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:...
Add to My Watchlist
What is My Watchlist?
 (20min delay)
|
|||||
|
Last
$2.71 |
Change
0.190(7.54%) |
Mkt cap ! $373.0M | |||
| Open | High | Low | Value | Volume |
| $2.57 | $2.71 | $2.57 | $126.2K | 47.05K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 557 | $2.52 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $2.71 | 4534 | 1 |
View Market Depth
| Last trade - 16.10pm 25/06/2025 (20 minute delay) ? |
| SKT (ASX) Chart |