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As at 31 December 2010
Welcome to our Cost of Capital Report for the December 2010 quarter This document supplements our full analysis of the cost of capital in New Zealand, which can be found on our website pwc.co.nz
Company PGG Wrightson Limited Sanford Limited Seeka Kiwifruit Industries Limited Turners & Growers Limited
EBIT NPAT Multiple Multiple 14.0 13.0 27.4 12.5 16.7 17.0 -7.2 20.5
Fletcher Building Limited Nuplex Industries Limited Steel & Tube Holdings Limited
Consumer
Briscoe Group Limited Hallenstein Glasson Holdings Limited Kirkcaldie & Stains Limited Michael Hill International Limited Postie Plus Group Limited Pumpkin Patch Limited Restaurant Brands New Zealand Limited Smiths City Group Limited The Colonial Motor Company Limited The Warehouse Group Limited Turners Auctions Limited Wakefield Health Limited
BGR HLG KRK MHI PPG PPL RBD SCY CMO WHS TUA WFD
9.2 8.3 17.7 10.7 11.6 8.6 9.5 14.0 11.3 10.1 8.7 9.7
13.6 12.5 -13.3 12.7 27.0 11.0 13.2 10.0 -54.1 18.6 11.5 13.1
0.97 0.82 0.45 1.01 0.69 1.29 0.47 2.26 0.42 0.44 0.71 0.35
10.9% 9.9% 6.8% 10.5% 8.0% 12.0% 7.1% 9.4% 6.6% 6.7% 8.3% 6.3% 8.5%
Energy Processing
Contact Energy Limited Horizon Energy Distribution Limited Infratil Limited The New Zealand Refining Company Limited TrustPower Limited Vector Limited
Tenon Limited
TEN
20.3
29.5
0.71
27%
8.3% 8.3%
Ebos Group Limited Fisher & Paykel Appliances Holdings Limited Fisher & Paykel Healthcare Corporation Limited Methven Limited Rakon Limited Scott Technology Limited Skellerup Holdings Limited
Investment
34% 9% 3%
Millennium & Copthorne Hotels New Zealand Limited SKYCITY Entertainment Group Limited Tourism Holdings Limited
Sky Network Television Limited Telecom Corporation of New Zealand Limited TeamTalk Limited
Mining
NZO
46.1
519.8
0.61
17%
7.8% 7.8%
Ports
Auckland International Airport Limited Lyttelton Port Company Limited Northland Port Corporation (NZ) Limited Port of Tauranga Limited South Port New Zealand Limited
Company AMP NZ Office Trust CDL Investments New Zealand Limited Vital Healthcare Property Trust Argosy Property Trust Kiwi Income Property Trust Goodman Property Trust The National Property Trust Property for Industry Limited
NZSE Code ANO CDI VHP ARG KIP GMT NAP PFI
EBIT NPAT Multiple Multiple -37.4 40.3 12.8 -28.9 35.4 43.9 62.1 -872.2 -5.1 58.0 41.0 -7.6 -78.2 -124.0 -6.4 -19.7
Equity Beta 0.46 0.53 0.40 0.63 0.57 0.60 0.61 0.45
WACC 6.6% 7.6% 6.4% 6.8% 6.6% 7.0% 7.5% 6.5% 6.7%
Property
Abano Healthcare Group Limited Metlifecare Limited Ryman Healthcare Limited NZX Limited Pyne Gould Corporation Limited
CAV
10.9
18.4
1.45
21%
12.9% 12.9%
Transport
Overseas
GPG GLL
55.1 14.7
-29.9 15.1
1.36 1.30
48% 37%
8.8%
Wellington
P O Box 243 Ph 04 462 7000 Fax 04 462 7001 Bruce Wattie bruce.wattie@nz.pwc.com John Redmayne john.redmayne@nz.pwc.com
Christchurch
P O Box 13244 Ph 03 374 3000 Fax 03 374 3001
Disclaimer: The Cost of Capital Report is intended as an overview of WACC as at 31 December 2010. Readers are advised that before acting on any matter arising in this report, they should consult PricewaterhouseCoopers Corporate Finance. 2011 PwC New Zealand. All rights reserved. PwC refers to PricewaterhouseCoopers New Zealand or, as the context requires, the PricewaterhouseCoopers global network or other member firms of the network, each of which is a separate and independent legal entity.