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pwc
30.0% 30.0%
Company
NZSE Code
EBIT Multiple
NPAT Multiple
Equity Beta
D / (D + E) Ratio
WACC
Agriculture Affco Holdings Ltd PGG Wrightson Ltd Sanford Ltd Turners and Growers Building Materials & Construction Fletcher Building Ltd Nuplex Industries Ltd Steel & Tube Holdings Ltd Consumer Briscoe Group Ltd The Colonial Motor Co Ltd Delegats Group Goodman Fielder Ltd Hallenstein Glasson Holdings Ltd Kirkcaldie & Stains Ltd Michael Hill International Ltd Restaurant Brands New Zealand Ltd Turners Auctions Ltd Wakefield Health Ltd The Warehouse Group Ltd Postie Plus Group Ltd Pumpkin Patch Ltd Smiths City Group Ltd Seeka Kiwifruit Industries Ltd Energy Contact Energy Limited Horizon Energy Distribution Ltd Infratil Ltd The New Zealand Refining Co Ltd Trustpower Ltd Vector Ltd Forestry & Forest Products Tenon Ltd Intermediate & Durables EBOS Group Ltd Fisher & Paykel Appliances Holdings Ltd Fisher & Paykel Healthcare Corporation Ltd Methven Ltd Rakon Ltd Scott Technology Ltd Skellerup Holdings Limited Investment Hellaby Holdings Ltd Rubicon Ltd Sealegs Corporation
7.8% 8.6% 6.8% 7.7% 8.0% 12.4% 15.5% 11.0% 12.7% 10.8% 7.1% 7.7% 9.1% 10.4% 7.1% 10.0% 7.7% 9.3% 6.7% 7.2% 8.6% 12.5% 9.5% 7.7% 8.9% 9.9% 6.7% 9.5% 8.5% 8.1% 7.0% 8.6% 9.3% 9.3% 8.9% 9.5% 8.1% 11.2% 14.2% 12.1% 9.2% 9.2% 10.6% 8.2% 21.5% 9.4%
BGR CMO DGL GFF HLG KRK MHI RBD TUA WFD WHS PPG PPL SCY SEK
16.5 9.2 7.0 13.1 11.0 17.0 12.4 15.2 9.4 7.5 10.3 14.5 13.1 11.4 9.9
23.7 15.9 7.1 17.6 15.8 25.8 3.9 23.9 12.8 10.2 13.6 23.4 19.6 20.4 10.9
0.93 0.47 0.66 0.92 0.87 0.44 0.93 0.55 0.83 0.39 0.47 0.79 1.29 2.24 0.62
0% 36% 42% 29% 0% 31% 19% 17% 27% 14% 10% 50% 15% 87% 52%
TEN
26.3
0.0
0.92
43%
59% 17% 8%
PricewaterhouseCoopers | Page 2
pwc
30.0% 30.0%
Company
NZSE Code
EBIT Multiple
NPAT Multiple
Equity Beta
D / (D + E) Ratio
WACC
Leisure & Tourism MCK Hotels New Zealand Ltd Sky City Entertainment Ltd Tourism Holdings Ltd Media & Telecommunications Sky Network Television Ltd Telecom Corp of New Zealand Ltd Teamtalk Ltd Mining New Zealand Oil & Gas Ltd Ports Auckland International Airport Ltd Lyttelton Port Co Ltd Northland Port Corporation (NZ) Ltd Port of Tauranga Ltd South Port New Zealand Ltd Property AMP NZ Office Trust CDL Investments New Zealand Ltd ING Medical Properties Trust ING Property Trust Kiwi Income Property Trust Goodman Property Trust National Property Trust Property for Industry Ltd Finance & Other Services Abano Healthcare Group Ltd Metlifecare Ltd Ryman Healthcare Ltd New Zealand Exchange Ltd Pyne Gould Corporation Ltd Textiles & Apparel Cavalier Corporation Ltd Transport Air New Zealand Ltd Mainfreight Ltd Freightways Ltd Overseas Guinness Peat Group Plc GuocoLeisure Ltd
7.0% 11.6% 12.8% 11.2% 9.8% 8.5% 7.1% 8.9% 9.0% 9.0% 9.3% 6.5% 6.9% 9.1% 7.8% 9.0% 6.7% 8.4% 7.0% 7.1% 6.9% 7.1% 7.5% 6.8% 7.0% 9.7% 7.7% 10.0% 11.1% 7.6% 8.8% 12.2% 12.2% 8.8% 12.7% 9.5% 9.5% 10.2% 9.0% 9.8% 9.3%
NZO
7.0
10.6
0.70
3%
CAV
9.7
12.3
1.41
29%
GPG GLL
59.6 13.3
-34.7 7.9
1.37 1.11
45% 48%
PricewaterhouseCoopers | Page 3
www.pwc.com/nz
Disclaimer: The Cost of Capital Report is intended as an overview of WACC as at 31 March 2010. Readers are advised that before acting on any matter arising in this report, they should consult PricewaterhouseCoopers Corporate Finance. 2010 PricewaterhouseCoopers. All rights reserved. PricewaterhouseCoopers 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.
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