Loading...

Chorus

ASX:CNU
Snowflake Description

Imperfect balance sheet and overvalued.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
CNU
ASX
NZ$2B
Market Cap
  1. Home
  2. AU
  3. Telecom
Company description

Chorus Limited, together with its subsidiaries, provides fixed line communications infrastructure services in New Zealand. The last earnings update was 145 days ago. More info.


Add to Portfolio Compare Print
CNU Share Price and Events
7 Day Returns
-3%
ASX:CNU
-1.4%
AU Telecom
0%
AU Market
1 Year Returns
31.4%
ASX:CNU
27.9%
AU Telecom
4.8%
AU Market
CNU Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Chorus (CNU) -3% -7% -10.2% 31.4% 26.6% 235.9%
AU Telecom -1.4% -1.4% 7% 27.9% -37.3% -26%
AU Market 0% 0.9% 6.8% 4.8% 20.1% 12.2%
1 Year Return vs Industry and Market
  • CNU outperformed the Telecom industry which returned 27.9% over the past year.
  • CNU outperformed the Market in Australia which returned 4.8% over the past year.
Price Volatility
CNU
Industry
5yr Volatility vs Market
Related Companies

Value

 Is Chorus undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
  • It is not possible to calculate the future cash flow value for Chorus. This is due to cash flow or dividend data being unavailable. The share price is A$5.19.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Chorus's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Chorus's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
ASX:CNU PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in NZD NZ$0.15
NZSE:CNU Share Price ** NZSE (2019-07-19) in NZD NZ$5.44
Australia Telecom Industry PE Ratio Median Figure of 7 Publicly-Listed Telecom Companies 27.72x
Australia Market PE Ratio Median Figure of 546 Publicly-Listed Companies 16.1x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Chorus.

ASX:CNU PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NZSE:CNU Share Price ÷ EPS (both in NZD)

= 5.44 ÷ 0.15

35.2x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Chorus is overvalued based on earnings compared to the AU Telecom industry average.
  • Chorus is overvalued based on earnings compared to the Australia market.
Price based on expected Growth
Does Chorus's expected growth come at a high price?
Raw Data
ASX:CNU PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 35.2x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 7 Analysts
-4%per year
Australia Telecom Industry PEG Ratio Median Figure of 7 Publicly-Listed Telecom Companies 2.14x
Australia Market PEG Ratio Median Figure of 361 Publicly-Listed Companies 1.38x

*Line of best fit is calculated by linear regression .

ASX:CNU PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 35.2x ÷ -4%

-8.83x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Chorus earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Chorus's assets?
Raw Data
ASX:CNU PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in NZD NZ$2.36
NZSE:CNU Share Price * NZSE (2019-07-19) in NZD NZ$5.44
Australia Telecom Industry PB Ratio Median Figure of 14 Publicly-Listed Telecom Companies 2.4x
Australia Market PB Ratio Median Figure of 1,693 Publicly-Listed Companies 1.7x
ASX:CNU PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NZSE:CNU Share Price ÷ Book Value per Share (both in NZD)

= 5.44 ÷ 2.36

2.31x

* Primary Listing of Chorus.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Chorus is good value based on assets compared to the AU Telecom industry average.
X
Value checks
We assess Chorus's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Telecom industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Telecom industry average (and greater than 0)? (1 check)
  5. Chorus has a total score of 1/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Chorus expected to perform in the next 1 to 3 years based on estimates from 7 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
-4%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Chorus expected to grow at an attractive rate?
  • Chorus's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 2.3%.
Growth vs Market Checks
  • Chorus's earnings are expected to decrease over the next 1-3 years, this is below the Australia market average.
  • Chorus's revenue growth is positive but not above the Australia market average.
Annual Growth Rates Comparison
Raw Data
ASX:CNU Future Growth Rates Data Sources
Data Point Source Value (per year)
ASX:CNU Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 7 Analysts -4%
ASX:CNU Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 7 Analysts 0.1%
Australia Telecom Industry Earnings Growth Rate Market Cap Weighted Average 9.4%
Australia Telecom Industry Revenue Growth Rate Market Cap Weighted Average -0.6%
Australia Market Earnings Growth Rate Market Cap Weighted Average 7.4%
Australia Market Revenue Growth Rate Market Cap Weighted Average 3.3%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
ASX:CNU Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (6 months ago) See Below
Future Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below
All numbers in NZD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
ASX:CNU Future Estimates Data
Date (Data in NZD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-06-30 979 492 57 6
2020-06-30 980 503 50 7
2019-06-30 976 439 58 6
ASX:CNU Past Financials Data
Date (Data in NZD Millions) Revenue Cash Flow Net Income *
2018-12-31 980 519 68
2018-09-30 985 514 77
2018-06-30 990 508 85
2018-03-31 1,000 477 90
2017-12-31 1,010 439 94
2017-09-30 1,025 482 104
2017-06-30 1,040 524 113
2017-03-31 1,049 513 119
2016-12-31 1,058 502 124
2016-09-30 1,033 469 108
2016-06-30 1,008 435 91
2016-03-31 983 387 76

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Chorus's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Chorus's revenue is expected to grow by 0.1% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
ASX:CNU Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (6 months ago) See Below
Future Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below

All data from Chorus Company Filings, last reported 6 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ASX:CNU Future Estimates Data
Date (Data in NZD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-06-30 0.13 0.15 0.09 4.00
2020-06-30 0.10 0.13 0.09 6.00
2019-06-30 0.13 0.14 0.11 6.00
ASX:CNU Past Financials Data
Date (Data in NZD Millions) EPS *
2018-12-31 0.15
2018-09-30 0.18
2018-06-30 0.20
2018-03-31 0.22
2017-12-31 0.23
2017-09-30 0.25
2017-06-30 0.28
2017-03-31 0.30
2016-12-31 0.32
2016-09-30 0.27
2016-06-30 0.23
2016-03-31 0.19

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Chorus is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Chorus's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Australia market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Australia market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Chorus has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Chorus performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Chorus's growth in the last year to its industry (Telecom).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Chorus's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
  • Chorus's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Chorus's 1-year earnings growth is negative, it can't be compared to the AU Telecom industry average.
Earnings and Revenue History
Chorus's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Chorus Company Filings, last reported 6 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ASX:CNU Past Revenue, Cash Flow and Net Income Data
Date (Data in NZD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 980.00 68.00 5.00
2018-09-30 985.00 76.50 2.50
2018-06-30 990.00 85.00
2018-03-31 1,000.00 89.50 1.00
2017-12-31 1,010.00 94.00 -1.00
2017-09-30 1,025.00 103.50 -0.50
2017-06-30 1,040.00 113.00
2017-03-31 1,049.00 118.50 3.50
2016-12-31 1,058.00 124.00 7.00
2016-09-30 1,033.00 107.50 7.00
2016-06-30 1,008.00 91.00 7.00
2016-03-31 983.00 75.50 6.00
2015-12-31 958.00 60.00 5.00
2015-09-30 982.00 75.50 5.00
2015-06-30 1,006.00 91.00 5.00
2015-03-31 1,028.00 112.50 5.50
2014-12-31 1,050.00 134.00 6.00
2014-09-30 1,054.00 141.00 5.50
2014-06-30 1,058.00 148.00 5.00
2014-03-31 1,062.50 156.50 5.50
2013-12-31 1,067.00 165.00 6.00
2013-09-30 1,062.00 168.00 5.50
2013-06-30 1,057.00 171.00 5.00

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Chorus has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Chorus used its assets less efficiently than the AU Telecom industry average last year based on Return on Assets.
  • Chorus's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Chorus's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Telecom industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Chorus has a total score of 0/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Chorus's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Chorus's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Chorus is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Chorus's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Chorus's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.2x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Chorus Company Filings, last reported 6 months ago.

ASX:CNU Past Debt and Equity Data
Date (Data in NZD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 1,010.00 2,763.00 281.00
2018-09-30 1,010.00 2,763.00 281.00
2018-06-30 1,022.00 2,309.00 50.00
2018-03-31 1,022.00 2,309.00 50.00
2017-12-31 1,013.00 2,203.00 40.00
2017-09-30 1,013.00 2,203.00 40.00
2017-06-30 944.00 2,043.00 170.00
2017-03-31 944.00 2,043.00 170.00
2016-12-31 919.00 1,762.00 155.00
2016-09-30 919.00 1,762.00 155.00
2016-06-30 871.00 1,902.00 103.00
2016-03-31 871.00 1,902.00 103.00
2015-12-31 843.00 1,845.00 78.00
2015-09-30 843.00 1,845.00 78.00
2015-06-30 819.00 1,842.00 83.00
2015-03-31 819.00 1,842.00 83.00
2014-12-31 798.00 1,775.00 103.00
2014-09-30 798.00 1,775.00 103.00
2014-06-30 731.00 1,848.00 177.00
2014-03-31 731.00 1,848.00 177.00
2013-12-31 673.00 1,764.00 170.00
2013-09-30 673.00 1,764.00 170.00
2013-06-30 624.00 1,832.00 80.00
  • Chorus's level of debt (273.6%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (280.6% vs 273.6% today).
  • Debt is not well covered by operating cash flow (18.8%, less than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 1.7x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess Chorus's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Chorus has a total score of 2/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Chorus's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
4.14%
Current annual income from Chorus dividends. Estimated to be 4.42% next year.
If you bought A$2,000 of Chorus shares you are expected to receive A$83 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Chorus's pays a higher dividend yield than the bottom 25% of dividend payers in Australia (2.53%).
  • Chorus's dividend is below the markets top 25% of dividend payers in Australia (5.79%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
ASX:CNU Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below
Oceania Telecom Industry Average Dividend Yield Market Cap Weighted Average of 6 Stocks 3.4%
Australia Market Average Dividend Yield Market Cap Weighted Average of 415 Stocks 4%
Australia Minimum Threshold Dividend Yield 10th Percentile 1.4%
Australia Bottom 25% Dividend Yield 25th Percentile 2.5%
Australia Top 25% Dividend Yield 75th Percentile 5.8%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

ASX:CNU Future Dividends Estimate Data
Date (Data in NZ$) Dividend per Share (annual) Avg. No. Analysts
2021-06-30 0.24 6.00
2020-06-30 0.24 7.00
2019-06-30 0.23 7.00
ASX:CNU Past Annualized Dividends Data
Date (Data in NZ$) Dividend per share (annual) Avg. Yield (%)
2019-02-25 0.225 3.882
2018-08-27 0.220 4.548
2017-03-27 0.205 4.902
2016-08-29 0.210 5.324
2016-02-19 0.160 3.872
2016-02-18 0.160 4.142
2015-02-23 0.000 0.000
2014-08-25 0.000 0.000
2014-02-24 0.000 0.000
2013-08-26 0.310 16.595
2013-02-25 0.200 7.385
2012-08-27 0.146 4.678

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Chorus has been paying a dividend for less than 10 years and during this time payments have been volatile (annual drop of over 20%).
  • Dividend payments have increased, but Chorus only paid a dividend in the past 7 years.
Current Payout to shareholders
What portion of Chorus's earnings are paid to the shareholders as a dividend.
  • Dividends paid are not well covered by earnings (0.7x coverage).
Future Payout to shareholders
  • Dividends after 3 years are not well covered by earnings (0.5x coverage).
X
Income/ dividend checks
We assess Chorus's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.4%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Chorus afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Chorus has a total score of 1/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Chorus's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Kate McKenzie
COMPENSATION NZ$2,219,475
TENURE AS CEO 2.4 years
CEO Bio

Ms. Kate M. McKenzie, B.A., L.L.B. has been the Chief Executive Officer and Managing Director at Chorus Limited since February 20, 2017. Ms. McKenzie has significant corporate governance experience. She has an extensive communications infrastructure background. She served as the Chief Operations Officer of Telstra Corporation Limited since October 2013 until July 25, 2016, responsible for Telstra’s field services, IT and network architecture and operations. Ms. McKenzie served as a Head of Innovation, Products and Marketing of Telstra Corporation Limited. She served as Group Managing Director for Telstra Innovation Products and Marketing at Telstra Corporation Limited. She served as the Chief Marketing Officer at Telstra Corporation Limited since March 2010. She served as Group Managing Director of Strategic Marketing at Telstra Wholesale from January 16, 2006 to March 2009. She served as Group Managing Director of Strategic Marketing at Telstra Corporation Limited since March 2009. Prior to, she served as Group Managing Director of Telstra Wholesale of Telstra Corp. Ltd. from January 16, 2006 to March 2009. She joined Telstra in August 2004 as Head of Telstra Regulatory and served as its Deputy Group Managing Director, Public Policy & Communication and Group Managing Director, Regulatory, Public Policy and Communications. Prior to her experience at Telstra, she was involved in a number of micro-economic reform initiatives, including the sale of a bank and an insurance company, sale of water assets and the establishment of the national electricity market. During her career, she was involved in the development and implementation of competition policy, energy reform, corporatisation and Privatisation and Commonwealth/State negotiations on a range of complex policy issues. She is a qualified lawyer with a strong track record in understanding government and regulatory environments. She has been an Independent Non-Executive Director of Allianz Australia Limited since January 1, 2012. She has been a Non-independent Director of Chorus Limited since February 20, 2017. She is a Member of Advisory Board of Mahuki. Ms. McKenzie serves as a Director of Telstra Ventures Pty Limited (also known as Telstra Applications and Ventures Group) and leads the Board. She served as a Director of Foxtel Management Pty Ltd until September 14, 2016. She served as a Director of FOXTEL Cable Television Pty Limited since June 1, 2012 until September 14, 2016. She served as a Director of Sydney Water Corporation from February 1, 2009 to October 31, 2011, Reach, CSL and Workcover. Prior to joining Telstra, she was a CEO in the NSW Government of the Departments of Commerce, Industrial Relations and the Workcover Authority. She is a Director at Chorus New Zealand Limited (CNZL). She served as Director General of the NSW Department of Commerce. She also served as Director General of the NSW Department of Industrial Relations, General Manager of the WorkCover Authority of NSW and Deputy Director General of the NSW Cabinet Office. She is a member of Chief Executive Women. She has served on the Telstra Foundation, Telstra’s philanthropic arm and has had a long history of involvement in promoting the interests of indigenous communities. She holds a Bachelor of Arts and Bachelor of Laws from the University of Sydney.

CEO Compensation
  • Kate's compensation has increased by more than 20% whilst company earnings have fallen more than 20% in the past year.
  • Kate's remuneration is about average for companies of similar size in Australia.
Management Team Tenure

Average tenure of the Chorus management team in years:

1.1
Average Tenure
  • The average tenure for the Chorus management team is less than 2 years, this suggests a new team.
Management Team

Kate McKenzie

TITLE
CEO, MD & Director
COMPENSATION
NZ$2M
TENURE
2.4 yrs

David Collins

TITLE
Chief Financial Officer
TENURE
0.6 yrs

Ewen Powell

TITLE
Chief Technology Officer

Brett Jackson

TITLE
Investor Relations Manager

Elaine Campbell

TITLE
General Counsel & Company Secretary
TENURE
0.9 yrs

Nathan Beaumont

TITLE
Media & PR Manager

Shaun Philp

TITLE
General Manager of People & Culture
TENURE
1.8 yrs

Ed Hyde

TITLE
Chief Customer Officer
TENURE
1 yrs

Andrew Hopkinson

TITLE
Treasurer

Andy Carroll

TITLE
General Manager of Network & Field Management
TENURE
1.2 yrs
Board of Directors Tenure

Average tenure of the Chorus board of directors in years:

3.8
Average Tenure
  • The tenure for the Chorus board of directors is about average.
Board of Directors

Patrick Strange

TITLE
Chairman
COMPENSATION
NZ$224K
TENURE
3.8 yrs

Kate McKenzie

TITLE
CEO, MD & Director
COMPENSATION
NZ$2M
TENURE
2.4 yrs

Jon Hartley

TITLE
Deputy Chairman
COMPENSATION
NZ$168K
TENURE
3.8 yrs

Anne Urlwin

TITLE
Independent Director
COMPENSATION
NZ$144K
TENURE
7.6 yrs

Prudence Flacks

TITLE
Independent Director
COMPENSATION
NZ$143K
TENURE
7.6 yrs

Murray Jordan

TITLE
Independent Director
COMPENSATION
NZ$123K
TENURE
3.8 yrs

Mark Cross

TITLE
Independent Non-Executive Director
COMPENSATION
NZ$128K
TENURE
2.7 yrs

Jack Matthews

TITLE
Independent Director
COMPENSATION
NZ$119K
TENURE
2 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by Chorus individual insiders in the past 3 months, but not in substantial volumes.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (A$) Value (A$)
05. Jul 19 Buy Jonathan Hartley Individual 22. May 19 22. May 19 35,000 A$1.00 A$34,898
03. Apr 19 Buy Andrew Cross Individual 01. Apr 19 01. Apr 19 10,000 A$5.63 A$56,292
03. Apr 19 Buy Prudence Flacks Individual 02. Apr 19 02. Apr 19 2,480 A$5.62 A$13,930
05. Mar 19 Buy Jack Matthews Individual 05. Mar 19 05. Mar 19 10,000 A$5.01 A$50,067
14. Feb 19 Sell Accident Compensation Corporation, Asset Management Arm Company 18. Dec 18 12. Feb 19 -932,365 A$4.84 A$-4,509,589
14. Feb 19 Buy Accident Compensation Corporation, Asset Management Arm Company 18. Dec 18 12. Feb 19 748,674 A$4.48 A$3,351,367
19. Nov 18 Sell Orbis Investment Management Limited Company 07. Nov 18 16. Nov 18 -2,704,158 A$4.41 A$-11,824,554
14. Nov 18 Sell Accident Compensation Corporation, Asset Management Arm Company 11. Oct 18 13. Nov 18 -670,696 A$4.66 A$-3,125,311
14. Nov 18 Buy Accident Compensation Corporation, Asset Management Arm Company 11. Oct 18 13. Nov 18 363,645 A$4.38 A$1,555,523
17. Sep 18 Sell Realindex Investments Pty Limited Company 17. Jul 18 31. Aug 18 -728,345 A$3.94 A$-2,865,051
17. Sep 18 Buy Realindex Investments Pty Limited Company 13. Jul 18 14. Sep 18 355,339 A$4.42 A$1,508,685
17. Oct 18 Sell Orbis Investment Management Limited Company 03. Sep 18 16. Oct 18 -3,997,825 A$4.09 A$-16,283,684
28. Sep 18 Sell Morgan Stanley, Investment Banking and Brokerage Investments Company 24. Sep 18 25. Sep 18 -80,298 A$4.41 A$-353,720
28. Sep 18 Buy Morgan Stanley, Investment Banking and Brokerage Investments Company 24. Sep 18 25. Sep 18 115,592 A$4.35 A$502,594
11. Oct 18 Sell Accident Compensation Corporation, Asset Management Arm Company 19. Sep 18 09. Oct 18 -51,754 A$4.51 A$-233,155
11. Oct 18 Buy Accident Compensation Corporation, Asset Management Arm Company 19. Sep 18 09. Oct 18 139,019 A$4.37 A$608,020
26. Sep 18 Buy Morgan Stanley, Investment Banking and Brokerage Investments Company 17. Aug 18 21. Sep 18 1,982,269 A$4.28 A$8,465,930
20. Sep 18 Buy Kate McKenzie Individual 31. Aug 18 31. Aug 18 58,095 A$4.20 A$243,752
19. Sep 18 Sell Accident Compensation Corporation, Asset Management Arm Company 18. May 18 18. Sep 18 -2,870,577 A$4.25 A$-12,198,659
19. Sep 18 Buy Accident Compensation Corporation, Asset Management Arm Company 18. May 18 18. Sep 18 1,652,116 A$3.92 A$6,416,205
17. Sep 18 Sell Colonial First State Asset Management (Australia) Limited Company 13. Jul 18 28. Aug 18 -96,205 A$3.91 A$-375,769
17. Sep 18 Buy Colonial First State Asset Management (Australia) Limited Company 26. Jul 18 14. Sep 18 402,568 A$4.15 A$1,670,886
04. Sep 18 Sell Orbis Investment Management Limited Company 28. Nov 17 31. Aug 18 -5,059,563 A$4.16 A$-19,909,175
04. Sep 18 Buy Orbis Investment Management Limited Company 28. Nov 17 31. Aug 18 924,980 A$3.46 A$3,092,356
31. Aug 18 Buy Anne Urlwin Individual 29. Aug 18 29. Aug 18 5,000 A$4.11 A$20,556
28. Aug 18 Buy Murray Jordan Individual 28. Aug 18 28. Aug 18 10,000 A$4.04 A$40,369
28. Aug 18 Buy Patrick Strange Individual 28. Aug 18 28. Aug 18 10,000 A$4.04 A$40,369
21. Aug 18 Sell Morgan Stanley, Investment Banking and Brokerage Investments Company 10. Aug 18 16. Aug 18 -109,281 A$3.92 A$-428,255
21. Aug 18 Buy Morgan Stanley, Investment Banking and Brokerage Investments Company 10. Aug 18 16. Aug 18 128,182 A$3.92 A$502,794
14. Aug 18 Buy Morgan Stanley, Investment Banking and Brokerage Investments Company 20. Jun 18 09. Aug 18 1,447,883 A$4.01 A$5,701,225
X
Management checks
We assess Chorus's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Chorus has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

Chorus Limited, together with its subsidiaries, provides fixed line communications infrastructure services in New Zealand. It offers phone and broadband services over copper and fiber networks for residential and business customers; and very high speed digital subscriber line broadband services. The company also provides colocation services. Chorus Limited was founded in 2008 and is based in Wellington, New Zealand.

Details
Name: Chorus Limited
CNU
Exchange: ASX
Founded: 2008
NZ$2,296,047,648
439,288,154
Website: http://www.chorus.co.nz
Address: Chorus Limited
1 Willis Street,
Level 10,
Wellington,
6140,
New Zealand
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NZSE CNU Ordinary Shares New Zealand Stock Exchange NZ NZD 21. Nov 2011
OTCPK CRRL.F Ordinary Shares Pink Sheets LLC US USD 21. Nov 2011
BST 7CH Ordinary Shares Boerse-Stuttgart DE EUR 21. Nov 2011
ASX CNU Ordinary Shares Australian Securities Exchange AU AUD 21. Nov 2011
CHIA CNU Ordinary Shares Chi-X Australia AU AUD 21. Nov 2011
OTCPK CHRY.Y SPONSORED ADS Pink Sheets LLC US USD 23. Nov 2011
Number of employees
Current staff
Staff numbers
914
Chorus employees.
Industry
Alternative Carriers
Telecom
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/07/20 10:38
End of day share price update: 2019/07/19 00:00
Last estimates confirmation: 2019/07/17
Last earnings filing: 2019/02/25
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/06/30


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.