Company Valuation: Kiwi Property Group Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 1,727 1,430 1,337 1,414 1,500 1,485 - -
Change - -17.22% -6.47% 5.73% 6.11% -0.99% - -
Enterprise Value (EV) 1 2,851 2,543 2,514 2,685 2,707 2,511 2,504 2,483
Change - -10.82% -1.13% 6.78% 0.84% -7.23% -0.28% -0.84%
P/E 7.7x -6.28x -646x 24.4x 29.7x 12x 9.46x 8.86x
PBR 0.76x 0.74x 0.72x 0.76x 0.82x 0.79x 0.77x 0.76x
PEG - 0x 6.5x -0x -2.1x 0x 0.4x 1.32x
Capitalization / Revenue 9.23x 7.02x 7.23x 7.28x 7.27x 7.86x 7.73x 7.5x
EV / Revenue 15.2x 12.5x 13.6x 13.8x 13.1x 13.3x 13x 12.5x
EV / EBITDA 17.5x 13.6x 14.8x 14.8x 14.3x 15.3x 15x 14.5x
EV / EBIT 17.5x 14.7x 16.1x 15.5x 15x 15.2x 14.9x 14.4x
EV / FCF - - - - 106x 12.1x 25.3x 18.5x
FCF Yield - - - - 0.94% 8.26% 3.95% 5.4%
Dividend per Share 2 0.056 0.057 0.057 0.054 0.056 0.0575 0.0584 0.059
Rate of return 5.09% 6.26% 6.79% 6.21% 6.15% 6.39% 6.49% 6.56%
EPS 2 0.1429 -0.1449 -0.0013 0.0356 0.0306 0.0751 0.0952 0.1015
Distribution rate 39.2% -39.3% -4,385% 152% 183% 76.6% 61.3% 58.1%
Net sales 1 187.1 203.7 184.9 194.1 206.5 188.9 192.1 198
EBITDA 1 163 187.1 170 181.6 189.3 164.6 167.4 170.8
EBIT 1 163 173.6 156.3 173.1 180.2 165.2 168 172.2
Net income 1 224.3 -227.7 -2.119 56.99 50.45 125.8 161.7 162.7
Net Debt 1 1,124 1,113 1,177 1,271 1,207 1,026 1,019 998
Reference price 2 1.1000 0.9100 0.8400 0.8700 0.9100 0.9000 0.9000 0.9000
Nbr of stocks (in thousands) 1,570,095 1,571,172 1,591,972 1,625,216 1,648,787 1,650,542 - -
Announcement Date 22/05/22 22/05/23 26/05/24 26/05/25 18/05/26 - - -
1NZD in Million2NZD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
11.99x13.29x15.26x6.39% 834M
60.56x - - - 64.64B
13.75x4.48x12.05x3.68% 39.14B
5.61x0.73x1.51x8.77% 27.43B
8.05x1.45x8.04x4.4% 26.73B
17.28x3.88x15.6x1.42% 26.68B
13.18x3.02x14.44x2.65% 24.33B
9.11x3.35x7.66x-.--% 21.47B
10.19x2x8.23x4.12% 20.47B
7.95x0.88x3.21x2.81% 20.33B
Average 15.77x 3.67x 9.55x 3.81% 27.21B
Weighted average by Cap. 22.71x 2.66x 9.19x 3.62%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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