Market cap
$59.1m
End-of-day close multiplied by current shares on issue.
APL · NZX
Asset Plus (APL)
Property / Property investmentCovered: FY22 - FY269 published briefings
Asset Plus is an NZX-listed property / property investment company with FY22 - FY26 of published result briefings.
Sections
Snapshot
Latest metrics
FY26, released 22 May 2026
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| Metric | Value | Change |
|---|---|---|
| Revenue | $6.6m | ↓ -3.8% |
| NPAT | -$3.2m | ↑ +43.9% |
| Operating cash flow | $3.1m | n/m |
| ROE % | -2.8% | ↑ +2.0pp |
| DPS | 0.2c | — Flat |
| PBT | -$3.6m | ↑ +36.8% |
| FCF pre-lease | -$0.81m | ↓ -196.0% |
| Debtor days | 1 | ↓ -53.4% |
| Total assets | $113m | ↓ -4.3% |
Source: latest published briefing (FY26, released 22 May 2026). Change compares against the prior equivalent period: FY25, released 27 May 2025.
Valuation
Valuation
A compact read on what the market price implies next to the latest filing data. The numbers are a starting point for comparison, not a recommendation.
Prices as at close, 31 July 2026
Price and market cap
The latest close and share count context for the market price.
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Profitability multiples
How the market price compares with recent earnings and cash-flow inputs.
P/E
Not available
Not meaningful when recent earnings are negative.
EPS
-0.01
Recent filing-derived earnings per share.
PEG
Not available
Not available for this company right now.
EV/EBITDA
Not available
Not available for this company right now.
P/FCF
Not available
Not meaningful when free cash flow is negative or unavailable.
P/B
0.53x
Market value compared with latest reported equity.
Income and fund shape
Yield and fund-style valuation where the company shape supports it.
Dividend yield
4.9%
Trailing dividends compared with the latest close.
Total return
Not available
Available once dividend and adjustment data are verified.
Price history
Daily closes use the full available width, with hover and touch readouts against real observations. Expand opens the chart at reading size.
Share price
Five years of daily closes, as at close, 5 June 2026. Weekends, suspensions, and listing gaps stay as natural gaps in the time scale.
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P/E over time
Filing-period markers only: EOD close on or before each release date divided by filing-derived trailing NPAT where both inputs verify.
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Chat
Ask about APL
Ask follow-up questions about Asset Plus's latest result and company history.
Informational only. No buy, sell, hold, price-target, or personal financial advice.
Ask about APL
Informational only. No buy, sell, hold, price-target, or personal financial advice.
Longitudinal view
Performance over time
The latest period is shown first.
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Reference: annolyse.ai/companies/apl
Note: Figures are shown as reported. Half-year and full-year absolute values are not directly comparable. Growth rates and ratios are the meaningful comparison across mixed periods.
Filing-only history charts
These charts use verified published filing periods only. Gaps are not interpolated, and mixed half-year/full-year histories are split into separate series.
Revenue
Reported revenue across covered periods.
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Revenue growth
Like-period revenue growth where comparable.
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- FY23 APL FY: Unprecedented low revenue growth. -46.6%; 4-period range -16.4% to 27.9%. Revenue growth: -46.6%, unprecedented low; 4-period mean -1.6%, range -16.4%-27.9%.
- FY25 APL FY: Unprecedented high revenue growth. 27.9%; 4-period range -46.6% to -3.8%. Revenue growth: 27.9%, unprecedented high; 4-period mean -20.2%, range -46.6%--3.8%.
- HY24 APL HY: Outside range low revenue growth. -39.7%; 3-period range -33.4% to 24%. Revenue growth: -39.7%, below normal range; 3-period mean -3.5%, range -33.4%-24.0%.
- HY25 APL HY: Outside range high revenue growth. 24%; 3-period range -39.7% to -1.2%. Revenue growth: 24.0%, above normal range; 3-period mean -24.7%, range -39.7%--1.2%.
EBITDA-equivalent
Company-specific earnings measure where disclosed.
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EBITDA margin
EBITDA-equivalent margin where revenue and earnings are source-backed.
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NPAT
Statutory profit after tax.
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Operating cash flow
Cash generated from operations.
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Full chartable metric set
Additional verified filing metrics for this company. Each point links back to a published briefing period in the source data contract.
OCF / EBITDA
Cash conversion against earnings.
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FCF pre-lease
Operating cash flow less capex before leases.
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ROE
Return on equity.
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- FY22 APL FY: Unprecedented high roe. 1.8%; 4-period range -8.9% to -2.8%. ROE: 1.8%, unprecedented high; 4-period mean -5.1%, range -8.9%--2.8%.
- FY23 APL FY: Unprecedented low roe. -8.9%; 4-period range -4.9% to 1.8%. ROE: -8.9%, unprecedented low; 4-period mean -2.4%, range -4.9%-1.8%.
- HY24 APL HY: Outside range low roe. -3.3%; 3-period range 0.2% to 1.6%. ROE: -3.3%, below normal range; 3-period mean 1.1%, range 0.2%-1.6%.
- HY25 APL HY: Outside range high roe. 1.6%; 3-period range -3.3% to 1.4%. ROE: 1.6%, above normal range; 3-period mean -0.6%, range -3.3%-1.4%.
Net debt
Borrowings less cash; negative values indicate net cash.
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Net debt / EBITDA
Leverage ratio, suppressed where earnings are not meaningful.
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DPS
Dividend per share declared for the period.
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Payout ratio
Dividend payout against statutory NPAT.
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Debtor days
Receivables days where the working-capital inputs are source-backed.
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- FY22 APL FY: Unprecedented high debtor days. 17d; 4-period range 0d to 2d. Debtor days: 16.8 days, unprecedented high; 4-period mean 0.8 days, range 0.0 days-1.5 days.
- HY23 APL HY: Outside range high debtor days. 48d; 3-period range 6d to 21d. Debtor days: 47.5 days, above normal range; 3-period mean 13.8 days, range 5.9 days-21.0 days.
- HY25 APL HY: Outside range low debtor days. 6d; 3-period range 15d to 48d. Debtor days: 5.9 days, below normal range; 3-period mean 27.7 days, range 14.5 days-47.5 days.
The setup & the reality
HY26 → FY26 Follow-through
The latest result is checked against what the prior briefing said to watch.
Historical setup
What HY26 said to watch
Previous analysisHY26Result releasedAnnolyse analysis published
From Debt fully repaid and FFO turned positive as NPAT fell 30.4%
The release does not provide FY26 guidance, and the prior-year shape is a poor anchor: HY25 carried 47.5% of FY25 revenue but FY25 NPAT was a NZ$5.7m loss, implying a NZ$8.0m second-half loss likely driven by valuation effects rather than operating performance. That asymmetry makes any like-for-like 2H projection unreliable.
The disclosed forward catalyst is completion of works at Munroe Lane, expected February 2026. That is the leasing trigger required to lift recurring rental income off the smaller asset base, but no leasing-progress detail is supplied. The release supports an underlying-FFO read; it does not support a quantified FY26 earnings expectation.
Open questions
Open questions from HY26
- What is the leasing progress and target tenant economics for Munroe Lane once February 2026 works are complete?
- How and over what timeframe does management intend to deploy the NZ$10.3m cash balance?
- Will 0.2c per quarter become the steady-state distribution, or is the policy linked to FFO once Munroe Lane stabilises?
- Why did capex rise 173% on a smaller portfolio, and what is the maintenance run-rate post-completion?
- What rent reversion, occupancy, or weighted-average-lease-term trajectory underpins second-half rental growth assumptions?
This briefing cannot assess the cap-rate, NTA-coverage, or valuation assumptions underlying the property carrying values.
Archive
Briefing archive
Every published Annolyse briefing for this company appears here in reverse chronological order.
FY26 · Released 22 May 2026
FFO swung to $3.2m profit but NTA fell 5.2% as capex drained cash
Operating cash flow turned positive, yet $3.9m of Munroe Lane capex cut cash holdings by $4.0m and left NTA per share at $0.307.
Read briefing
HY26 · Released 19 November 2025
Debt fully repaid and FFO turned positive as NPAT fell 30.4%
Graham Street disposal left Asset Plus with NZ$10.3m cash and zero borrowings, but the smaller portfolio means headline profit is not comparable.
Read briefing
FY25 · Released 27 May 2025
Assets down 38% to $118m as Asset Plus repays all debt and pays 5cps special
Operating cash flow turned negative and the statutory loss widened 7.5% to $5.7m, even as AFFO swung to a $0.5m profit.
Read briefing
HY25 · Released 26 November 2024
HY25 $2.3m profit driven by $2.3m unrealised property revaluation
Reported swing from loss to profit reflects a property revaluation, not cash earnings, ahead of a 35 Graham Street sale that will clear all debt.
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FY24 · Released 28 May 2024
Stoddard Road sale cut debt 54%, but FY24 dividend was withheld
Asset-sale-led deleveraging and Munroe Lane rental halved the PBT loss to $5.3m, yet operating cash flow fell 84% and no FY24 dividend was declared.
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HY24 · Released 28 November 2023
NTA per share fell 11.3% as Asset Plus reshaped the portfolio
Eastgate and Stoddard Road sales cut borrowings to $35.0m, but the rental base reset to $2.6m with Munroe Lane's lease only now starting.
Read briefing
FY23 · Released 29 May 2023
Stoddard Road sale sharpens Asset Plus' cash-flow test
The NZ$36.8m disclosed value from the Stoddard Road sale adds cash-context, while operating cash, capex and working capital remain the direct evidence.
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HY23 · Released 29 November 2022
Borrowings up 71.7% as capex surges to fund development phase
Headline earnings fell on a portfolio-basis change; the read now sits with leverage trajectory and timing of development completion.
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FY22 · Released 19 May 2022
Borrowings up 493% to $55.7m to fund Munroe Lane development
Rental revenue fell 14.2% as 35 Graham Street emptied for redevelopment, and the 81.8% NPAT drop reflects a large FY21 base item rather than
Read briefing
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