Edison Investment Research - Tourism Holdings (THL) Update: The return of ROCE

Report

Edison Investment Research

Update: The return of ROCE

Tourism Holdings (THL) continues to deliver on its commitment to reduce capital employed, cut costs and rein in debt. FY15 NPAT forecasts have been upgraded from more than NZ$15m to more than NZ$16m, which is 44% more than FY14. Restoration of acceptable ROCE (defined by the board as 14%) is well underway with all divisions except NZ set to achieve this target by the end of FY15. We have therefore unwound part of our execution discount to the market and the peer group and increased our valuation from NZ$1.65 to NZ$2.00.

01/12/2014 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

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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