.84
2018-12-31 250.66 214.44 4.72
2018-09-30 250.66 214.44 4.72
2018-06-30 250.01 214.97 13.53
2018-03-31 250.01 214.97 13.53
2017-12-31 212.25 172.43 13.47
2017-09-30 212.25 172.43 13.47
2017-06-30 193.94 185.36 6.12
2017-03-31 193.94 185.36 6.12
2016-12-31 174.73 113.38 8.13
2016-09-30 174.73 113.38 8.13
2016-06-30 172.12 86.37 3.02
2016-03-31 172.12 86.37 3.02
2015-12-31 169.57 99.05 6.00
2015-09-30 169.57 99.05 6.00
2015-06-30 172.52 74.56 6.53
2015-03-31 172.52 74.56 6.53
2014-12-31 159.27 93.17 6.33
2014-09-30 159.27 93.17 6.33
2014-06-30 159.90 76.19 3.51
2014-03-31 159.90 76.19 3.51
2013-12-31 156.47 109.13 11.31
2013-09-30 156.47 109.13 11.31
2013-06-30 160.05 120.44 5.48
  • Tourism Holdings's level of debt (60.9%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (54.3% vs 60.9% today).
  • Debt is not well covered by operating cash flow (9.5%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 4.6x coverage).
X
Financial health checks
We assess Tourism Holdings'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. Tourism Holdings has a total score of 2/6, 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.

THL Dividends

 What is Tourism Holdings'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
23.48%
Current annual income from Tourism Holdings dividends. Estimated to be 18.12% next year.
If you bought NZ$2,000 of Tourism Holdings shares you are expected to receive NZ$470 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?
  • Tourism Holdings's pays a higher dividend yield than the bottom 25% of dividend payers in New Zealand (3.38%).
  • Tourism Holdings's dividend is above the markets top 25% of dividend payers in New Zealand (7.32%).
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
NZSE:THL 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 4 Analyst Estimates (S&P Global) See Below
Global Transportation Industry Average Dividend Yield Market Cap Weighted Average of 163 Stocks 2.2%
New Zealand Market Average Dividend Yield Market Cap Weighted Average of 62 Stocks 3.8%
New Zealand Minimum Threshold Dividend Yield 10th Percentile 2.4%
New Zealand Bottom 25% Dividend Yield 25th Percentile 3.4%
New Zealand Top 25% Dividend Yield 75th Percentile 7.3%

Industry and Market average data is calculated daily.

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

NZSE:THL Future Dividends Estimate Data
Date (Data in NZ$) Dividend per Share (annual) Avg. No. Analysts
2022-06-30 0.25 4.00
2021-06-30 0.18 4.00
2020-06-30 0.19 4.00
2020-04-09
NZSE:THL Past Annualized Dividends Data
Date (Data in NZ$) Dividend per share (annual) Avg. Yield (%)
2019-08-27 0.270 10.404
2019-07-15 0.270 6.856
2018-08-28 0.280 5.985
2018-07-16 0.280 4.598
2018-02-22 0.260 4.137
2017-08-22 0.220 4.310
2016-08-23 0.200 5.461
2016-07-15 0.200 6.755
2015-08-27 0.160 6.744
2015-02-25 0.140 7.804
2014-08-26 0.120 7.525
2014-02-26 0.100 8.635
2013-08-29 0.040 4.676
2013-02-28 0.040 6.533
2012-08-27 0.040 5.660
2012-03-23 0.040 6.899
2012-02-23 0.040 6.320
2011-09-28 0.000 0.000
2011-08-25 0.000 0.000
2011-02-24 0.000 0.000
2010-08-26 0.040 5.329
2010-03-08 0.040 4.768
2009-06-05 0.000 0.000

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

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Tourism Holdings's earnings are paid to the shareholders as a dividend.
  • Dividends paid are not well covered by earnings (0.8x coverage).
Future Payout to shareholders
  • Dividends after 3 years are not well covered by earnings (0.9x coverage).
X
Income/ dividend checks
We assess Tourism Holdings's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 2.4%) - 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 Tourism Holdings afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Tourism Holdings has a total score of 3/6, see the detailed checks below.


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

THL Management

 What is the CEO of Tourism Holdings'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
Grant Webster
TENURE AS CEO 11.3 years
CEO Bio

Mr. Grant Webster has been the Chief Executive Officer of Tourism Holdings Limited since December 2008 and served as its Chief Operating Officer of Attractions Division from 2005 to December 2008. Mr. Webster joined THL in mid 2005 from SKYCITY. He served as General Manager of Attractions and Support Services for Sky City. As Chief Operating Officer of the Tourism Leisure Group, he has managed the business transition of the Leisure Group assets. His background includes senior executive roles across the tourism, hospitality, gaming and retail industries where he held director and general management roles within the retail sector before moving into tourism. Mr. Webster has been the Chairman of the Board of RV Manufacturing Group joint venture since 2012. He was Director of Tourism Holdings Limited. He is Director at InterCity Holdings Limited Joint Venture. Mr. Webster was a Director of Johnston's Coachlines Limited (a THL joint venture) and the Milford Sound Development Authority. He holds Bachelor of Commerce Degree from Victoria University and has completed executive studies at the Insead Advanced Management Programme in Fontainebleau and Monash University, Melbourne Australia.

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

Average tenure of the Tourism Holdings management team in years:

3.3
Average Tenure
  • The tenure for the Tourism Holdings management team is about average.
Management Team

Grant Webster

TITLE
Chief Executive Officer
TENURE
11.3 yrs

Steven Hall

TITLE
GM of Finance & Acting CFO
TENURE
0.6 yrs

Jennifer Bunbury

TITLE
Chief Financial Officer
TENURE
0.3 yrs

Jo Allison

TITLE
Chief Operating Officer
TENURE
4.3 yrs

Brett Morris

TITLE
General Manager of People
TENURE
3.3 yrs

Grant Brady

TITLE
Managing Director of Action Manufacturing LP

Daniel Schneider

TITLE
CEO and President of Road Bear RV Rentals & Sales

Hannes Rosskopf

TITLE
President & GM of USA Operations - Road Bear RV
TENURE
4.3 yrs

Kate Meldrum

TITLE
General Manager of Australian Operations
TENURE
2.8 yrs
Board of Directors Tenure

Average tenure of the Tourism Holdings board of directors in years:

3.1
Average Tenure
  • The tenure for the Tourism Holdings board of directors is about average.
Board of Directors

Rob Campbell

TITLE
Chairman
COMPENSATION
NZ$125K
AGE
68
TENURE
6.7 yrs

Gráinne Troute

TITLE
Non-Executive Director
COMPENSATION
NZ$74K
TENURE
5.2 yrs

Debbie Birch

TITLE
Independent Non Executive Director
TENURE
3.6 yrs

Cathy Quinn

TITLE
Director
TENURE
2.6 yrs

Rob Hamilton

TITLE
Independent Director
TENURE
1.2 yrs

Guorong Qian

TITLE
Director
TENURE
0.8 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (NZ$) Value (NZ$)
02. Apr 20 Sell Accident Compensation Corporation, Asset Management Arm Company 29. Jan 20 01. Apr 20 -851,470 NZ$2.45 NZ$-2,082,917
02. Apr 20 Buy Accident Compensation Corporation, Asset Management Arm Company 29. Jan 20 01. Apr 20 2,821,332 NZ$1.38 NZ$3,883,102
24. Jun 19 Buy HB Holdings Limited Company 24. Jun 19 24. Jun 19 7,462,686 NZ$4.02 NZ$29,999,999
19. Jul 19 Buy Morgan Stanley, Investment Banking and Brokerage Investments Company 29. May 19 09. Jul 19 12,879 NZ$4.04 NZ$49,947
24. Jul 19 Sell Accident Compensation Corporation, Asset Management Arm Company 22. Mar 19 23. Jul 19 -105,016 NZ$4.16 NZ$-436,565
24. Jul 19 Buy Accident Compensation Corporation, Asset Management Arm Company 22. Mar 19 23. Jul 19 3,722,409 NZ$3.87 NZ$14,422,450
23. Jul 19 Buy HB Holdings Limited Company 23. Jul 19 23. Jul 19 4,478,944 NZ$3.88 NZ$16,188,410
29. Jan 20 Sell Accident Compensation Corporation, Asset Management Arm Company 24. Jul 19 28. Jan 20 -455,946 NZ$3.94 NZ$-1,795,455
29. Jan 20 Buy Accident Compensation Corporation, Asset Management Arm Company 24. Jul 19 28. Jan 20 2,131,076 NZ$3.26 NZ$6,942,955
19. Jul 19 Buy Morgan Stanley Investment Management Inc. Company 16. Apr 19 16. Apr 19 8 NZ$5.73 NZ$46
25. Nov 19 Buy Tutanekai Investments Ltd Company 25. Nov 19 25. Nov 19 3,400 NZ$3.05 NZ$10,370
X
Management checks
We assess Tourism Holdings'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. Tourism Holdings 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.

THL News

Simply Wall St News

With EPS Growth And More, Tourism Holdings (NZSE:THL) Is Interesting

See our latest analysis for Tourism Holdings Tourism Holdings's Earnings Per Share Are Growing. … If a company can keep growing earnings per share (EPS) long enough, its share price will eventually follow. … Of course, you can do well (sometimes) buying stocks that are not growing earnings and do not have insiders buying shares.

Simply Wall St -

These Factors Make Tourism Holdings Limited (NZSE:THL) An Interesting Investment

Solid track record average dividend payer THL delivered a bottom-line expansion of 37% in the prior year, with its most recent earnings level surpassing its average level over the last five years. … NZSE:THL Income Statement, August 4th 2019 For those seeking income streams from their portfolio, THL is a robust dividend payer as well. … NZSE:THL Historical Dividend Yield, August 4th 2019 Next Steps: For Tourism Holdings, I've compiled three important aspects you should further examine: Future Outlook: What are well-informed industry analysts predicting for THL’s future growth?

Simply Wall St -

Is Tourism Holdings Limited’s (NZSE:THL) 13% ROCE Any Good?

Analysts use this formula to calculate return on capital employed: Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities) Or for Tourism Holdings: 0.13 = NZ$65m ÷ (NZ$573m - NZ$75m) (Based on the trailing twelve months to December 2018.) So, Tourism Holdings has an ROCE of 13%. … Tourism Holdings's Current Liabilities And Their Impact On Its ROCE Short term (or current) liabilities, are things like supplier invoices, overdrafts, or tax bills that need to be paid within 12 months. … Due to the way ROCE is calculated, a high level of current liabilities makes a company look as though it has less capital employed, and thus can (sometimes unfairly) boost the ROCE.

Simply Wall St -

Is Tourism Holdings (NZSE:THL) A Risky Investment?

NZSE:THL Historical Debt, July 11th 2019 A Look At Tourism Holdings's Liabilities Zooming in on the latest balance sheet data, we can see that Tourism Holdings had liabilities of NZ$75.1m due within 12 months and liabilities of NZ$247.0m due beyond that. … Looking at the most recent three years, Tourism Holdings recorded free cash flow of 20% of its EBIT, which is weaker than we'd expect. … Our View Both Tourism Holdings's conversion of EBIT to free cash flow and its level of total liabilities were discouraging.

Simply Wall St -

Here's How We Evaluate Tourism Holdings Limited's (NZSE:THL) Dividend

Today we'll take a closer look at Tourism Holdings Limited (NZSE:THL) from a dividend investor's perspective. Owning a strong business and reinvesting the dividends is widely seen as an attractive way of growing your wealth. If you are hoping to live on the income from dividends, it's important to be a lot more stringent with your investments than the average punter. In this case, Tourism Holdings likely looks attractive to dividend investors, given its 7.1% dividend yield and nine-year payment history. It sure looks interesting on these metrics - but there's always more to the story . Some simple analysis can reduce the risk of holding Tourism Holdings for its dividend, and we'll focus on the most important aspects below. Click the interactive chart for our full dividend analysis NZSE:THL Historical Dividend Yield, June 25th 2019 Payout ratios Dividends are usually paid out of company earnings. If a company is paying more than it earns, then the dividend might become unsustainable - hardly an ideal situation. As a result, we should always investigate whether a company can afford its dividend, measured as a percentage of a company's net income after tax. Looking at the data, we can see that 58% of Tourism Holdings's profits were paid out as dividends in the last 12 months. This is a healthy payout ratio, and while it does limit the amount of earnings that can be reinvested in the business, there is also some room to lift the payout ratio over time. In addition to comparing dividends against profits, we should inspect whether the company generated enough cash to pay its dividend. Tourism Holdings paid out 574% of its free cash flow last year, which we think is concerning if cash flows do not improve. Paying out more than 100% of your free cash flow in dividends is generally not a long-term, sustainable state of affairs, so we think shareholders should watch this metric closely. Tourism Holdings paid out less in dividends than it reported in profits, but unfortunately it didn't generate enough free cash flow to cover the dividend. Cash is king, as they say, and were Tourism Holdings to repeatedly pay dividends that aren't well covered by cashflow, we would consider this a warning sign. Is Tourism Holdings's Balance Sheet Risky? As Tourism Holdings has a meaningful amount of debt, we need to check its balance sheet to see if the company might have debt risks. A rough way to check this is with these two simple ratios: a) net debt divided by EBITDA (earnings before interest, tax, depreciation and amortisation), and b) net interest cover. Net debt to EBITDA is a measure of a company's total debt. Net interest cover measures the ability to meet interest payments on debt. Essentially we check that a) a company does not have too much debt, and b) that it can afford to pay the interest. … Dividend Growth Potential With a relatively unstable dividend, it's even more important to see if earnings per share (EPS) are growing. Why take the risk of a dividend getting cut, unless there's a good chance of bigger dividends in future? It's good to see Tourism Holdings has been growing its earnings per share at 67% a year over the past 5 years. With recent, rapid earnings per share growth and a payout ratio of 58%, this business looks like an interesting prospect if earnings are reinvested effectively. Conclusion Dividend investors should always want to know if a) a company's dividends are affordable, b) if there is a track record of consistent payments, and c) if the dividend is capable of growing. … Earnings growth generally bodes well for the future value of company dividend payments.

Simply Wall St -

Is Tourism Holdings Limited (NZSE:THL) A Great Dividend Stock?

Looking at the last decade of data, we can see that Tourism Holdings paid its first dividend at least nine years ago. … Strong earnings per share (EPS) growth might encourage our interest in the company despite fluctuating dividends, which is why it's great to see Tourism Holdings has grown its earnings per share at 67% per annum over the past five years. With recent, rapid earnings per share growth and a payout ratio of 58%, this business looks like an interesting prospect if earnings are reinvested effectively. Conclusion Dividend investors should always want to know if a) a company's dividends are affordable, b) if there is a track record of consistent payments, and c) if the dividend is capable of growing. … Earnings growth generally bodes well for the future value of company dividend payments.

Simply Wall St -

Does Tourism Holdings Limited (NZSE:THL) Have A Good P/E Ratio?

View our latest analysis for Tourism Holdings How Do I Calculate A Price To Earnings Ratio? … The formula for P/E is: Price to Earnings Ratio = Price per Share ÷ Earnings per Share (EPS) Or for Tourism Holdings: P/E of 8.36 = NZ$3.89 ÷ NZ$0.47 (Based on the year to December 2018.) Is A High Price-to-Earnings Ratio Good? … NZSE:THL Price Estimation Relative to Market, June 10th 2019 Its relatively low P/E ratio indicates that Tourism Holdings shareholders think it will struggle to do as well as other companies in its industry classification.

Simply Wall St -

Announcing: Tourism Holdings (NZSE:THL) Stock Increased An Energizing 263% In The Last Five Years

For example, the Tourism Holdings Limited (NZSE:THL) share price has soared 263% in the last half decade. … Over half a decade, Tourism Holdings managed to grow its earnings per share at 51% a year. … We note that for Tourism Holdings the TSR over the last 5 years was 408%, which is better than the share price return mentioned above.

Simply Wall St -

Do Institutions Own Shares In Tourism Holdings Limited (NZSE:THL)?

Insiders often own a large chunk of younger, smaller, companies while huge companies tend to have institutions as shareholders. … Companies that used to be publicly owned tend to have lower insider ownership. … Tourism Holdings is not a large company by global standards.

Simply Wall St -

Why We Like Tourism Holdings Limited’s (NZSE:THL) 13% Return On Capital Employed

To be precise, we'll consider its Return On Capital Employed (ROCE), as that will inform our view of the quality of the business. … Understanding Return On Capital Employed (ROCE). … ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business.

Simply Wall St -

THL Company Info

Description

Tourism Holdings Limited, together with its subsidiaries, operates as a tourism company in Australia, New Zealand, and the United States. The company operates in New Zealand Rentals, New Zealand Tourism Group, Australia Rentals, and United States Rentals segments. It engages in the manufacture, rental, and sale of motor homes, campervans, and caravans; and other tourism related activities. The company offers its vehicles under the Maui, Britz, Mighty, KEA Australia, and Motek Vehicle Sales brands, as well as owns and operates the Road Bear RV Rentals and Sales brand. It also operates hop on and hop off guided buses under the Kiwi Experience name; operates Waitomo Glowworm caves, Ruakuri caves, and Aranui caves; and provides water rafting in the subterranean rivers that flow through the Ruakuri cave system. The company was formerly known as The Helicopter Line and changed its name to Tourism Holdings Limited in 1996. Tourism Holdings Limited was incorporated in 1984 and is headquartered in Auckland, New Zealand.

Details
Name: Tourism Holdings Limited
THL
Exchange: NZSE
Founded: 1984
NZ$162,816,390
148,014,900
Website: http://www.thlonline.com
Address: Tourism Holdings Limited
83 Beach Road,
Level 1,
Auckland,
1010,
New Zealand
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NZSE THL Ordinary Shares New Zealand Stock Exchange NZ NZD 02. Jan 1992
Number of employees
Current staff
Staff numbers
0
Tourism Holdings employees.
Industry
Trucking
Transportation
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/09 10:35
End of day share price update: 2020/04/09 00:00
Last estimates confirmation: 2020/04/05
Last earnings filing: 2020/02/28
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.