Edison Investment Research - Tourism Holdings (THL) Update: FY16 on track

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Edison Investment Research

Update: FY16 on track

At its Annual Meeting Tourism Holdings (THL) provided guidance for FY16 of NZ$37m EBIT and NZ$22m NPAT. This is an expected annual increase in NPAT of 10%. THL reported that the tourism markets in its key markets of New Zealand and Australia remain strong and that ongoing focus on cost reduction, improved efficiency and innovative ways to reduce capital costs are expected to drive ROCE. The company expects to achieve its long-term average ROCE of 14% in FY16. Our FY16 EBIT forecasts EBIT are unchanged. There have been some minor changes to interest and tax to reduce our FY16 NPAT forecasts from NZ$23m to NZ$22.4m.

24/11/2015 5 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

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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