Report

Update: Key boxes ticked

Tourism Holdings (THL) announced an FY15 NPAT of NZ$20.1m (guidance range NZ$19.5-20m). The result showed improved ROCE of 13.3% (the company’s target is at least 14%), which was 2.6x better than the returns of just two years ago. The improved result was achieved from a combination of solid top-line growth of 4%, fleet optimisation, improvements in manufacturing and reduced operating costs. We expect a continuation of solid tourism growth (~5%), more operating efficiencies and a flow-through from initiatives that should see THL sell more services to its customers. FY16 guidance will be provided at the annual meeting.
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.

Provider
Edison Investment Research
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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