Edison Investment Research - Tenon Ltd. Update: Taking steps towards mid-cycle targets

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Edison Investment Research

Update: Taking steps towards mid-cycle targets

Following on from a strong profit recovery in FY14, Tenon is taking steps to deliver its target mid-cycle EBITDA (of U$45m). This includes growth and efficiency initiatives in North America and optimisation capex at Taupo to increase clearwood yield recovery. H115 results confirmed that Tenonâ€™s upward earnings trajectory is on track. Consistent delivery against expectations will be the catalyst for further share price gains. Peer group multiples suggest a NZ$3.75 to NZ$4.99 per share value range for Tenon.

10/03/2015 7 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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