NPAT: $37.5m
Tax paid (assumed 28% of PBT): $10.5m
EBITDA: $170m
Capex: $55m
Free cash flow: $170m - $55m - $10.5m
= $104.5m NZD
These numbers are indeed great (and keep getting better), but I would use a word of caution regarding the calculation of Free Cash Flow:
1) Guidance EBITDA is quoted according to NZ IFRS 16, so it doesn’t include payments related to operating leases; in FY20, payments for lease liability principal amounted to a non-insignificant 37mNZ$.
2) My understanding is that the 100mNZ$ 6.25% corporate bond, maturing in March 2021, has not been early repurchased; therefore, it will attract ~6mNZ$ in interest expense, to be incurred in FY21 (of course, that expense will be non-recurring, once the bond has matured).
So, in your calculation above, the actual FY21 FCF is probably just over 60mNZ$ (but possibly higher, if you look at the less-conservative ends of the guidance ranges).
Cheers
NPAT: $37.5mTax paid (assumed 28% of PBT): $10.5mEBITDA:...
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Last
$2.68 |
Change
-0.030(1.11%) |
Mkt cap ! $368.9M | |||
| Open | High | Low | Value | Volume |
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| No. | Vol. | Price($) |
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| 2 | 850 | $2.70 |
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| Price($) | Vol. | No. |
|---|---|---|
| $2.71 | 5134 | 2 |
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| Last trade - 11.19am 26/06/2025 (20 minute delay) ? |
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