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Chorus Ltd CNU

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Chorus Ends Three-Year Journey for Fibre Certainty

Brian Han Director

Analyst Note

| Brian Han |

We lift our fair value estimate on Chorus by 8% to NZD 6.80 per share (AUD 6.40 at current exchange rates). The upgrade is mainly driven by a slight cut in our weighted average cost of capital to 6.5%, from 6.6%, reflecting the regulatory certainty that will now govern the group’s fibre unit (59% of group revenue in fiscal 2021, forecast to grow to 73% by fiscal 2024).

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Company Profile

Business Description

Chorus is New Zealand’s largest fixed-line communications infrastructure company, and was demerged in 2011 from Telecom New Zealand. Chorus offers wholesale access to its nationwide copper and fibre network to retail service providers. It also provides backhaul services to retail service providers and connects mobile phone towers. Chorus is currently involved in the government's rollout of ultra-fast broadband, a fibre-to-the-premises network to cover 87% of the population by the end of 2023.

1 Willis Street, Level 10, P.O. Box 632
Wellington, NTL, New Zealand
T +64 800600100
Sector Communication Services
Industry Telecom Services
Most Recent Earnings
Fiscal Year End Jun 30, 2022
Stock Type
Employees 820