Reported Earnings • May 29
Full year 2026 earnings released: NZ$0.062 loss per share (vs NZ$0.085 loss in FY 2025) Full year 2026 results: NZ$0.062 loss per share (improved from NZ$0.085 loss in FY 2025). Revenue: NZ$165.2m (flat on FY 2025). Net loss: NZ$2.11m (loss narrowed 27% from FY 2025). Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has fallen by 56% per year, which means it is performing significantly worse than earnings. New Risk • May 13
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 98% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (2.0% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (17% average weekly change). Earnings have declined by 62% per year over the past 5 years. Shareholders have been substantially diluted in the past year (98% increase in shares outstanding). Market cap is less than US$10m (NZ$9.42m market cap, or US$5.58m). Tillkännagivande • May 13
Accordant Group Limited has completed a Follow-on Equity Offering in the amount of NZD 6.686147 million. Accordant Group Limited has completed a Follow-on Equity Offering in the amount of NZD 6.686147 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 44,574,312
Price\Range: NZD 0.15
Transaction Features: Regulation S; Rights Offering Tillkännagivande • Mar 30
Accordant Group Limited has filed a Follow-on Equity Offering in the amount of NZD 6.686147 million. Accordant Group Limited has filed a Follow-on Equity Offering in the amount of NZD 6.686147 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 44,574,312
Price\Range: NZD 0.15
Transaction Features: Regulation S; Rights Offering Reported Earnings • Nov 16
First half 2026 earnings released: NZ$0.033 loss per share (vs NZ$0.042 loss in 1H 2025) First half 2026 results: NZ$0.033 loss per share (improved from NZ$0.042 loss in 1H 2025). Revenue: NZ$82.0m (down 7.7% from 1H 2025). Net loss: NZ$1.12m (loss narrowed 22% from 1H 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 21 percentage points per year, which is a significant difference in performance. Tillkännagivande • Jul 09
Accordant Group Limited, Annual General Meeting, Aug 28, 2025 Accordant Group Limited, Annual General Meeting, Aug 28, 2025. Location: at mufg pension & market, services, level 30, pwc tower, 15 customs, street west, cbd., auckland New Zealand New Risk • Jul 01
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of New Zealander stocks, typically moving 6.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings have declined by 62% per year over the past 5 years. Market cap is less than US$10m (NZ$10.2m market cap, or US$6.20m). Minor Risk Share price has been volatile over the past 3 months (6.2% average weekly change). Reported Earnings • May 31
Full year 2025 earnings released: NZ$0.085 loss per share (vs NZ$0.29 loss in FY 2024) Full year 2025 results: NZ$0.085 loss per share (improved from NZ$0.29 loss in FY 2024). Revenue: NZ$165.3m (down 22% from FY 2024). Net loss: NZ$2.88m (loss narrowed 71% from FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 50 percentage points per year, which is a significant difference in performance. New Risk • May 18
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (2.6% operating cash flow to total debt). Earnings have declined by 56% per year over the past 5 years. Market cap is less than US$10m (NZ$11.0m market cap, or US$6.48m). Minor Risk Latest financial reports are more than 6 months old (reported September 2024 fiscal period end). New Risk • Dec 04
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: NZ$16.1m (US$9.47m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (2.6% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (10% average weekly change). Earnings have declined by 56% per year over the past 5 years. Market cap is less than US$10m (NZ$16.1m market cap, or US$9.47m). New Risk • Oct 02
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: NZ$15.6m (US$9.81m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.6x net interest cover). Earnings have declined by 31% per year over the past 5 years. Market cap is less than US$10m (NZ$15.6m market cap, or US$9.81m). Minor Risk Share price has been volatile over the past 3 months (8.9% average weekly change). Tillkännagivande • Jul 16
Accordant Group Limited, Annual General Meeting, Aug 30, 2024 Accordant Group Limited, Annual General Meeting, Aug 30, 2024. Location: mufg pension & market services, level 30, pwc tower, 15 customs street west, auckland New Zealand Reported Earnings • May 30
Full year 2024 earnings released: NZ$0.29 loss per share (vs NZ$0.058 profit in FY 2023) Full year 2024 results: NZ$0.29 loss per share (down from NZ$0.058 profit in FY 2023). Revenue: NZ$212.5m (down 6.5% from FY 2023). Net loss: NZ$10.0m (down NZ$12.0m from profit in FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 61 percentage points per year, which is a significant difference in performance. New Risk • May 27
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: NZ$16.2m (US$9.97m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.0x net interest cover). Dividend is not well covered by earnings and cash flows. Payout ratio: 195% Cash payout ratio: 102% Earnings have declined by 2.0% per year over the past 5 years. Market cap is less than US$10m (NZ$16.2m market cap, or US$9.97m). Minor Risks Latest financial reports are more than 6 months old (reported September 2023 fiscal period end). Share price has been volatile over the past 3 months (6.8% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.5% net profit margin). New Risk • May 14
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.0x net interest cover). Dividend is not well covered by earnings and cash flows. Payout ratio: 195% Cash payout ratio: 102% Earnings have declined by 2.0% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported September 2023 fiscal period end). Share price has been volatile over the past 3 months (7.0% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.5% net profit margin). Market cap is less than US$100m (NZ$17.9m market cap, or US$10.8m). Buy Or Sell Opportunity • Mar 15
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 22% to NZ$0.76. The fair value is estimated to be NZ$0.97, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 42%. Upcoming Dividend • Nov 09
Upcoming dividend of NZ$0.03 per share at 8.6% yield Eligible shareholders must have bought the stock before 16 November 2023. Payment date: 01 December 2023. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 8.6%. Within top quartile of New Zealander dividend payers (6.4%). Higher than average of industry peers (3.9%). New Risk • Oct 29
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.9x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.9x net interest cover). Dividend is not well covered by earnings and cash flows. Payout ratio: 309% Cash payout ratio: 102% Earnings have declined by 2.0% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (5.5% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.5% net profit margin). Market cap is less than US$100m (NZ$38.9m market cap, or US$22.6m). Tillkännagivande • Jul 07
Accordant Group Limited, Annual General Meeting, Aug 21, 2023 Accordant Group Limited, Annual General Meeting, Aug 21, 2023, at 10:00 NZST - New Zealand Standard. Location: at Link Market Services, Level 30 PwC Tower, 15 Customs Street West, Auckland New Zealand Recent Insider Transactions • Jun 17
Chief Executive Officer recently bought NZ$80k worth of stock On the 16th of June, Jason Cherrington bought around 55k shares on-market at roughly NZ$1.45 per share. This transaction increased Jason's direct individual holding by 3x at the time of the trade. This was the largest purchase by an insider in the last 3 months. Jason has been a buyer over the last 12 months, purchasing a net total of NZ$109k worth in shares. Upcoming Dividend • Jun 08
Upcoming dividend of NZ$0.03 per share at 6.3% yield Eligible shareholders must have bought the stock before 15 June 2023. Payment date: 30 June 2023. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 6.3%. Within top quartile of New Zealander dividend payers (5.9%). Higher than average of industry peers (3.6%). Reported Earnings • May 30
Full year 2023 earnings released: EPS: NZ$0.058 (vs NZ$0.089 in FY 2022) Full year 2023 results: EPS: NZ$0.058 (down from NZ$0.089 in FY 2022). Revenue: NZ$227.4m (up 2.7% from FY 2022). Net income: NZ$1.98m (down 34% from FY 2022). Profit margin: 0.9% (down from 1.4% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Tillkännagivande • Jan 24
Accordant Group Limited (NZSE:AGL) agreed terms to acquire Hobson Leavy. Accordant Group Limited (NZSE:AGL) agreed terms to acquire Hobson Leavy on January 24, 2023. The acquisition was funded from existing debt facilities and is expected to grow annual EBITDA in excess of NZD 2 million. Accordant look forward to working with founders Carrie Hobson, Stephen Leavy and the team over the coming months as they bring added capability in executive search to Accordant clients, whilst introducing our wider Group expertise and capacity to the Hobson Leavy team. The transaction is due to complete on January 31, 2023. Upcoming Dividend • Nov 10
Upcoming dividend of NZ$0.065 per share Eligible shareholders must have bought the stock before 17 November 2022. Payment date: 01 December 2022. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 5.8%. Lower than top quartile of New Zealander dividend payers (6.3%). Higher than average of industry peers (3.9%). Tillkännagivande • Oct 28
Accordant Group Limited Declares Fully Imputed Interim Dividend for the Year Ending 31 March 2023, Payable on 1 December 2022 On 26 October 2022 the directors of Accordant Group Limited resolved to declare a fully imputed interim dividend for the year ending 31 March 2023 of 6.5 cents per share (total dividend $2,321,686) to be paid on 1 December 2022 to all shareholders registered on 18 November 2022.The dividend reinvestment plain is not offered on this distribution. Reported Earnings • Oct 27
First half 2023 earnings released: EPS: NZ$0.062 (vs NZ$0.045 in 1H 2022) First half 2023 results: EPS: NZ$0.062 (up from NZ$0.045 in 1H 2022). Revenue: NZ$123.0m (up 11% from 1H 2022). Net income: NZ$2.09m (up 37% from 1H 2022). Profit margin: 1.7% (up from 1.4% in 1H 2022). Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Tillkännagivande • Jul 09
Accordant Group Limited, Annual General Meeting, Aug 24, 2022 Accordant Group Limited, Annual General Meeting, Aug 24, 2022, at 10:00 NZST - New Zealand Standard. Location: Link Market Services, Level 30, PwC Tower, 15 Customs Street West Auckland New Zealand Valuation Update With 7 Day Price Move • Jun 16
Investor sentiment deteriorated over the past week After last week's 19% share price decline to NZ$1.60, the stock trades at a trailing P/E ratio of 18x. Average trailing P/E is 23x in the Professional Services industry in Oceania. Total returns to shareholders of 6.0% over the past three years. Upcoming Dividend • Jun 09
Upcoming dividend of NZ$0.056 per share Eligible shareholders must have bought the stock before 16 June 2022. Payment date: 30 June 2022. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 5.7%. Lower than top quartile of New Zealander dividend payers (5.8%). Higher than average of industry peers (4.0%). Reported Earnings • May 26
Full year 2022 earnings released: EPS: NZ$0.089 (vs NZ$0.18 in FY 2021) Full year 2022 results: EPS: NZ$0.089 (down from NZ$0.18 in FY 2021). Revenue: NZ$221.5m (up 7.8% from FY 2021). Net income: NZ$3.00m (down 52% from FY 2021). Profit margin: 1.4% (down from 3.0% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Nov 11
Upcoming dividend of NZ$0.065 per share Eligible shareholders must have bought the stock before 18 November 2021. Payment date: 01 December 2021. Trailing yield: 7.0%. Within top quartile of New Zealander dividend payers (4.9%). Higher than average of industry peers (2.8%). Reported Earnings • Oct 28
First half 2022 earnings released: EPS NZ$0.049 (vs NZ$0.11 in 1H 2021) The company reported a soft first half result with weaker earnings and profit margins, although revenues improved. First half 2022 results: Revenue: NZ$110.4m (up 4.3% from 1H 2021). Net income: NZ$1.66m (down 55% from 1H 2021). Profit margin: 1.5% (down from 3.5% in 1H 2021). Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jun 11
Upcoming dividend of NZ$0.082 per share Eligible shareholders must have bought the stock before 17 June 2021. Payment date: 30 June 2021. Trailing yield: 5.1%. Within top quartile of New Zealander dividend payers (4.5%). Higher than average of industry peers (3.1%). Recent Insider Transactions • Jun 05
Independent Chairman recently bought NZ$68k worth of stock On the 28th of May, Ross Keenan bought around 50k shares on-market at roughly NZ$1.35 per share. This was the largest purchase by an insider in the last 3 months. Ross has been a buyer over the last 12 months, purchasing a net total of NZ$117k worth in shares. Reported Earnings • May 31
Full year 2021 earnings released: EPS NZ$0.18 (vs NZ$0.079 in FY 2020) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2021 results: Revenue: NZ$205.5m (down 22% from FY 2020). Net income: NZ$6.20m (up 132% from FY 2020). Profit margin: 3.0% (up from 1.0% in FY 2020). Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Tillkännagivande • May 27
Accordant Group Limited Announces Final Dividend, Payable on 30 June 2021 Accordant Group Limited announced final dividend of 8.2 cents per share, payable on 30 June 2021 to shareholders on the register at 20 June 2021. Is New 90 Day High Low • Dec 03
New 90-day low: NZ$1.33 The company is down 1.0% from its price of NZ$1.35 on 04 September 2020. The New Zealander market is up 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Professional Services industry, which is up 9.0% over the same period. Tillkännagivande • Jul 30
AWF Madison Group Limited (NZSE:AWF) completed the acquisition of JacksonStone & Partners Limited. AWF Madison Group Limited (NZSE:AWF) entered into an agreement to acquire JacksonStone & Partners Limited for NZD 10.5 million on May 29, 2019. The transaction is structured with an initial payment of NZD 6.7 million on closing and an estimated NZD 3.8 million payable in three installments over the next couple of years, subject to JacksonStone achieving defined performance targets. The transaction will be funded from existing debt facilities. JacksonStone reported revenues of approximately NZD 32 million and normalized EBITDA of approximately NZD 3 million. The transaction is expected to be earnings accretive.
AWF Madison Group Limited (NZSE:AWF) completed the acquisition of JacksonStone & Partners Limited on June 1, 2020.