Board Change • Jun 02
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 3 highly experienced directors. Director Stuart Harrison was the last director to join the board, commencing their role in 2023. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Apr 30
Upcoming dividend of NZ$0.035 per share Eligible shareholders must have bought the stock before 07 May 2026. Payment date: 15 May 2026. Payout ratio is a comfortable 23% but the company is not cash flow positive. Trailing yield: 0.9%. Lower than top quartile of New Zealander dividend payers (6.1%). Lower than average of industry peers (2.5%). Announcement • Feb 25
Millennium & Copthorne Hotels New Zealand Limited announces Annual dividend, payable on May 15, 2026 Millennium & Copthorne Hotels New Zealand Limited announced Annual dividend of NZD 0.0300 per share payable on May 15, 2026, ex-date on May 07, 2026 and record date on May 08, 2026. Reported Earnings • Feb 24
Full year 2025 earnings released: EPS: NZ$0.13 (vs NZ$0.017 in FY 2024) Full year 2025 results: EPS: NZ$0.13 (up from NZ$0.017 in FY 2024). Revenue: NZ$186.7m (up 6.0% from FY 2024). Net income: NZ$20.2m (up NZ$17.5m from FY 2024). Profit margin: 11% (up from 1.6% in FY 2024). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. Announcement • Feb 24
Millennium & Copthorne Hotels New Zealand Limited, Annual General Meeting, May 26, 2026 Millennium & Copthorne Hotels New Zealand Limited, Annual General Meeting, May 26, 2026. Location: m social auckland, auckland New Zealand Reported Earnings • Aug 13
First half 2025 earnings released: EPS: NZ$0.042 (vs NZ$0.074 loss in 1H 2024) First half 2025 results: EPS: NZ$0.042 (up from NZ$0.074 loss in 1H 2024). Revenue: NZ$79.3m (down 7.1% from 1H 2024). Net income: NZ$6.65m (up NZ$18.4m from 1H 2024). Profit margin: 8.4% (up from net loss in 1H 2024). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Announcement • May 30
Millennium & Copthorne Hotels New Zealand Limited Declares Dividend for 2024, Payable on June 19, 2025 Millennium & Copthorne Hotels New Zealand Limited's board resolved to declare a dividend for 2024 of three (3) cents per share to al MCK shareholders holding ordinary or redeemable preference shares. The dividend will be fully imputed and paid to shareholders on 19 June. The Board felt that it was appropriate to declare a dividend for 2024 now that there are no restrictions on doing so. Announcement • May 10
CDL Hotels Holdings New Zealand Limited completed the acquisition of an additional 8.054% stake in Millennium & Copthorne Hotels New Zealand Limited (NZSE:MCK) for NZD 23.79 million. CDL Hotels Holdings New Zealand Limited proposed to acquire remaining 24.14% stake in Millennium & Copthorne Hotels New Zealand Limited (NZSE:MCK) for NZD 71.29 million on January 20, 2025. The consideration consists of NZD 2.25 per share. The offer is being made with a view to delist and privatize MCK, which will simplify the ownership structure of CDL's investment entities in the country. CDLHH NZ held 80 million shares or about 75.9% of all MCK shares. The transaction is subject to minimum acceptance condition approval from Overseas Investment and other customary condition. The Board of Directors of Millennium & Copthorne Hotels New Zealand Limited formed a special committee for the transaction. The expected completion of the transaction is May 2, 2025. The expected completion of the transaction is May 8, 2025. As of February 24, 2025, the Independent Directors of Millennium & Copthorne Hotels New Zealand Limited strongly recommended shareholders to not accept the offer. As of April 22, 2025, the bid price has been increased to NZD 2.8 per share. CDL Hotels Holdings New Zealand Limited has waived the requirement of minimum acceptance level. The approval of Overseas Investment Office has been received. The offer has become unconditional.
MUFG Corporate Markets acted as registrar to CDL Hotels Holdings New Zealand Limited. Cameron Partners Ltd and Bell Gully served as financial and legal advisors respectively to the Independent Committee appointed by the Board of Millennium & Copthorne Hotels New Zealand Limited.
CDL Hotels Holdings New Zealand Limited completed the acquisition of an additional 8.054% stake in Millennium & Copthorne Hotels New Zealand Limited (NZSE:MCK) for NZD 23.79 million on May 8, 2025. CDLHH NZ will not make another takeover offer under the NZ Takeovers Code for the MCK Shares for at least nine months from April 22, 2025. Announcement • Feb 22
Millennium & Copthorne Hotels New Zealand Limited Announces No Final Dividend Fiscal Year 2024 Given Takeover Offer Conditions Millennium & Copthorne Hotels New Zealand Limited refers to the takeover offer dated 10 February 2025 (the Offer) that it has received from CDL Hotels Holdings New Zealand Limited (CDLHH NZ). Clause 6.2(a) of the Offer contains a condition which restricts MCK from declaring or paying a dividend during the period from 20 January 2025 (when CDLHH NZ gave its takeover notice) until the time the Offer is declared unconditional (or the Offer lapses). In connection with the Offer, the Independent Committee formed to consider the Company's response to the Offer requested CDLHH NZ to waive that condition to allow MCK to pay a final dividend in respect of its 2024 financial year (should MCK's Board agree to pay such a dividend). CDLHH NZ has not agreed to that request. Accordingly, because of this condition under the Offer, the MCK Board has decided that it will not be declaring a final dividend in respect of its 2024 financial year. Announcement • Jan 22
CDL Hotels Holdings New Zealand Limited proposed to acquire remaining 24.14% stake in Millennium & Copthorne Hotels New Zealand Limited (NZSE:MCK) for NZD 57.2 million. CDL Hotels Holdings New Zealand Limited proposed to acquire remaining 24.14% stake in Millennium & Copthorne Hotels New Zealand Limited (NZSE:MCK) for NZD 57.2 million on January 20, 2025. The consideration consist of NZD 2.25 per share. The offer is being made with a view to delist and privatize MCK, which will simplify the ownership structure of CDL's investment entities in the country. CDLHH NZ held 80 million shares or about 75.9% of all MCK shares. The transaction is subject to minimum acceptance condition approval from Overseas Investment and other customary condition. The Board of Directors of Millennium & Copthorne Hotels New Zealand Limited formed a special committee for the transaction. The expected completion of the transaction is May 2, 2025. New Risk • Jan 20
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of New Zealander stocks, typically moving 7.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 29% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (7.4% average weekly change). Profit margins are more than 30% lower than last year (2.2% net profit margin). Announcement • Oct 24
Millennium & Copthorne Hotels New Zealand Limited (NZSE:MCK) agreed to acquire Mayfair Luxury Hotels for NZD 32 million. Millennium & Copthorne Hotels New Zealand Limited (NZSE:MCK) agreed to acquire Mayfair Luxury Hotels for NZD 32 million on October 23, 2024. Millennium & Copthorne Hotels New Zealand Limited (NZSE:MCK) will use existing cash and bank facilities to complete the acquisition.
The expected completion of the transaction is November 30, 2024. Reported Earnings • Aug 11
First half 2024 earnings released: NZ$0.074 loss per share (vs NZ$0.039 profit in 1H 2023) First half 2024 results: NZ$0.074 loss per share (down from NZ$0.039 profit in 1H 2023). Revenue: NZ$85.3m (up 42% from 1H 2023). Net loss: NZ$11.7m (down 290% from profit in 1H 2023). Over the last 3 years on average, earnings per share has fallen by 50% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. New Risk • Aug 07
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 2.2% Last year net profit margin: 10% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 29% per year over the past 5 years. Minor Risk Profit margins are more than 30% lower than last year (2.2% net profit margin). Announcement • May 01
Millennium & Copthorne Hotels New Zealand Limited, Annual General Meeting, May 28, 2024 Millennium & Copthorne Hotels New Zealand Limited, Annual General Meeting, May 28, 2024, at 13:00 NZT - New Zealand. Location: Grand Millennium Auckland, 71 Mayoral Drive Auckland New Zealand Agenda: To re-elect Kevin HANGCHI as a director; to re-elect Colin SIM as a director; to re-elect Leslie PRESTON as a director; to elect Steven ZINGEL as a director; to approve the aggregate maximum annual remuneration for directors be increased from NZ$200,000 to NZ$400,000; and to authorise to fix the auditor's fees and expenses by board of directors. Declared Dividend • Feb 28
Dividend of NZ$0.035 announced Shareholders will receive a dividend of NZ$0.035. Ex-date: 9th May 2024 Payment date: 17th May 2024 Dividend yield will be 1.9%, which is lower than the industry average of 2.1%. Payout Ratios Payout ratio: 38%. Cash payout ratio: 82%. Reported Earnings • Feb 27
Full year 2023 earnings released Full year 2023 results: Revenue: NZ$145.7m (up 1.0% from FY 2022). Net income: NZ$21.6m (flat on FY 2022). Profit margin: 15% (in line with FY 2022). New Risk • Feb 24
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 17% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Profit margins are more than 30% lower than last year (10% net profit margin). Reported Earnings • Aug 10
First half 2023 earnings released: EPS: NZ$0.039 (vs NZ$0.097 in 1H 2022) First half 2023 results: EPS: NZ$0.039 (down from NZ$0.097 in 1H 2022). Revenue: NZ$60.1m (down 28% from 1H 2022). Net income: NZ$6.18m (down 60% from 1H 2022). Profit margin: 10% (down from 18% in 1H 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Announcement • May 24
Millennium & Copthorne Hotels New Zealand Limited Appoints Stuart Harrison as A Director Millennium & Copthorne Hotels New Zealand Limited appointed Stuart Harrison as a director at its AGM held on 23 May 2023. Upcoming Dividend • Apr 27
Upcoming dividend of NZ$0.035 per share at 1.4% yield Eligible shareholders must have bought the stock before 04 May 2023. Payment date: 12 May 2023. Payout ratio is a comfortable 22% and this is well supported by cash flows. Trailing yield: 1.4%. Lower than top quartile of New Zealander dividend payers (6.4%). Lower than average of industry peers (2.1%). Reported Earnings • Feb 18
Full year 2022 earnings released Full year 2022 results: Revenue: NZ$144.2m (down 13% from FY 2021). Net income: NZ$21.7m (down 46% from FY 2021). Profit margin: 15% (down from 24% in FY 2021). The decrease in margin was driven by lower revenue. Announcement • Feb 16
Millennium & Copthorne Hotels New Zealand Limited Proposes Dividend for 2022, Payable 5 May 2023 Millennium & Copthorne Hotels New Zealand Limited's Board has resolved to declare and pay all shareholders a fully imputed dividend of 3 cents per share for 2022. The dividend, payable to all shareholders, will be paid on 12 May 2023 with a record date of 5 May 2023. The dividend remains at a sustainable level where shareholders are able to receive a return commensurate with MCK's current profitability while still ensuring that the company retains sufficient resources to progress refurbishment and other business critical projects over the coming year. Reported Earnings • Aug 11
First half 2022 earnings released First half 2022 results: Revenue: (down 100% from 1H 2021). Net income: (down NZ$25.3m from profit in 1H 2021). Profit margin: (down from 26% in 1H 2021). Upcoming Dividend • Apr 28
Upcoming dividend of NZ$0.041 per share Eligible shareholders must have bought the stock before 05 May 2022. Payment date: 13 May 2022. Trailing yield: 1.4%. Lower than top quartile of New Zealander dividend payers (5.3%). Lower than average of industry peers (2.1%). Announcement • Apr 26
Millennium & Copthorne Hotels New Zealand Limited, Annual General Meeting, May 24, 2022 Millennium & Copthorne Hotels New Zealand Limited, Annual General Meeting, May 24, 2022, at 13:00 NZST - New Zealand Standard. Location: the Copthorne Hotel Auckland City, 150 Anzac Avenue Auckland City New Zealand Agenda: To re-elect director; to consider auditor's remuneration;. Announcement • Feb 19
Millennium & Copthorne Hotels New Zealand Limited Proposes Dividend for 2021, Payable 13 May 2022 Millennium & Copthorne Hotels New Zealand Limited's Board has resolved to declare and pay all shareholders a fully imputed dividend of 3.5 cents per share for 2021. The dividend, payable to all shareholders, will be paid on 13 May 2022 with a record date of 6 May 2022. Ex-Date (one business day before the Record Date) is 5 May 2022. Gross distribution is 4.861. Reported Earnings • Feb 19
Full year 2021 earnings: Revenues in line with analyst expectations Full year 2021 results: Revenue: NZ$164.8m (down 4.2% from FY 2020). Net income: NZ$40.0m (down 13% from FY 2020). Profit margin: 24% (down from 27% in FY 2020). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Announcement • Feb 01
Millennium & Copthorne Hotels New Zealand Limited to Report Fiscal Year 2021 Final Results on Feb 21, 2022 Millennium & Copthorne Hotels New Zealand Limited announced that they will report fiscal year 2021 final results on Feb 21, 2022 Reported Earnings • Oct 01
First half 2021 earnings released: EPS NZ$0.16 (vs NZ$0.21 in 1H 2020) The company reported a soft first half result with weaker earnings and profit margins, although revenues improved. First half 2021 results: Revenue: NZ$98.4m (up 16% from 1H 2020). Net income: NZ$25.3m (down 26% from 1H 2020). Profit margin: 26% (down from 40% in 1H 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has fallen by 9% per year, which means it is performing significantly worse than earnings. Executive Departure • Jun 07
Independent Director Richard Bobb has left the company On the 25th of May, Richard Bobb's tenure as Independent Director ended after 16.9 years in the role. We don't have any record of a personal shareholding under Richard's name. A total of 2 executives have left over the last 12 months. Reported Earnings • Feb 20
Full year 2020 earnings released: EPS NZ$0.29 (vs NZ$0.31 in FY 2019) The company reported a soft full year result with weaker earnings and revenues, although profit margins were improved. Full year 2020 results: Revenue: NZ$172.0m (down 25% from FY 2019). Net income: NZ$46.0m (down 7.4% from FY 2019). Profit margin: 27% (up from 22% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Nov 25
Market bids up stock over the past week After last week's 19% share price gain to NZ$2.33, the stock is trading at a trailing P/E ratio of 6.1x, up from the previous P/E ratio of 5.2x. This compares to an average P/E of 36x in the Hospitality industry in Oceania. Total return to shareholders over the past three years is a loss of 7.5%. Is New 90 Day High Low • Nov 10
New 90-day high: NZ$1.91 The company is up 7.0% from its price of NZ$1.78 on 12 August 2020. The New Zealander market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Hospitality industry, which is up 10.0% over the same period. 
