Currently on holiday in Central Otago and notice as many Maui/Britz/Apollo/Mighty vehicles as I can ever remember seeing.
The THL NZ booking engine today details no South Island availability for a one week rental commencing 31 December and the North Island only details one vehicle type available - a 4 berth Britz Wanderer at $7,260 for 7 days.
The Australian booking engine shows a greater degree of vehicle type availability in Australia for the same period at rates just below A$3,000 (and above) for the week.
Will be interesting to see the next trading update in late February (or sooner) on rental yields and resale pricing.
Summary: • Net profit after tax (NPAT) of $39.7M, an increase of 58% on the prior corresponding period (pcp) • Rentals performs well globally, with rental yields growing or remaining stable in all markets • Continued rental fleet growth, with closing rental fleet of 7,366 up 15% on the pcp • An interim dividend of 4.5 cents per share declared, 100% imputed and 25% franked • A challenging global vehicle sales environment sees fewer sales volumes. Gross profit margins are now normalising in most markets, in line with our expectations • Action Manufacturing and Tourism deliver record half-year results and are on track to deliver record results for FY24 • We currently expect NPAT in FY24 to be around $75M. Rental demand and yields continue to outperform expectations which provides some upside potential. There also remains a level of uncertainty around retail vehicle sales which provides downside risk • We reiterate our goal to deliver $100M in NPAT in FY26
about 10.3x PE on FY24 NPAT of $75m. That on the back of management's confidence of reaching $100m by FY26, that's 33% growth in NPAT in 2 years. So maybe $87.5m FY25 NPAT if $ growth even between the next two years.
would imply PE's of 10.3x, 8.9x, 7.6x on prospective results. Plus divies. Not unreasonable in my view. Macro overhang on sentiment obviously.
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