Reported Earnings • May 26
First half 2026 earnings released: EPS: NZ$0.067 (vs NZ$0.13 in 1H 2025) First half 2026 results: EPS: NZ$0.067 (down from NZ$0.13 in 1H 2025). Revenue: NZ$296.6m (down 3.4% from 1H 2025). Net income: NZ$22.9m (down 54% from 1H 2025). Profit margin: 7.7% (down from 16% in 1H 2025). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 3.1% p.a. on average during the next 3 years, compared to a 1.6% growth forecast for the Insurance industry in Oceania. Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has only increased by 42% per year, which means it is significantly lagging earnings growth. Declared Dividend • May 23
First half dividend of NZ$0.059 announced Shareholders will receive a dividend of NZ$0.059. Ex-date: 10th June 2026 Payment date: 25th June 2026 Dividend yield will be 14%, which is higher than the industry average of 3.4%. Sustainability & Growth Dividend is not covered by earnings (148% earnings payout ratio). However, it is covered by cash flows (88% cash payout ratio). The dividend has increased by an average of 2.6% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 64% to bring the payout ratio under control. EPS is expected to grow by 48% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. New Risk • May 22
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: 9.4% Last year net profit margin: 15% 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: Minor Risks Dividend is not well covered by earnings (148% payout ratio). Profit margins are more than 30% lower than last year (9.4% net profit margin). Significant insider selling over the past 3 months (NZ$162k sold). Major Estimate Revision • May 22
Consensus EPS estimates fall by 26% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from NZ$602.0m to NZ$570.8m. EPS estimate also fell from NZ$0.182 per share to NZ$0.135 per share. Net income forecast to shrink 43% next year vs 3.1% growth forecast for Insurance industry in New Zealand . Consensus price target down from NZ$2.19 to NZ$2.14. Share price fell 14% to NZ$1.87 over the past week. Announcement • Apr 15
Tower Limited to Report First Half, 2026 Results on May 21, 2026 Tower Limited announced that they will report first half, 2026 results on May 21, 2026 Recent Insider Transactions • Mar 03
Chief Executive Officer recently sold NZ$162k worth of stock On the 27th of February, Paul Johnston sold around 88k shares on-market at roughly NZ$1.85 per share. This transaction amounted to 39% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Paul's only on-market trade for the last 12 months. Upcoming Dividend • Jan 07
Upcoming dividend of NZ$0.19 per share Eligible shareholders must have bought the stock before 14 January 2026. Payment date: 29 January 2026. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 12%. Within top quartile of New Zealander dividend payers (5.6%). Higher than average of industry peers (4.1%). Announcement • Dec 04
Tower Limited, Annual General Meeting, Feb 18, 2026 Tower Limited, Annual General Meeting, Feb 18, 2026. Location: and at tote on ascot, 100 ascot avenue,remuera, New Zealand Declared Dividend • Nov 30
Dividend of NZ$0.19 announced Shareholders will receive a dividend of NZ$0.19. Ex-date: 14th January 2026 Payment date: 29th January 2026 Dividend yield will be 21%, which is higher than the industry average of 3.4%. Sustainability & Growth Dividend is not covered by earnings (105% earnings payout ratio). However, it is covered by cash flows (69% cash payout ratio). The dividend has increased by an average of 2.6% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 17% to bring the payout ratio under control. However, EPS is expected to decline by 5.6% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Price Target Changed • Nov 28
Price target increased by 13% to NZ$2.13 Up from NZ$1.88, the current price target is an average from 2 analysts. New target price is 9.5% above last closing price of NZ$1.94. Stock is up 29% over the past year. The company is forecast to post earnings per share of NZ$0.17 for next year compared to NZ$0.23 last year. Reported Earnings • Nov 27
Full year 2025 earnings released: EPS: NZ$0.23 (vs NZ$0.21 in FY 2024) Full year 2025 results: EPS: NZ$0.23 (up from NZ$0.21 in FY 2024). Revenue: NZ$616.4m (up 6.5% from FY 2024). Net income: NZ$83.7m (up 18% from FY 2024). Profit margin: 14% (up from 12% in FY 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 1.9% p.a. on average during the next 2 years, while revenues in the Insurance industry in Oceania are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 76% per year but the company’s share price has only increased by 36% per year, which means it is significantly lagging earnings growth. Announcement • Oct 08
Tower Limited to Report Fiscal Year 2025 Results on Nov 27, 2025 Tower Limited announced that they will report fiscal year 2025 results on Nov 27, 2025 Major Estimate Revision • Sep 17
Consensus EPS estimates increase by 14%, revenue downgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast fell from NZ$604.2m to NZ$596.9m. EPS estimate rose from NZ$0.225 to NZ$0.256. Net income forecast to shrink 16% next year vs 4.5% growth forecast for Insurance industry in New Zealand . Consensus price target broadly unchanged at NZ$1.88. Share price rose 2.6% to NZ$1.76 over the past week. Recent Insider Transactions • Jul 15
Insider recently sold NZ$212k worth of stock On the 8th of July, Blair Turnbull sold around 134k shares on-market at roughly NZ$1.58 per share. This transaction amounted to 14% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth NZ$429k. Insiders have been net sellers, collectively disposing of NZ$641k more than they bought in the last 12 months. Announcement • Jun 11
Tower Limited Appoints Paul Johnston as Permanent Chief Executive Officer, Effective June 11, 2025 Tower Limited announced the appointment of Paul Johnston as its permanent Chief Executive Officer, effective 11 June, 2025. Since 12 February 2025, Mr. Johnston has served as interim CEO, demonstrating strong leadership and a clear commitment to advancing the company's performance. With 20 invaluable asset to Tower. Mr. Johnston joined Tower as Chief Financial Officer (CFO) in January 2022 from Chubb, one of the world's largest publicly traded property and casualty insurance companies, where he held the positions of Chief Financial Officer and Director for the Far East Region. Prior to his tenure at Chubb, Mr. Johnston spent four years at AIG in senior management positions. Tower Chairman, Michael Stiassny expressed strong confidence in Mr. Johnston's ability to lead the company. Upcoming Dividend • Jun 06
Upcoming dividend of NZ$0.094 per share Eligible shareholders must have bought the stock before 11 June 2025. Payment date: 26 June 2025. Payout ratio is a comfortable 59% and this is well supported by cash flows. Trailing yield: 11%. Within top quartile of New Zealander dividend payers (6.2%). Higher than average of industry peers (3.6%). Recent Insider Transactions • May 25
Insider recently bought NZ$429k worth of stock On the 22nd of May, Blair Turnbull bought around 290k shares on-market at roughly NZ$1.48 per share. This transaction amounted to 23% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Declared Dividend • May 22
Dividend of NZ$0.094 announced Shareholders will receive a dividend of NZ$0.094. Ex-date: 11th June 2025 Payment date: 26th June 2025 Dividend yield will be 91%, which is higher than the industry average of 3.4%. Sustainability & Growth Dividend is covered by both earnings (82% earnings payout ratio) and cash flows (34% cash payout ratio). The dividend has increased over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 21% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • May 21
First half 2025 earnings released: EPS: NZ$0.052 (vs NZ$0.095 in 1H 2024) First half 2025 results: EPS: NZ$0.052. Revenue: NZ$306.9m (up 10% from 1H 2024). Net income: NZ$49.7m (up 53% from 1H 2024). Profit margin: 16% (up from 12% in 1H 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.7% p.a. on average during the next 3 years, while revenues in the Insurance industry in Oceania are expected to remain flat. New Risk • Apr 23
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 4.2% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 4.2% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Announcement • Apr 07
Tower Limited to Report First Half, 2025 Results on May 20, 2025 Tower Limited announced that they will report first half, 2025 results on May 20, 2025 Major Estimate Revision • Apr 04
Consensus EPS estimates increase by 20% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate increased from NZ$0.21 to NZ$0.251. Revenue forecast steady at NZ$618.8m. Net income forecast to grow 21% next year vs 21% growth forecast for Insurance industry in New Zealand. Consensus price target of NZ$1.81 unchanged from last update. Share price fell 8.1% to NZ$1.37 over the past week. Major Estimate Revision • Feb 08
Consensus EPS estimates increase by 14%, revenue downgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast fell from NZ$626.6m to NZ$619.2m. EPS estimate rose from NZ$0.166 to NZ$0.189. Net income forecast to shrink 9.1% next year vs 33% growth forecast for Insurance industry in New Zealand . Consensus price target of NZ$1.60 unchanged from last update. Share price rose 8.6% to NZ$1.39 over the past week. Upcoming Dividend • Jan 08
Upcoming dividend of NZ$0.065 per share Eligible shareholders must have bought the stock before 15 January 2025. Payment date: 30 January 2025. Payout ratio is a comfortable 51% and this is well supported by cash flows. Trailing yield: 9.6%. Within top quartile of New Zealander dividend payers (6.3%). Higher than average of industry peers (3.8%). Reported Earnings • Nov 29
Full year 2024 earnings: Revenues and EPS in line with analyst expectations Full year 2024 results: EPS: NZ$0.19 (up from NZ$0.006 in FY 2023). Revenue: NZ$574.8m (up 40% from FY 2023). Net income: NZ$70.9m (up NZ$68.5m from FY 2023). Profit margin: 12% (up from 0.6% in FY 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 10% p.a. on average during the next 2 years, while revenues in the Insurance industry in Oceania are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Announcement • Nov 01
Tower Limited, Annual General Meeting, Feb 11, 2025 Tower Limited, Annual General Meeting, Feb 11, 2025. Announcement • Oct 17
Tower Limited to Report Fiscal Year 2024 Results on Nov 28, 2024 Tower Limited announced that they will report fiscal year 2024 results on Nov 28, 2024 Announcement • Oct 11
Tower Limited Provides Earnings Guidance for the Year Ending 30 September 2024 Tower Limited provided earnings guidance for the year ending 30 September 2024. For the year, the company expects profit to be around $74 million after allowing for an increase in payments related to customer remediations and associated costs, including those related to regulatory action. Major Estimate Revision • Sep 10
Consensus EPS estimates increase by 23% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from NZ$0.169 to NZ$0.208. Revenue forecast unchanged at NZ$563.4m. Net income forecast to grow 78% next year vs 33% growth forecast for Insurance industry in New Zealand. Consensus price target of NZ$1.30 unchanged from last update. Share price rose 3.9% to NZ$1.19 over the past week. Major Estimate Revision • Aug 13
Consensus EPS estimates increase by 11% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from NZ$0.153 to NZ$0.169. Revenue forecast steady at NZ$563.4m. Net income forecast to grow 68% next year vs 21% growth forecast for Insurance industry in New Zealand. Consensus price target of NZ$0.90 unchanged from last update. Share price rose 4.6% to NZ$1.13 over the past week. Announcement • Jun 13
Tower Limited Updates Earnings Guidance for the Year Ending September 30, 2024 Tower Limited updated earnings guidance for the year ending 30 September 2024. Full year underlying NPAT guidance is expected to be greater than $40 million, up from greater than $35 million as previously advised. This increase is due to a continuation of positive trading conditions including unseasonably benign weather in the past two months. While there were two storms in New Zealand in May, both had relatively insignificant claims costs for Tower, and the threshold for large events was not met. Upcoming Dividend • Jun 05
Upcoming dividend of NZ$0.03 per share Eligible shareholders must have bought the stock before 12 June 2024. Payment date: 27 June 2024. The company last paid an ordinary dividend in November 2013. The average dividend yield among industry peers is 3.4%. Price Target Changed • Apr 18
Price target increased by 18% to NZ$0.90 Up from NZ$0.76, the current price target is provided by 1 analyst. New target price is 10% above last closing price of NZ$0.81. Stock is up 33% over the past year. The company is forecast to post earnings per share of NZ$0.13 for next year compared to NZ$0.0062 last year. Announcement • Apr 16
Tower Limited to Report First Half, 2024 Results on May 28, 2024 Tower Limited announced that they will report first half, 2024 results on May 28, 2024 Major Estimate Revision • Apr 14
Consensus EPS estimates increase by 81% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from NZ$0.073 to NZ$0.133. Revenue forecast unchanged at NZ$556.7m. Net income forecast to grow 2,038% next year vs 28% growth forecast for Insurance industry in New Zealand. Consensus price target of NZ$0.81 unchanged from last update. Share price rose 2.2% to NZ$0.71 over the past week. Announcement • Feb 21
Tower Limited Revises Earnings Guidance for the Fiscal Year 2024 Tower Limited revised earnings guidance for the fiscal year 2024. For the year, the company expects underlying NPAT to be at the upper end of, or exceed, the previously advised range of between $22 million and $27 million. This assumes full utilisation of a $45 million large events allowance. Announcement • Jan 16
Capital Insurance Group agreed to acquire TOWER Insurance (Vanuatu) Limited from Tower Limited (NZSE:TWR). Capital Insurance Group agreed to acquire TOWER Insurance (Vanuatu) Limited from Tower Limited (NZSE:TWR) on January 16, 2024. The sale proceeds are expected to be around $1.6 million, net of costs of sale, subject to adjustment for changes in the subsidiary’s net assets at the completion date. The transaction is conditional on approval by authorities in Vanuatu and Papua New Guinea. The transaction is expected to complete in the first half of 2024. Announcement • Dec 14
Tower Limited, Annual General Meeting, Feb 21, 2024 Tower Limited, Annual General Meeting, Feb 21, 2024, at 10:00 NZST - New Zealand Standard. Major Estimate Revision • Nov 30
Consensus EPS estimates fall by 17% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from NZ$554.2m to NZ$547.4m. EPS estimate also fell from NZ$0.084 per share to NZ$0.07 per share. Net income forecast to grow 1,032% next year vs 28% growth forecast for Insurance industry in New Zealand. Consensus price target down from NZ$0.80 to NZ$0.76. Share price fell 3.3% to NZ$0.59 over the past week. New Risk • Nov 26
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 20% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.6% net profit margin). Announcement • Nov 17
Tower Limited Announces Board Changes Tower Limited announced the appointment of Mike Cutter as an independent director to the Tower Board to fill a casual vacancy. Mr. Cutter has extensive governance and executive experience in the financial services sector across New Zealand, Australia, Asia and Europe. He is currently the Chair of Arteva Funding, a non-executive Director of Sezzle and Pepper Money and, is a co-founder of credit risk management consultancy, Kadre. Most recently, Mr. Cutter served as interim managing director for Bambora Australia and group managing director for Equifax ANZ. Previously, he served a number of Australian-based boards including Women's Cancer Foundation, Ovarian Cancer Institute, Australian Finance Congress, National Insurance Brokers Association and the Australian Retail Credit Association. Prior executive roles include CEO of OAMPS Insurance Brokers (now Gallagher), GE Money Australia and New Zealand and, CRO of ANZ Australia. Mr. Cutter is based in Melbourne and is a graduate of the Australian Institute of Company Directors and a senior fellow of the Financial Services Institute of Australia. He holds a Bachelor of Science (Hons) from Hertfordshire University. Tower's Board has determined that Mr. Cutter is an independent director. His appointment will be effective immediately. Tower CEO, Blair Turnbull will also step down from the Board. Mr. Turnbull was appointed to the Tower Board as an executive director pending the appointment of a new independent director in March 2023. Announcement • Jul 21
Tower Limited Revises Earnings Guidance for the Full Year of 2023 Tower Limited revised earnings guidance for the full year of 2023. Full year guidance is revised to a range of between a loss of $2 million and a profit of $3 million from a profit of between $8 million and $13 million, due to the ongoing challenging claims environment in New Zealand. Major Estimate Revision • Jul 21
Consensus EPS estimates have been downgraded. The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from NZ$485.2m to NZ$476.4m. Now expected to report a loss of NZ$0.0066 per share instead of NZ$0.0314 per share profit previously forecast. Insurance industry in New Zealand expected to see average net income growth of 91% next year. Consensus price target down from NZ$0.80 to NZ$0.78. Share price was steady at NZ$0.61 over the past week. Price Target Changed • Jul 20
Price target decreased by 7.1% to NZ$0.78 Down from NZ$0.84, the current price target is provided by 1 analyst. New target price is 26% above last closing price of NZ$0.62. Stock is down 1.6% over the past year. The company is forecast to post a net loss per share of NZ$0.0066 compared to earnings per share of NZ$0.044 last year. Reported Earnings • May 31
First half 2023 earnings released: NZ$0.02 loss per share (vs NZ$0.007 profit in 1H 2022) First half 2023 results: NZ$0.02 loss per share (down from NZ$0.007 profit in 1H 2022). Revenue: NZ$205.8m (up 17% from 1H 2022). Net loss: NZ$7.44m (down 354% from profit in 1H 2022). Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 5.0% growth forecast for the Insurance industry in Oceania. Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 1% per year. Price Target Changed • May 30
Price target decreased by 9.1% to NZ$0.80 Down from NZ$0.88, the current price target is provided by 1 analyst. New target price is 33% above last closing price of NZ$0.60. Stock is down 12% over the past year. The company is forecast to post earnings per share of NZ$0.032 for next year compared to NZ$0.044 last year. Major Estimate Revision • May 11
Consensus EPS estimates fall by 49%, revenue upgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast increased from NZ$479.0m to NZ$485.2m. EPS estimate fell from NZ$0.062 to NZ$0.032 per share. Net income forecast to shrink 32% next year vs 47% growth forecast for Insurance industry in New Zealand . Consensus price target down from NZ$0.88 to NZ$0.84. Share price fell 6.5% to NZ$0.58 over the past week. Major Estimate Revision • Mar 04
Consensus EPS estimates fall by 12%, revenue upgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast increased from NZ$474.2m to NZ$479.0m. EPS estimate fell from NZ$0.065 to NZ$0.057 per share. Net income forecast to grow 22% next year vs 45% growth forecast for Insurance industry in New Zealand. Consensus price target of NZ$0.88 unchanged from last update. Share price was steady at NZ$0.61 over the past week. Major Estimate Revision • Feb 18
Consensus EPS estimates fall by 15% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from NZ$0.076 to NZ$0.065. Revenue forecast unchanged from NZ$474.2m at last update. Net income forecast to grow 39% next year vs 42% growth forecast for Insurance industry in New Zealand. Consensus price target down from NZ$0.90 to NZ$0.88. Share price fell 9.1% to NZ$0.60 over the past week. Announcement • Jan 30
Tower Limited Reaffirms Earnings Guidance for the Fiscal Year 2023 Tower Limited reaffirmed earnings guidance for the fiscal year 2023. The company's fiscal year 2023 full year guidance remains unchanged. Upcoming Dividend • Jan 10
Upcoming dividend of NZ$0.04 per share Eligible shareholders must have bought the stock before 17 January 2023. Payment date: 01 February 2023. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 11%. Within top quartile of New Zealander dividend payers (6.3%). Higher than average of industry peers (2.8%). Recent Insider Transactions • Dec 31
Chief Executive Officer recently sold NZ$82k worth of stock On the 29th of December, Blair Turnbull sold around 116k shares on-market at roughly NZ$0.70 per share. This transaction amounted to 31% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Blair's only on-market trade for the last 12 months. Announcement • Dec 19
Tower Limited, Annual General Meeting, Feb 28, 2023 Tower Limited, Annual General Meeting, Feb 28, 2023, at 10:00 NZST - New Zealand Standard. Location: Guineas Room 3, Ellerslie Event Centre, Ellerslie Racecourse, 80 Ascot Avenue, Auckland New Zealand Reported Earnings • Nov 25
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: EPS: NZ$0.044 (in line with FY 2021). Revenue: NZ$360.0m (up 5.6% from FY 2021). Net income: NZ$17.6m (down 5.7% from FY 2021). Profit margin: 4.9% (down from 5.5% in FY 2021). The decrease in margin was driven by higher expenses. Combined ratio: 90.1% (down from 91.4% in FY 2021). Revenue missed analyst estimates by 16%. Earnings per share (EPS) also missed analyst estimates by 25%. Revenue is forecast to grow 18% p.a. on average during the next 2 years, compared to a 1.8% growth forecast for the Insurance industry in Oceania. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Announcement • Nov 23
Tower Limited Announces Dividend for the Six Months Ended September 30, 2022, Payable on February 1, 2023 Tower Limited announced dividend for the six months ended September 30, 2022 of NZD 0.04000000 per share. Record date is January 18, 2023. Ex-date is January 17, 2023. Payment date is February 1, 2023. Announcement • Oct 31
Alpha Insurance Limited completed the acquisition of TOWER Insurance (PNG) Limited from Tower Limited (NZSE:TWR) for approximately AUD 10 million. Alpha Insurance Limited agreed to acquire TOWER Insurance (PNG) Limited from Tower Limited (NZSE:TWR) for AUD 7.9 million on June 10, 2022. Consideration is subject to settlement adjustments. Following completion of the sale, Alpha Insurance will utilise Tower’s brand as it undertakes a rebranding process for up to three months. Tower will also provide transitional services to Alpha Insurance for up to six months after the completion date. In the financial year to September 30, 2021, Tower Insurance (PNG) Limited net profit after tax was AUD 0.8 million. As at September 30, 2021, it had net assets of AUD 4.23 million. The transaction is subject to receipt of clearance or authorisation from the Independent Consumer & Competition Commission in Papua New Guinea and any approval necessary under the Insurance Act 1995 (Papua New Guinea). It is also subject to Alpha Insurance obtaining finance to complete the purchase in Australian dollars and Tower obtaining all necessary internal approvals. The sale is expected to occur in FY22.
Alpha Insurance Limited completed the acquisition of TOWER Insurance (PNG) Limited from Tower Limited (NZSE:TWR) for approximately AUD 10 million on October 31, 2022. Announcement • Oct 26
Tower Limited to Report Fiscal Year 2022 Results on Nov 23, 2022 Tower Limited announced that they will report fiscal year 2022 results on Nov 23, 2022 Announcement • Sep 29
Tower Limited Announces the Appointment of Geraldine McBride as a Non-Executive Director Tower Limited announced the appointment of Geraldine McBride as a non-executive director to the Tower Board to fill a casual vacancy. Ms McBride has extensive governance and technology industry experience having performed senior leadership roles internationally with SAP, Dell and IBM. Ms McBride is the founder and CEO of MyWave, a software and services company developing consumer and enterprise relationship solutions using personal cloud technologies. She also sits on the Board of Sky Network Television Limited. Ms McBride's appointment will be effective on 1 October. Ms McBride will retire at the Annual Shareholder Meeting in February 2023 and be eligible for re-election. In June Warren Lee advised the Board of his intention to retire from the Tower Board. Mr. Lee's retirement will be effective from 30 November 2022. Announcement • Jun 22
Tower Limited Announces Interim Dividend for the Period Ended March 31, 2022, Payable on June 30, 2022 The foreign exchange rate used for Tower's interim dividend paid to Australian investors in AUD has been set at AUD 0.90357. Dividends will be paid on 30 June 2022. With an record date of June 16, 2022 and ex-date June 15, 2022. Announcement • Jun 11
Alpha Insurance Limited agreed to acquire TOWER Insurance (PNG) Limited from Tower Limited (NZSE:TWR) for AUD 7.9 million. Alpha Insurance Limited agreed to acquire TOWER Insurance (PNG) Limited from Tower Limited (NZSE:TWR) for AUD 7.9 million on June 10, 2022. Consideration is subject to settlement adjustments. Following completion of the sale, Alpha Insurance will utilise Tower’s brand as it undertakes a rebranding process for up to three months. Tower will also provide transitional services to Alpha Insurance for up to six months after the completion date. In the financial year to September 30, 2021, Tower Insurance (PNG) Limited net profit after tax was AUD 0.8 million. As at September 30, 2021, it had net assets of AUD 4.23 million. The transaction is subject to receipt of clearance or authorisation from the Independent Consumer & Competition Commission in Papua New Guinea and any approval necessary under the Insurance Act 1995 (Papua New Guinea). It is also subject to Alpha Insurance obtaining finance to complete the purchase in Australian dollars and Tower obtaining all necessary internal approvals. The sale is expected to occur in FY22. Upcoming Dividend • Jun 08
Upcoming dividend of NZ$0.025 per share Eligible shareholders must have bought the stock before 15 June 2022. Payment date: 30 June 2022. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 7.5%. Within top quartile of New Zealander dividend payers (5.8%). Higher than average of industry peers (4.0%). Announcement • Jun 07
Tower Limited Announces Retirement of Warren Lee as Director Tower Limited announced that Warren Lee has advised his intention to retire from the Tower Board. Warren has been a director of Tower since 26 May 2015. A recruitment process is underway for Warren's replacement, and a decision will be made on the date for his retirement in due course. Announcement • Jun 01
Tower Limited (NZSE:TWR) agreed to acquire Portfolio of insurance business of TSB Bank Limited from TSB Bank Limited for Approximately NZD 5 million. Tower Limited (NZSE:TWR) agreed to acquire Portfolio of insurance business of TSB Bank Limited from TSB Bank Limited for Approximately NZD 5 million on May 31, 2022. Tower and TSB have also entered into a referral agreement for new TSB insurance customers for a period of five years. No regulatory approvals are required to proceed under the agreement and the acquisition is unconditional, with completion expected to take place on July 01, 2022. Price Target Changed • May 30
Price target decreased to NZ$0.90 Down from NZ$1.05, the current price target is an average from 2 analysts. New target price is 31% above last closing price of NZ$0.69. Stock is down 5.5% over the past year. The company is forecast to post earnings per share of NZ$0.057 for next year compared to NZ$0.044 last year. Announcement • May 28
Tower Limited Provides Dividend Guidance for the Fiscal Year 2022 Tower Limited provided dividend guidance value of 5.5 cents per share for the fiscal year 2022. Reported Earnings • May 27
First half 2022 earnings released First half 2022 results: Revenue: (down 100% from 1H 2021). Net income: (down NZ$11.5m from profit in 1H 2021). Profit margin: (down from 6.7% in 1H 2021). The decrease in margin was driven by lower expenses. Over the next year, revenue is forecast to grow 28% while the industry in New Zealand is not expected to grow. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Announcement • May 27
Tower Limited Announces Dividend for Six Months Ended March 31, 2022, Payable on June 30, 2022 Tower Limited announced dividend of NZD 0.02500000 for the six months ended March 31, 2022 with record date as June 16, 2022, ex-date as June 15, 2022 and Payable on June 30, 2022. Board Change • Apr 27
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. 6 experienced directors. 2 highly experienced directors. Non-Executive & Non Independent Director Marcus Nagel was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Apr 26
Tower Limited to Report Q2, 2022 Results on May 26, 2022 Tower Limited announced that they will report Q2, 2022 results on May 26, 2022 Announcement • Feb 02
Tower Limited Provides Earnings Guidance for the Year 2022 Tower Limited provided earnings guidance for the year 2022. There is no change to Tower's FY22 underlying net profit after tax (NPAT) guidance range of $21 million to $25 million, noting that this guidance assumes inflation pressures will continue throughout FY22 and that the $20 million excess on Tower's aggregate reinsurance is fully utilised. Board Change • Feb 01
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. 6 experienced directors. 3 highly experienced directors. Non-Executive & Non Independent Director Marcus Nagel was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Jan 11
Upcoming dividend of NZ$0.025 per share Eligible shareholders must have bought the stock before 18 January 2022. Payment date: 02 February 2022. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 7.0%. Within top quartile of New Zealander dividend payers (5.0%). Higher than average of industry peers (3.7%). Reported Earnings • Nov 27
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: NZ$0.044 (up from NZ$0.029 in FY 2020). Revenue: NZ$341.0m (up 4.1% from FY 2020). Net income: NZ$18.7m (up 57% from FY 2020). Profit margin: 5.5% (up from 3.6% in FY 2020). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 8.3%. Earnings per share (EPS) also missed analyst estimates by 4.6%. Earnings per share (EPS) missed analyst estimates by 4.6%. Over the next year, revenue is forecast to grow 24% compared to a 4.9% decline forecast for the insurance industry in New Zealand. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Price Target Changed • Sep 27
Price target decreased to NZ$1.00 Down from NZ$1.15, the current price target is an average from 3 analysts. New target price is 49% above last closing price of NZ$0.67. Stock is up 12% over the past year. Upcoming Dividend • Jun 23
Upcoming dividend of NZ$0.025 per share Eligible shareholders must have bought the stock before 29 June 2021. Payment date: 14 July 2021. Trailing yield: 6.5%. Within top quartile of New Zealander dividend payers (4.6%). Higher than average of industry peers (3.0%). Reported Earnings • May 28
First half 2021 earnings released: EPS NZ$0.027 (vs NZ$0.035 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$170.5m (up 3.3% from 1H 2020). Net income: NZ$11.5m (down 20% from 1H 2020). Profit margin: 6.7% (down from 8.7% in 1H 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Recent Insider Transactions • May 28
Chief Executive Officer recently bought NZ$69k worth of stock On the 26th of May, Blair Turnbull bought around 90k shares on-market at roughly NZ$0.76 per share. In the last 3 months, they made an even bigger purchase worth NZ$71k. Blair has been a buyer over the last 12 months, purchasing a net total of NZ$238k worth in shares. Announcement • May 26
Tower Confirms Interim Dividend, Payable on 14 July, 2021 Tower confirmed interim dividend of 2.5 cents to be paid on 14 July, 2021, reflecting resolving legacy issues and consistent growth. Under Tower's dividend policy, the full year guidance would equate to an approximate full year dividend payment in the range of 5 cents to 5.5 cents per share. The record date of 30 June 2021.