Edison Investment Research - Tenon Ltd. Update: Confirming recovery

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Edison Investment Research

Update: Confirming recovery

EBITDA more than doubled in FY14, confirming Tenonâ€™s recovery, which got underway in FY13 and looks well set for further progress this year. Although we have downgraded estimates due to adverse currency effects (we assume NZ$/US$0.85), the underlying picture of profit improvement is intact, which Tenon is reinforcing with growth initiatives, especially in Australasia. On our revised estimates, peer group comparators suggest 40-74% upside to the current share price.

22/09/2014 6 EN

Underlying

Tenon Ltd.

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NZFLCE0020S7 New Zealand

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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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