Chorus Hits the High Note but Composition Still in Flux
Shares in Chorus are trading at a premium of almost 40% to our NZD 4.10 (AUD 3.95) fair value estimates per share. The 35% stock price rally over the past year has certainly not been driven by any consensus estimate upgrades, which have been scarce during that time. Rather, it has been largely fuelled by the declining interest-rate environment, in New Zealand (at a record low 1.5%), Australia (at record-low 1.0%) and virtually every other developed economy. The consequent search for yield has be...Chorus Limited (Chorus) is a telecommunications infrastructure company. The Company maintains and builds a network made up of local telephone exchanges, cabinets, and copper and fiber cables. The Company's product portfolio encompasses a range of wholesale broadband, data and voice services across a mix of regulated, contracted, and commercial products. Its products include fiber broadband, fiber premium, copper-based voice, data services over copper and copper-based broadband. Its fiber and copper connections provide access to the Chorus fixed lines network to enable connections to the Internet. Its infrastructure includes the physical storage and site-sharing rental services for the co-location of the third party or shared assets. The Company's field services include services in the field to protect, strengthen, and increase the available network.
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