Edison Investment Research - Tenon Ltd. Outlook: Deep value in US housing markets

Report

Edison Investment Research

Outlook: Deep value in US housing markets

Tenon is undertaking a strategic business review to identify a path to increase shareholder value. Our analysis suggests a very positive outlook for its core US markets; the company is set to deliver faster earnings growth and this is clearly visible in FY16 trading to date. Tenon currently stands on mid- to low single-digit prospective valuation multiples. Peer group comparisons suggest a valuation range in excess of NZ$4.51 based on calendarised 2015 multiples, and higher still on estimates beyond this.

03/12/2015 16 EN

Underlying

Tenon Ltd.

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NZFLCE0020S7 New Zealand

Provider

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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