Edison Investment Research - Tourism Holdings (THL) Update: Delivering for shareholders

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Edison Investment Research

Update: Delivering for shareholders

Tourism Holdings' (THL) H115 results and confirmation of FY15 NPAT guidance of more than NZ$17m show the company is making good progress on achieving its key strategic goal of restoring return on capital employed (ROCE). Following the declaration of a NZ$0.07 per share interim dividend, we have increased our dividend forecast for FY15 from NZ$0.12 per share to NZ$0.145 per share and maintained a payout ratio of between 89% and 95% for the forecast period.

23/03/2015 6 EN

Underlying

Tourism Holdings

Tourism Holdings is engaged in the manufacture, rental and sale of motor homes and campervans and other tourism related activities. Co. is organized into three business segments: Rentals, Ci Munro and Tourism Group.

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NZHELE0001S9 NZX 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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