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SPN

South Port New Zealand NZSE:SPN Stock Report

Last Price

NZ$8.50

Market Cap

NZ$223.0m

7D

0%

1Y

0.2%

Updated

03 Jul, 2022

Data

Company Financials
SPN fundamental analysis
Snowflake Score
Valuation2/6
Future Growth0/6
Past Performance3/6
Financial Health3/6
Dividends4/6

SPN Stock Overview

South Port New Zealand Limited provides and manages port and warehousing services in New Zealand.

South Port New Zealand Competitors

Price History & Performance

Summary of all time highs, changes and price drops for South Port New Zealand
Historical stock prices
Current Share PriceNZ$8.50
52 Week HighNZ$9.66
52 Week LowNZ$7.77
Beta0.18
1 Month Change-3.41%
3 Month Change-2.97%
1 Year Change0.24%
3 Year Change25.55%
5 Year Change45.30%
Change since IPO750.00%

Recent News & Updates

Feb 11
South Port New Zealand (NZSE:SPN) Will Pay A Dividend Of NZ$0.088

South Port New Zealand (NZSE:SPN) Will Pay A Dividend Of NZ$0.088

South Port New Zealand Limited's ( NZSE:SPN ) investors are due to receive a payment of NZ$0.088 per share on 8th of...

Shareholder Returns

SPNNZ InfrastructureNZ Market
7D0%-0.9%-0.2%
1Y0.2%-3.6%-18.5%

Return vs Industry: SPN exceeded the NZ Infrastructure industry which returned -3.6% over the past year.

Return vs Market: SPN exceeded the NZ Market which returned -18.5% over the past year.

Price Volatility

Is SPN's price volatile compared to industry and market?
SPN volatility
SPN Average Weekly Movement1.8%
Infrastructure Industry Average Movement3.1%
Market Average Movement4.5%
10% most volatile stocks in NZ Market8.3%
10% least volatile stocks in NZ Market3.0%

Stable Share Price: SPN is less volatile than 75% of NZ stocks over the past 3 months, typically moving +/- 2% a week.

Volatility Over Time: SPN's weekly volatility (2%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
1988107Nigel Gearhttps://www.southport.co.nz

South Port New Zealand Limited provides and manages port and warehousing services in New Zealand. The company offers marine services, including shipping movements, pilotage and procedures, marine plant and equipment, wind and tide conditions, syncrolift, hot work, and fuel transfer. It also provides port facilities, such as infrastructure and land; plant and equipment; and weighbridge services.

South Port New Zealand Fundamentals Summary

How do South Port New Zealand's earnings and revenue compare to its market cap?
SPN fundamental statistics
Market CapNZ$223.00m
Earnings (TTM)NZ$10.51m
Revenue (TTM)NZ$47.25m

21.2x

P/E Ratio

4.7x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
SPN income statement (TTM)
RevenueNZ$47.25m
Cost of RevenueNZ$28.39m
Gross ProfitNZ$18.86m
Other ExpensesNZ$8.35m
EarningsNZ$10.51m

Last Reported Earnings

Dec 31, 2021

Next Earnings Date

n/a

Earnings per share (EPS)0.40
Gross Margin39.92%
Net Profit Margin22.25%
Debt/Equity Ratio49.7%

How did SPN perform over the long term?

See historical performance and comparison

Dividends

3.2%

Current Dividend Yield

67%

Payout Ratio
We’ve recently updated our valuation analysis.

Valuation

Is SPN undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • PEG Ratio

Key Valuation Metric

Which metric is best to use when looking at relative valuation for SPN?

Other financial metrics that can be useful for relative valuation.

SPN key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue5.2x
Enterprise Value/EBITDA13.3x
PEG Ration/a

Price to Earnings Ratio vs Peers

How does SPN's PE Ratio compare to its peers?

SPN PE Ratio vs Peers
The above table shows the PE ratio for SPN vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average23.9x
MMH Marsden Maritime Holdings
17.4xn/aNZ$237.5m
NPH Napier Port Holdings
25.6x14.1%NZ$551.9m
POT Port of Tauranga
38.4x6.2%NZ$4.2b
2613 China Container Terminal
14.4xn/aNT$3.6b
SPN South Port New Zealand
21.2xn/aNZ$223.0m

Price-To-Earnings vs Peers: SPN is good value based on its Price-To-Earnings Ratio (21.2x) compared to the peer average (23.9x).


Price to Earnings Ratio vs Industry

How does SPN's PE Ratio compare vs other companies in the Global Infrastructure Industry?

Price-To-Earnings vs Industry: SPN is expensive based on its Price-To-Earnings Ratio (21.2x) compared to the NZ Infrastructure industry average (21.2x)


Price to Earnings Ratio vs Fair Ratio

What is SPN's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

SPN PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio21.2x
Fair PE Ration/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate SPN's Price-To-Earnings Fair Ratio for valuation analysis.


Share Price vs Fair Value

What is the Fair Price of SPN when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: SPN (NZ$8.5) is trading below our estimate of fair value (NZ$9.18)

Significantly Below Fair Value: SPN is trading below fair value, but not by a significant amount.


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate SPN's PEG Ratio to determine if it is good value.


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Future Growth

How is South Port New Zealand forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?

Future Growth Score

0/6

Future Growth Score 0/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


30.3%

Forecasted Transportation industry annual growth in earnings

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 South Port New Zealand 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 SimplyWall St do have past financial data.


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  • South Port New Zealand is a dividend payer. Have a look at its current yield, dividend levels over time and whether analysts believe the payout ratio will be sustainable moving forward.
  • South Port New Zealand competitive advantages and company strategy can generally be found in its financial reports archived here.

Past Performance

How has South Port New Zealand performed over the past 5 years?

Past Performance Score

3/6

Past Performance Score 3/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


5.2%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: SPN has high quality earnings.

Growing Profit Margin: SPN's current net profit margins (22.3%) are lower than last year (23.6%).


Past Earnings Growth Analysis

Earnings Trend: SPN's earnings have grown by 5.2% per year over the past 5 years.

Accelerating Growth: SPN's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: SPN had negative earnings growth (-3.9%) over the past year, making it difficult to compare to the Infrastructure industry average (23.4%).


Return on Equity

High ROE: SPN's Return on Equity (20.9%) is considered high.


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Financial Health

How is South Port New Zealand's financial position?

Financial Health Score

3/6

Financial Health Score 3/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: SPN's short term assets (NZ$8.4M) exceed its short term liabilities (NZ$6.1M).

Long Term Liabilities: SPN's short term assets (NZ$8.4M) do not cover its long term liabilities (NZ$25.3M).


Debt to Equity History and Analysis

Debt Level: SPN's net debt to equity ratio (46%) is considered high.

Reducing Debt: SPN's debt to equity ratio has increased from 42.7% to 49.7% over the past 5 years.

Debt Coverage: SPN's debt is well covered by operating cash flow (60.8%).

Interest Coverage: SPN earns more interest than it pays, so coverage of interest payments is not a concern.


Balance Sheet


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Dividend

What is South Port New Zealand current dividend yield, its reliability and sustainability?

Dividend Score

4/6

Dividend Score 4/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Future Dividend Coverage


3.18%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: SPN's dividend (3.18%) is higher than the bottom 25% of dividend payers in the NZ market (3.09%).

High Dividend: SPN's dividend (3.18%) is low compared to the top 25% of dividend payers in the NZ market (6.15%).


Stability and Growth of Payments

Stable Dividend: SPN's dividends per share have been stable in the past 10 years.

Growing Dividend: SPN's dividend payments have increased over the past 10 years.


Earnings Payout to Shareholders

Earnings Coverage: With its reasonable payout ratio (67.3%), SPN's dividend payments are covered by earnings.


Cash Payout to Shareholders

Cash Flow Coverage: With its high cash payout ratio (173.3%), SPN's dividend payments are not well covered by cash flows.


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Management

How experienced are the management team and are they aligned to shareholders interests?

4.7yrs

Average management tenure


CEO

Nigel Gear

4.75yrs

Tenure

Mr. Nigel G. Gear, BCom, DipPort Man, has been Chief Executive Officer of South Port New Zealand Limited since October 1, 2017. Mr. Gear served as a Commercial Manager of South Port New Zealand Limited unt...


Leadership Team

Experienced Management: SPN's management team is considered experienced (4.7 years average tenure).


Board Members

Experienced Board: SPN's board of directors are considered experienced (8.3 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: SPN insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

South Port New Zealand Limited's employee growth, exchange listings and data sources


Key Information

  • Name: South Port New Zealand Limited
  • Ticker: SPN
  • Exchange: NZSE
  • Founded: 1988
  • Industry: Marine Ports and Services
  • Sector: Transportation
  • Implied Market Cap: NZ$222.997m
  • Shares outstanding: 26.23m
  • Website: https://www.southport.co.nz

Number of Employees


Location

  • South Port New Zealand Limited
  • Island Harbour
  • PO Box 1
  • Bluff
  • 9842
  • New Zealand

Listings


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/07/03 00:00
End of Day Share Price2022/07/01 00:00
Earnings2021/12/31
Annual Earnings2021/06/30


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.