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Cavalier

NZSE:CAV
Snowflake Description

Flawless balance sheet and fair value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
CAV
NZSE
NZ$27M
Market Cap
  1. Home
  2. NZ
  3. Consumer Durables
Company description

Cavalier Corporation Limited, together with its subsidiaries, manufactures, distributes, and sells broadloom carpets. The last earnings update was 94 days ago. More info.


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  • Cavalier has significant price volatility in the past 3 months.
CAV Share Price and Events
7 Day Returns
-3.7%
NZSE:CAV
-3%
Oceania Consumer Durables
0.2%
NZ Market
1 Year Returns
-24%
NZSE:CAV
17.5%
Oceania Consumer Durables
11.4%
NZ Market
CAV Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Cavalier (CAV) -3.7% -8.1% -19.4% -24% -41.9% -73.7%
Oceania Consumer Durables -3% -5.5% 6% 17.5% 58.8% 80.7%
NZ Market 0.2% 1.7% 6.6% 11.4% 25.3% 50.5%
1 Year Return vs Industry and Market
  • CAV underperformed the Consumer Durables industry which returned 17.5% over the past year.
  • CAV underperformed the Market in New Zealand which returned 11.4% over the past year.
Price Volatility
CAV
Industry
5yr Volatility vs Market
Related Companies

Sorry, no analysis for Cavalier's competitors could be found in our database.

Value

 Is Cavalier 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
Here we compare the current share price of Cavalier to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Cavalier.

NZSE:CAV Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Extrapolated from most recent financials. See below
Discount Rate (Cost of Equity) See below 9.6%
Perpetual Growth Rate 10-Year NZ Government Bond Rate 2.4%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NZSE:CAV
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year NZ Govt Bond Rate 2.4%
Equity Risk Premium S&P Global 6%
Consumer Durables Unlevered Beta Simply Wall St/ S&P Global 0.9
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.899 (1 + (1- 28%) (65.98%))
1.219
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.22
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.37% + (1.219 * 5.96%)
9.63%

Discounted Cash Flow Calculation for NZSE:CAV using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Cavalier is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

NZSE:CAV DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (NZD, Millions) Source Present Value
Discounted (@ 9.63%)
2019 4.94 Est @ 2.39% 4.51
2020 5.06 Est @ 2.39% 4.21
2021 5.18 Est @ 2.38% 3.93
2022 5.31 Est @ 2.38% 3.67
2023 5.43 Est @ 2.38% 3.43
2024 5.56 Est @ 2.37% 3.20
2025 5.69 Est @ 2.37% 2.99
2026 5.83 Est @ 2.37% 2.79
2027 5.97 Est @ 2.37% 2.61
2028 6.11 Est @ 2.37% 2.43
Present value of next 10 years cash flows NZ$33.78
NZSE:CAV DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= NZ$6.11 × (1 + 2.37%) ÷ (9.63% – 2.37%)
NZ$86.06
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= NZ$86.06 ÷ (1 + 9.63%)10
NZ$34.30
NZSE:CAV Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= NZ$33.78 + NZ$34.30
NZ$68.08
Equity Value per Share
(NZD)
= Total value / Shares Outstanding
= NZ$68.08 / 68.68
NZ$0.99
NZSE:CAV Discount to Share Price
Calculation Result
Value per share (NZD) From above. NZ$0.99
Current discount Discount to share price of NZ$0.40
= -1 x (NZ$0.40 - NZ$0.99) / NZ$0.99
60.2%

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

Current Discount
Amount off the current price Cavalier is available for.
Intrinsic value
>50%
Share price is NZ$0.395 vs Future cash flow value of NZ$0.9913
Current Discount Checks
For Cavalier to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Cavalier's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Cavalier's share price is below the future cash flow value, and at a substantial discount (> 40%).
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 Cavalier's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Cavalier's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NZSE:CAV PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in NZD NZ$-0.10
NZSE:CAV Share Price ** NZSE (2019-05-24) in NZD NZ$0.4
Oceania Consumer Durables Industry PE Ratio Median Figure of 8 Publicly-Listed Consumer Durables Companies 10.64x
New Zealand Market PE Ratio Median Figure of 90 Publicly-Listed Companies 18.16x

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

** Primary Listing of Cavalier.

NZSE:CAV PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

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

= 0.4 ÷ -0.10

-3.9x

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

  • Cavalier is loss making, we can't compare its value to the Oceania Consumer Durables industry average.
  • Cavalier is loss making, we can't compare the value of its earnings to the New Zealand market.
Price based on expected Growth
Does Cavalier's expected growth come at a high price?
Raw Data
NZSE:CAV PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section -3.9x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts
Not available
Oceania Consumer Durables Industry PEG Ratio Median Figure of 5 Publicly-Listed Consumer Durables Companies 0.84x
New Zealand Market PEG Ratio Median Figure of 66 Publicly-Listed Companies 1.37x

*Line of best fit is calculated by linear regression .

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

  • Unable to calculate PEG ratio for Cavalier, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Cavalier's assets?
Raw Data
NZSE:CAV PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in NZD NZ$0.91
NZSE:CAV Share Price * NZSE (2019-05-24) in NZD NZ$0.4
Oceania Consumer Durables Industry PB Ratio Median Figure of 13 Publicly-Listed Consumer Durables Companies 1.92x
New Zealand Market PB Ratio Median Figure of 126 Publicly-Listed Companies 1.54x
NZSE:CAV PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 0.4 ÷ 0.91

0.44x

* Primary Listing of Cavalier.

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

  • Cavalier is good value based on assets compared to the Oceania Consumer Durables industry average.
X
Value checks
We assess Cavalier'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 Consumer Durables 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 Consumer Durables industry average (and greater than 0)? (1 check)
  5. Cavalier has a total score of 3/6, 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 Cavalier expected to perform in the next 1 to 3 years based on estimates from 0 analysts?

In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as Cavalier has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by Simply Wall St do have past financial data. You can see them here.

Show me the analysis anyway

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
10.4%
Expected Consumer Durables industry annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Cavalier expected to grow at an attractive rate?
  • Unable to compare Cavalier's earnings growth to the low risk savings rate as no estimate data is available.
Growth vs Market Checks
  • Unable to compare Cavalier's earnings growth to the New Zealand market average as no estimate data is available.
  • Unable to compare Cavalier's revenue growth to the New Zealand market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
NZSE:CAV Future Growth Rates Data Sources
Data Point Source Value (per year)
Oceania Consumer Durables Industry Earnings Growth Rate Market Cap Weighted Average 10.4%
Oceania Consumer Durables Industry Revenue Growth Rate Market Cap Weighted Average 9.5%
New Zealand Market Earnings Growth Rate Market Cap Weighted Average 6.8%
New Zealand Market Revenue Growth Rate Market Cap Weighted Average 4.6%

*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
NZSE:CAV Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
All numbers in NZD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NZSE:CAV Future Estimates Data
Date (Data in NZD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
NZSE:CAV Past Financials Data
Date (Data in NZD Millions) Revenue Cash Flow Net Income *
2018-12-31 143 7 -7
2018-09-30 145 10 -1
2018-06-30 148 12 4
2018-03-31 148 10 1
2017-12-31 147 7 -1
2017-09-30 152 1 -2
2017-06-30 156 -5 -2
2017-03-31 166 -7 -1
2016-12-31 176 -9 0
2016-09-30 183 -3 1
2016-06-30 190 2 3
2016-03-31 200 6 -10

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Unable to determine if Cavalier is high growth as no earnings estimate data is available.
  • Unable to determine if Cavalier is high growth as no revenue estimate data is available.
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
NZSE:CAV Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below

All data from Cavalier Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NZSE:CAV Future Estimates Data
Date (Data in NZD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
NZSE:CAV Past Financials Data
Date (Data in NZD Millions) EPS *
2018-12-31 -0.10
2018-09-30 -0.02
2018-06-30 0.06
2018-03-31 0.02
2017-12-31 -0.02
2017-09-30 -0.02
2017-06-30 -0.03
2017-03-31 -0.02
2016-12-31 -0.01
2016-09-30 0.02
2016-06-30 0.05
2016-03-31 -0.14

*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.
  • Unable to establish if Cavalier will efficiently use shareholders’ funds in the future without estimates of Return on Equity.

Next steps:

  1. Examine whether Cavalier is trading at Cavalier'san attractive price based on how much it is expected to earn in the future, and relative to its industry peers and the wider market.
  2. Cavalier's future outlook can be gauged by looking at industry trends and market size, and determining how well-positioned the company is compared to its competitors. Take a look at other high-growth Consumer Durables companies here
  3. Cavalier's competitive advantages and company strategy can generally be found in its financial reports archived here.
  4. Use fundamentals to screen for another stock to analyse from our database of over 75,000 companies worldwide
X
Future performance checks
We assess Cavalier'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 Oceania market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Oceania 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.
Cavalier 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 Cavalier 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 Cavalier's growth in the last year to its industry (Consumer Durables).
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.
  • Cavalier does not make a profit even though their year on year earnings growth rate was positive over the past 5 years.
  • Unable to compare Cavalier's 1-year earnings growth to the 5-year average as it is not currently profitable.
  • Unable to compare Cavalier's 1-year growth to the Oceania Consumer Durables industry average as it is not currently profitable.
Earnings and Revenue History
Cavalier'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 Cavalier Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NZSE:CAV Past Revenue, Cash Flow and Net Income Data
Date (Data in NZD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 142.80 -6.96 30.31
2018-09-30 145.46 -1.44 30.03
2018-06-30 148.12 4.08 29.75
2018-03-31 147.64 1.47 28.84
2017-12-31 147.16 -1.15 27.92
2017-09-30 151.64 -1.64 29.25
2017-06-30 156.12 -2.12 30.58
2017-03-31 166.17 -1.25 30.91
2016-12-31 176.23 -0.37 31.24
2016-09-30 183.30 1.37 31.28
2016-06-30 190.37 3.12 31.32
2016-03-31 200.40 -9.56 35.63
2015-12-31 210.43 -22.23 39.93
2015-09-30 213.08 -23.97 42.40
2015-06-30 215.73 -25.72 44.87
2015-03-31 209.10 -11.67 44.21
2014-12-31 202.47 2.38 43.55
2014-09-30 201.56 4.08 43.98
2014-06-30 200.64 5.79 44.41
2014-03-31 201.65 5.41 44.98
2013-12-31 202.66 5.04 45.54
2013-09-30 202.20 4.03 45.83
2013-06-30 201.74 3.03 46.13
2013-03-31 205.96 -0.36 46.44
2012-12-31 210.18 -3.74 46.75
2012-09-30 213.69 -2.69 48.73
2012-06-30 217.20 -1.63 50.71

*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.
  • It is difficult to establish if Cavalier has efficiently used shareholders’ funds last year (Return on Equity greater than 20%) as it is loss-making.
  • It is difficult to establish if Cavalier has efficiently used its assets last year compared to the Oceania Consumer Durables industry average (Return on Assets) as it is loss-making.
  • It is difficult to establish if Cavalier improved its use of capital last year versus 3 years ago (Return on Capital Employed) as it is currently loss-making.
X
Past performance checks
We assess Cavalier'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 Consumer Durables 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.
Cavalier 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 Cavalier'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 Cavalier's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Cavalier is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Cavalier's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Cavalier'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 covered by short term assets, assets are 3.6x 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 Cavalier Company Filings, last reported 4 months ago.

NZSE:CAV Past Debt and Equity Data
Date (Data in NZD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 62.33 17.90 0.60
2018-09-30 62.33 17.90 0.60
2018-06-30 72.22 31.50 2.11
2018-03-31 72.22 31.50 2.11
2017-12-31 69.07 34.10 0.84
2017-09-30 69.07 34.10 0.84
2017-06-30 67.89 41.50 1.26
2017-03-31 67.89 41.50 1.26
2016-12-31 69.98 43.05 0.69
2016-09-30 69.98 43.05 0.69
2016-06-30 69.36 37.70 1.20
2016-03-31 69.36 37.70 1.20
2015-12-31 70.29 35.25 2.55
2015-09-30 70.29 35.25 2.55
2015-06-30 66.18 56.77 2.83
2015-03-31 66.18 56.77 2.83
2014-12-31 91.87 61.57 2.52
2014-09-30 91.87 61.57 2.52
2014-06-30 92.96 61.22 2.38
2014-03-31 92.96 61.22 2.38
2013-12-31 93.76 56.22 3.30
2013-09-30 93.76 56.22 3.30
2013-06-30 93.92 59.65 5.93
2013-03-31 93.92 59.65 5.93
2012-12-31 92.09 59.71 2.91
2012-09-30 92.09 59.71 2.91
2012-06-30 90.86 69.66 2.03
  • Cavalier's level of debt (28.7%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (60% vs 28.7% today).
CASH RUNWAY ANALYSIS

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

  • Whilst loss making Cavalier has sufficient cash runway for more than 3 years if it maintains the current positive free cash flow level.
  • Whilst loss making Cavalier has sufficient cash runway for more than 3 years, even with free cash flow being positive and shrinking by -35.9% per year.
X
Financial health checks
We assess Cavalier'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. Cavalier has a total score of 6/6, 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 Cavalier'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
0%
Current annual income from Cavalier dividends.
If you bought NZ$2,000 of Cavalier shares you are expected to receive NZ$0 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?
  • Unable to evaluate Cavalier's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate Cavalier's dividend against the top 25% market benchmark as the company has not reported any payouts.
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
NZSE:CAV 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 0 Analyst Estimates (S&P Global) See Below
Oceania Consumer Durables Industry Average Dividend Yield Market Cap Weighted Average of 7 Stocks 2.9%
New Zealand Market Average Dividend Yield Market Cap Weighted Average of 73 Stocks 3.8%
New Zealand Minimum Threshold Dividend Yield 10th Percentile 2.2%
New Zealand Bottom 25% Dividend Yield 25th Percentile 3.3%
New Zealand 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.

NZSE:CAV Future Dividends Estimate Data
Date (Data in NZ$) Dividend per Share (annual) Avg. No. Analysts
NZSE:CAV Past Annualized Dividends Data
Date (Data in NZ$) Dividend per share (annual) Avg. Yield (%)
2015-08-28 0.000 0.000
2015-02-20 0.000 0.000
2014-09-29 0.000 0.000
2014-08-22 0.000 0.000
2014-02-28 0.060 4.301
2013-09-27 0.040 2.240
2013-08-16 0.040 2.360
2013-02-15 0.000 0.000
2012-09-27 0.000 0.000
2012-08-20 0.000 0.000
2012-03-12 0.000 0.000
2011-08-22 0.180 7.191
2010-09-28 0.180 5.385
2010-08-19 0.180 6.473
2010-02-22 0.150 5.821
2009-08-21 0.150 5.833

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

  • Unable to perform a dividend volatility check as Cavalier has not reported any payouts.
  • Unable to verify if Cavalier's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of Cavalier's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as Cavalier has not reported any payouts.
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Cavalier's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 2.2%) - 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 Cavalier afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Cavalier has a total score of 0/6, 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 Cavalier'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
Paul Alston
TENURE AS CEO 3.5 years
CEO Bio

Mr. Paul J. Alston has been the Chief Executive Officer of Cavalier Corporation Limited since November 2015. Mr. Alston served as Interim Chief Executive Officer of Cavalier Corporation Limited since May 2015 until November 2015 and served as its Chief Financial Officer from November 19, 2012 to May 2015. Mr. Alston served as Company Secretary of Cavalier Corporation Limited since November 19, 2012. In addition to merger and acquisition experience, Mr. Alston is involved in many company restructures and reorganisations. Mr. Alston served as the Chief Financial Officer of the Turners & Growers Group, a listed New Zealand company. He is a Chartered Accountant. He started his career with Deloittes in Wellington, followed by a number of years in London and Frankfurt working in the investment banking industry, mainly with JP Morgan and Deutsche Bank.

CEO Compensation
  • Insufficient data for Paul to compare compensation growth.
  • Insufficient data for Paul to establish whether their remuneration is reasonable compared to companies of similar size in New Zealand.
Management Team Tenure

Average tenure of the Cavalier management team in years:

1.2
Average Tenure
  • The average tenure for the Cavalier management team is less than 2 years, this suggests a new team.
Management Team

Paul Alston

TITLE
Chief Executive Officer
TENURE
3.5 yrs

Victor T. Tan

TITLE
CFO & Company Secretary
COMPENSATION
NZ$415K

Rochelle Flint

TITLE
General Manager of Marketing & International Operations
TENURE
0.1 yrs

Trevor Jones

TITLE
Group Information Services Manager

Lenska Papich

TITLE
General Manager of Communications
TENURE
1.2 yrs

Linda Arbuckle

TITLE
Group Financial Controller
Board of Directors Tenure

Average tenure of the Cavalier board of directors in years:

1.1
Average Tenure
  • The average tenure for the Cavalier board of directors is less than 3 years, this suggests a new board.
Board of Directors

Alan Clarke

TITLE
Independent Chairman
COMPENSATION
NZ$53K
TENURE
1.1 yrs

John Rae

TITLE
Independent Deputy Chairman
COMPENSATION
NZ$61K
TENURE
1.1 yrs

Grant Conrad Biel

TITLE
Non-Independent Director
COMPENSATION
NZ$55K
TENURE
34.8 yrs

Dianne Williams

TITLE
Independent Non-Executive Director
COMPENSATION
NZ$55K
TENURE
3.8 yrs

T. H. Adams

TITLE
Independent Director
COMPENSATION
NZ$5K
AGE
51
TENURE
0.9 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (NZ$) Value (NZ$)
X
Management checks
We assess Cavalier'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. Cavalier 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

How Do Cavalier Corporation Limited’s (NZSE:CAV) Returns On Capital Compare To Peers?

Specifically, we're going to calculate its Return On Capital Employed (ROCE), in the hopes of getting some insight into the business. … Return On Capital Employed (ROCE): What is it? … ROCE measures the 'return' (pre-tax profit) a company generates from capital employed in its business.

Simply Wall St -

What Should Investors Know About Cavalier Corporation Limited's (NZSE:CAV) Return On Capital?

and want to better understand how you can grow your money by investing in Cavalier Corporation Limited (NZSE:CAV). … Therefore, looking at how efficiently Cavalier is able to use capital to create earnings will help us understand your potential return. … Investors use many different metrics but the analysis below focuses on return on capital employed (ROCE).

Simply Wall St -

Are Cavalier Corporation Limited's (NZSE:CAV) Interest Costs Too High?

Investors are always looking for growth in small-cap stocks like Cavalier Corporation Limited (NZSE:CAV), with a market cap of NZ$41.21m. … However, an important fact which most ignore is: how financially healthy is the business? … Companies operating in the Consumer Durables industry facing headwinds from current disruption,

Simply Wall St -

What Should You Know About Cavalier Corporation Limited's (NZE:CAV) Capital Returns?

CAV’s ROCE is calculated below: ROCE Calculation for CAV Return on Capital Employed (ROCE) = Earnings Before Tax (EBT) ÷ (Capital Employed) Capital Employed = (Total Assets - Current Liabilities) ∴ ROCE = NZ$313.00K ÷ (NZ$129.95M - NZ$23.77M) = 0.29% CAV’s 0.29% ROCE means that for every NZ$100 you invest, the company creates NZ$0.3. … Three years ago, CAV’s ROCE was 1.93%, which means the company's capital returns have worsened. … Over this time, earnings have fallen from NZ$3.07M to NZ$313.00K whilst capital employed has also decreased but to a smaller extent, which means the company's ROCE has deteriorated due to a decline in earnings relative to the capital invested in the business.

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What You Must Know About Cavalier Corporation Limited's (NZE:CAV) Market Risks

Cavalier's beta of 0.11 indicates that the stock value will be less variable compared to the whole stock market. … Based on this beta value, CAV appears to be a stock that an investor with a high-beta portfolio would look for to reduce risk exposure to the market. … How CAV's assets could affect its beta An asset-heavy company tends to have a higher beta because the risk associated with running fixed assets during a downturn is highly expensive.

Simply Wall St -

Should You Be Concerned About Cavalier Corporation Limited's (NZE:CAV) Shareholders?

In this analysis, my focus will be on developing a perspective on Cavalier Corporation Limited’s (NZSE:CAV) latest ownership structure, a less discussed, but important factor. … Check out our latest analysis for Cavalier NZSE:CAV Ownership_summary Mar 10th 18 Institutional Ownership Institutional investors transact in large blocks which can influence the momentum of stock prices, at least in the short-term, especially when there is a low level of public shares available on the market to trade. … Insider Ownership I find insiders are another important group of stakeholders, who are directly involved in making key decisions related to the use of capital.

Simply Wall St -

What You Must Know About Cavalier Corporation Limited's (NZE:CAV) Financial Strength

With this growth in debt, the current cash and short-term investment levels stands at NZ$1.26M for investing into the business. … Moving onto cash from operations, its operating cash flow is not yet significant enough to calculate a meaningful cash-to-debt ratio, indicating that operational efficiency is something we’d need to take a look at. … Maintaining a high level of debt, while revenues are still below costs, can be dangerous as liquidity tends to dry up in unexpected downturns.Next Steps: At its current level of cash flow coverage, CAV has room for improvement to better cushion for events which may require debt repayment.

Simply Wall St -

Cavalier Corporation Limited (NZE:CAV): Is Retail An Attractive Sector Play?

In the past year, the industry delivered growth in the teens, beating the NZ market growth of 6.23%. … Next Steps: Cavalier has been a retail industry laggard in the past year. … Although it delivered lower growth relative to its retail peers in the near term, the market may be pessimistic on the stock, leading to a potential undervaluation.

Simply Wall St -

A Look At Cavalier Corporation Limited (NZE:CAV) And The Consumer Sector

Cavalier Corporation Limited (NZSE:CAV), a NZ$28.85M small-cap, is a consumer discretionary company operating in an industry, whose performance is predominantly driven by consumer confidence, which is linked to employment and wage rates. … NZSE:CAV PE PEG Gauge Feb 2nd 18 The household durables industry is trading at a PE ratio of 18.9x, relatively similar to the rest of the NZ stock market PE of 14.1x. … Although it delivered lower growth relative to its consumer discretionary peers in the near term, the market may be pessimistic on the stock, leading to a potential undervaluation.

Simply Wall St -

Should You Worry About Cavalier Corporation Limited (NZE:CAV) Cash Runway?

The single most important question to ask when you’re investing in a loss-making company is – will they need to raise cash again, and if so, when? … How fast Cavalier runs down its cash supply over time is known as the cash burn rate. … However, even with declining costs, the current level of cash is not enough to sustain Cavalier’s operations and the company may need to come to market to raise more capital within the year.

Simply Wall St -

Company Info

Description

Cavalier Corporation Limited, together with its subsidiaries, manufactures, distributes, and sells broadloom carpets. The company operates through Carpet Manufacturing and Sales and Wool Acquisition segments. It offers broadloom carpets, such as Cavalier Bremworth and Norman Ellison carpets; and synthetic carpets for residential applications under the Habitat Collection name, as well as rugs. The company also scours and procures wool for the New Zealand wool buyers and carpet manufacturers; and produces and sells felted wool yarns to rug and carpet makers. In addition, it engages in carpet yarn spinning; and carpet distribution activities. The company markets, sells, and distributes its products through retailers in New Zealand, Australia, and internationally. Cavalier Corporation Limited was founded in 1959 and is based in Auckland, New Zealand.

Details
Name: Cavalier Corporation Limited
CAV
Exchange: NZSE
Founded: 1959
NZ$27,128,243
68,679,098
Website: http://www.cavcorp.co.nz
Address: Cavalier Corporation Limited
7 Grayson Avenue,
Manukau,
Auckland,
2104,
New Zealand
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NZSE CAV Ordinary Shares New Zealand Stock Exchange NZ NZD 02. Jan 1992
Number of employees
Current staff
Staff numbers
473
Cavalier employees.
Industry
Home Furnishings
Consumer Durables
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/27 10:31
End of day share price update: 2019/05/24 00:00
Last estimates confirmation: 2016/08/26
Last earnings filing: 2019/02/22
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.