Tourism Holdings Limited

NZSE:THL Stock Report

Market Cap: NZ$453.3m

Tourism Holdings Valuation

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

Valuation Score

5/6

Valuation Score 5/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

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

Below Fair Value: THL (NZ$2.06) is trading below our estimate of fair value (NZ$3.1)

Significantly Below Fair Value: THL is trading below fair value by more than 20%.

Key Valuation Metric

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

Key metric: As THL is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for THL. This is calculated by dividing THL's market cap by their current earnings.
What is THL's PE Ratio?
PE Ratio11.5x
EarningsNZ$39.38m
Market CapNZ$453.33m

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for THL vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average23.3x
NPH Napier Port Holdings
20.4x12.8%NZ$506.6m
AIR Air New Zealand
13.3x20.0%NZ$1.9b
MMH Marsden Maritime Holdings
30.9xn/aNZ$138.4m
EASYLEASE Easy Lease Motor Cycle Rental P.S.C
28.7xn/aد.إ823.8m
THL Tourism Holdings
11.5x20.5%NZ$453.3m

Price-To-Earnings vs Peers: THL is good value based on its Price-To-Earnings Ratio (11.5x) compared to the peer average (23.3x).

Price to Earnings Ratio vs Industry

How does THL's PE Ratio compare vs other companies in the Global Transportation Industry?

8 CompaniesPrice / EarningsEstimated GrowthMarket Cap
THL 11.5xIndustry Avg. 14.4xNo. of Companies34PE01020304050+
8 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: THL is good value based on its Price-To-Earnings Ratio (11.5x) compared to the Global Transportation industry average (14.4x).

Price to Earnings Ratio vs Fair Ratio

What is THL'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.

THL PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio11.5x
Fair PE Ratio18x

Price-To-Earnings vs Fair Ratio: THL is good value based on its Price-To-Earnings Ratio (11.5x) compared to the estimated Fair Price-To-Earnings Ratio (18x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst THL forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentNZ$2.06
NZ$3.18
+54.5%
28.0%NZ$4.38NZ$1.90n/a4
Dec ’25NZ$2.05
NZ$3.18
+55.2%
28.0%NZ$4.38NZ$1.90n/a4
Nov ’25NZ$1.98
NZ$3.18
+60.7%
28.0%NZ$4.38NZ$1.90n/a4
Oct ’25NZ$1.82
NZ$3.23
+77.6%
25.4%NZ$4.38NZ$2.10n/a4
Sep ’25NZ$2.03
NZ$3.23
+59.2%
25.4%NZ$4.38NZ$2.10n/a4
Aug ’25NZ$2.21
NZ$3.30
+49.3%
28.1%NZ$4.52NZ$1.95n/a4
Jul ’25NZ$1.79
NZ$3.30
+84.4%
28.1%NZ$4.52NZ$1.95n/a4
Jun ’25NZ$1.87
NZ$3.30
+76.5%
28.1%NZ$4.52NZ$1.95n/a4
May ’25NZ$2.87
NZ$4.75
+65.6%
12.1%NZ$5.34NZ$3.80n/a4
Apr ’25NZ$3.18
NZ$4.75
+49.4%
12.1%NZ$5.34NZ$3.80n/a4
Mar ’25NZ$3.37
NZ$4.75
+41.0%
12.1%NZ$5.34NZ$3.80n/a4
Feb ’25NZ$3.78
NZ$4.69
+24.1%
13.8%NZ$5.62NZ$3.80n/a4
Jan ’25NZ$3.85
NZ$4.69
+21.9%
13.8%NZ$5.62NZ$3.80n/a4
Dec ’24NZ$3.57
NZ$4.69
+31.4%
13.8%NZ$5.62NZ$3.80NZ$2.054
Nov ’24NZ$3.27
NZ$4.69
+43.5%
13.8%NZ$5.62NZ$3.80NZ$1.984
Oct ’24NZ$3.70
NZ$5.07
+37.1%
8.3%NZ$5.62NZ$4.60NZ$1.823
Sep ’24NZ$3.84
NZ$5.07
+32.1%
8.3%NZ$5.62NZ$4.60NZ$2.033
Aug ’24NZ$3.48
NZ$5.02
+44.3%
6.9%NZ$5.46NZ$4.61NZ$2.213
Jul ’24NZ$3.87
NZ$5.02
+29.8%
6.9%NZ$5.46NZ$4.61NZ$1.793
Jun ’24NZ$3.75
NZ$5.06
+34.9%
7.8%NZ$5.57NZ$4.61NZ$1.873
May ’24NZ$4.25
NZ$5.11
+20.3%
9.1%NZ$5.73NZ$4.61NZ$2.873
Apr ’24NZ$4.00
NZ$5.11
+27.8%
9.1%NZ$5.73NZ$4.61NZ$3.183
Mar ’24NZ$4.10
NZ$5.11
+24.7%
9.1%NZ$5.73NZ$4.61NZ$3.373
Feb ’24NZ$3.93
NZ$4.45
+13.3%
9.3%NZ$5.02NZ$4.05NZ$3.783
Jan ’24NZ$3.46
NZ$4.45
+28.7%
9.3%NZ$5.02NZ$4.05NZ$3.853
Dec ’23NZ$3.68
NZ$4.54
+23.2%
10.7%NZ$5.02NZ$4.05NZ$3.572

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/12/21 12:14
End of Day Share Price 2024/12/20 00:00
Earnings2024/06/30
Annual Earnings2024/06/30

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* example for US securities, for non-US equivalent regulatory forms and sources are used.

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.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

Tourism Holdings Limited is covered by 15 analysts. 6 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Elijah MayrCLSA
Jack CrowleyCredit Suisse
Wade GardinerDeutsche Bank