Market cap
$231.9m
End-of-day close multiplied by current shares on issue.
SPN · NZX
South Port New Zealand is an NZX-listed transport & infrastructure / ports company with FY21 - HY26 of published result briefings.
Snapshot
HY26, released 13 February 2026
| Metric | Value | Change |
|---|---|---|
| Revenue | $34.8m | ↑ +17.6% |
| EBITDA | $15.3m | ↑ +53.9% |
| NPAT | $8.5m | ↑ +46.6% |
| Operating cash flow | $7.6m | ↑ +8.4% |
| OCF / EBITDA % | 49.9% | ↓ -21.0pp |
| Net debt | $29.1m | ↓ -16.9% |
| Net debt / EBITDA | 1.91x | ↓ -45.9% |
| ROE % | 12.1% | ↑ +2.7pp |
| DPS | 8.5c | ↑ +13.3% |
| Payout ratio vs NPAT % | 26.4%Outside range low payout ratio versus npat. 26.4%; 4-period range 33.5% to 64.7%. Payout ratio versus NPAT: 26.4%, below normal range; 4-period mean 42.7%, range 33.5%-64.7%. | ↓ -7.9pp |
Source: latest published briefing (HY26, released 13 February 2026). Change compares against the prior equivalent period: HY25, released 14 February 2025.
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.
The latest close and share count context for the market price.
Market cap
$231.9m
End-of-day close multiplied by current shares on issue.
How the market price compares with recent earnings and cash-flow inputs.
P/E
14.49x
Recent market cap compared with trailing earnings.
EPS
0.61
Recent filing-derived earnings per share.
PEG
0.31x
P/E compared with recent earnings growth.
EV/EBITDA
8.37x
Enterprise value compared with recent EBITDA.
P/FCF
Not available
Not available for this company right now.
P/B
3.33x
Market value compared with latest reported equity.
Yield and fund-style valuation where the company shape supports it.
Dividend yield
3.3%
Trailing dividends compared with the latest close.
Total return
Not available
Available once dividend and adjustment data are verified.
Daily closes use the full available width, with hover and touch readouts against real observations. Expand opens the chart at reading size.
Five years of daily closes, as at close, 5 June 2026. Weekends, suspensions, and listing gaps stay as natural gaps in the time scale.
Indexed lines compare direction from the first positive comparable filing point. The axis is an index, not dollars or cents.
Chat
Ask follow-up questions about South Port New Zealand's latest result and company history.
Informational only. No buy, sell, hold, price-target, or personal financial advice.
Informational only. No buy, sell, hold, price-target, or personal financial advice.
Longitudinal view
The latest period is shown first.
| Metric | HY266 MONTHS13 February 2026 | FY2512 MONTHS22 August 2025 | HY256 MONTHS14 February 2025 | FY2412 MONTHS23 August 2024 | HY246 MONTHS16 February 2024 | FY2312 MONTHS25 August 2023 | HY236 MONTHS9 February 2023 | FY2212 MONTHS25 August 2022 | HY226 MONTHS8 February 2022 | FY2112 MONTHS27 August 2021 | Trend |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $34.8m | $63.3m | $29.6m | $56.1m | $25.5m | $53.6m | $24.9m | $48.6m | $23.3m | $47.3m | Chart |
| Revenue growth % | 17.5%Outside range high revenue growth. 17.5%; 4-period range -0.2% to 16.1%. Revenue growth: 17.5%, above normal range; 4-period mean 6.2%, range -0.2%-16.1%. | 12.7%Unprecedented high revenue growth. 12.7%; 4-period range 2.7% to 10.3%. Revenue growth: 12.7%, unprecedented high; 4-period mean 6.0%, range 2.7%-10.3%. | 16.1% | 4.7% | 2.1% | 10.3% | 6.8% | 2.7%Outside range low revenue growth. 2.7%; 4-period range 4.7% to 12.7%. Revenue growth: 2.7%, below normal range; 4-period mean 8.5%, range 4.7%-12.7%. | -0.2%Outside range low revenue growth. -0.2%; 4-period range 2.2% to 17.5%. Revenue growth: -0.2%, below normal range; 4-period mean 10.6%, range 2.2%-17.5%. | 6.1% | Chart
|
| EBITDA | $15.3m | $25.8m | $9.9m | $16.3m | $6m | $17.9m | $7.5m | $16.8m | $8.2m | $14.7m | Chart |
| EBITDA margin % | 44.0% | 40.8% | 33.6% | 29.1% | 23.6% | 33.3% | 30.1% | 34.5% | 35.1% | 31.0% | Chart |
| PBT | $11.7m | $17.8m | $8.1m | $13.4m | $4.3m | $16.5m | $7.2m | $17.2m | $8.4m | $14.7m | Chart |
| PBT growth % | 44.4% | 32.8%Unprecedented high pbt growth. 32.8%; 4-period range -18.8% to 17%. PBT growth: 32.8%, unprecedented high; 4-period mean 1.2%, range -18.8%-17.0%. | 88.4%Unprecedented high pbt growth. 88.4%; 4-period range -40.3% to 44.4%. PBT growth: 88.4%, unprecedented high; 4-period mean -2.5%, range -40.3%-44.4%. | -18.8%Unprecedented low pbt growth. -18.8%; 4-period range -4.1% to 32.8%. PBT growth: -18.8%, unprecedented low; 4-period mean 14.1%, range -4.1%-32.8%. | -40.3%Outside range low pbt growth. -40.3%; 4-period range -14.3% to 88.4%. PBT growth: -40.3%, below normal range; 4-period mean 29.6%, range -14.3%-88.4%. | -4.1% | -14.3% | 17.0% | 0.0% | 10.5% | Chart
|
| NPAT | $8.5m | $13.3m | $5.8m | $7.4m | $3m | $11.7m | $5.2m | $12.8m | $5.9m | $10.7m | Chart |
| NPAT growth % | 46.6% | 79.7%Unprecedented high npat growth. 79.7%; 4-period range -36.8% to 19.6%. NPAT growth: 79.7%, unprecedented high; 4-period mean -3.0%, range -36.8%-19.6%. | 93.3%Unprecedented high npat growth. 93.3%; 4-period range -42.3% to 46.6%. NPAT growth: 93.3%, unprecedented high; 4-period mean -2.7%, range -42.3%-46.6%. | -36.8%Outside range low npat growth. -36.8%; 4-period range -8.6% to 79.7%. NPAT growth: -36.8%, below normal range; 4-period mean 26.1%, range -8.6%-79.7%. | -42.3%Outside range low npat growth. -42.3%; 4-period range -11.9% to 93.3%. NPAT growth: -42.3%, below normal range; 4-period mean 31.2%, range -11.9%-93.3%. | -8.6% | -11.9% | 19.6% | -3.3% | 13.8% | Chart
|
| Operating cash flow | $7.6m | $23.7m | $7m | $12.8m | $0.88m | $16.4m | $5.4m | $13.7m | $5m | $15.8m | Chart |
| OCF / EBITDA % | 49.9% | 91.6% | 70.9% | 78.3% | 14.6% | 92.1% | 72.3% | 81.6% | 61.0% | 107.9% | Chart |
| FCF pre-lease | $5.1m | $16.9m | — | $2.5m | — | $2.1m | — | -$9.7m | — | $4.7m | Chart |
| FCF post-lease | $5.1m | $16.9m | — | — | — | — | — | — | — | — | Chart |
| DPS | 8.5c | 20.5c | 7.5c | 19.5c | 7.5c | 19.5c | 7.5c | 19.5c | 7.5c | 19.5c | Chart |
| Payout ratio vs NPAT % | 26.4%Outside range low payout ratio versus npat. 26.4%; 4-period range 33.5% to 64.7%. Payout ratio versus NPAT: 26.4%, below normal range; 4-period mean 42.7%, range 33.5%-64.7%. | 55.1%Outside range low payout ratio versus npat. 55.1%; 4-period range 55.2% to 96.1%. Payout ratio versus NPAT: 55.1%, below normal range; 4-period mean 69.5%, range 55.2%-96.1%. | 34.3% | 96.1%Unprecedented high payout ratio versus npat. 96.1%; 4-period range 55.1% to 66.2%. Payout ratio versus NPAT: 96.1%, unprecedented high; 4-period mean 59.3%, range 55.1%-66.2%. | 64.7%Unprecedented high payout ratio versus npat. 64.7%; 4-period range 26.4% to 38.3%. Payout ratio versus NPAT: 64.7%, unprecedented high; 4-period mean 33.1%, range 26.4%-38.3%. | 60.5% | 38.3% | 55.2% | 33.5% | 66.2% | Chart
|
| Annual payout ratio vs EPS % | — | 55.1% | — | 96.1% | — | 60.5% | — | 55.2% | — | 66.2% | Chart |
| ROE % | 12.1% | 20.0% | 9.4% | 12.2%Unprecedented low roe. 12.2%; 4-period range 19.6% to 23.2%. ROE: 12.2%, unprecedented low; 4-period mean 21.1%, range 19.6%-23.2%. | 5.2% | 19.6% | 9.3% | 23.2%Outside range high roe. 23.2%; 4-period range 12.2% to 21.6%. ROE: 23.2%, above normal range; 4-period mean 18.4%, range 12.2%-21.6%. | 11.7% | 21.6% | Chart
|
| Net debt | $29.1m | $24.9m | $35m | $33.4m | $42m | $29m | $33.4m | $24.2m | $23.1m | $7.4m | Chart |
| Net debt / EBITDA | 1.91x | 0.97x | 3.53x | 2.05x | 6.98x | 1.62x | 4.45x | 1.44x | 2.82x | 0.5x | Chart |
| Debtor days | — | 51Unprecedented high debtor days. 51d; 4-period range 0d to 44d. Debtor days: 51.3 days, unprecedented high; 4-period mean 11.1 days, range 0.1 days-44.3 days. | — | 0Outside range low debtor days. 0d; 4-period range 0d to 51d. Debtor days: 0.1 days, below normal range; 4-period mean 24.0 days, range 0.1 days-51.3 days. | — | 44 | — | 0 | — | 0 | Chart
|
| Total assets | $113.1m | $109.7m | $108.7m | $103.4m | $106.6m | $97.9m | $98m | $88.1m | $81.7m | $68.7m | Chart |
Reference: annolyse.ai/companies/spn
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.
These charts use verified published filing periods only. Gaps are not interpolated, and mixed half-year/full-year histories are split into separate series.
Reported revenue across covered periods.
Like-period revenue growth where comparable.
Company-specific earnings measure where disclosed.
EBITDA-equivalent margin where revenue and earnings are source-backed.
Statutory profit after tax.
Cash generated from operations.
Additional verified filing metrics for this company. Each point links back to a published briefing period in the source data contract.
Cash conversion against earnings.
Operating cash flow less capex before leases.
Free cash flow after lease payments where available.
Return on equity.
Borrowings less cash; negative values indicate net cash.
Leverage ratio, suppressed where earnings are not meaningful.
Dividend per share declared for the period.
Dividend payout against statutory NPAT.
Receivables days where the working-capital inputs are source-backed.
Per-period working-capital absorption or release, from the same published history. Positive values are working-capital build; negative values are release.
The setup & the reality
The latest result is checked against what the prior briefing said to watch.
Historical setup
From PBT up 32.8% but NPAT +79.7% flattered by tax-rate reset
No forward financial targets or guidance figures are supplied. The interim-context split shows HY25 contributed 46.7% of full-year revenue and 43.2% of full-year NPAT, so the FY25 result was second-half weighted on both revenue and earnings — consistent with bulk cargo seasonality and the partial Tiwai recovery.
The release frames the 28.0cps full-year dividend as positioning for "future infrastructure investment", which alongside lower capex of NZ$8.0m (12.7% of revenue, down from 18.3%) suggests the company is preparing for a step-up in spend rather than rebasing distributions downward. Capex intensity normalising back up is the key watch item.
Open questions
This briefing cannot assess management's specific infrastructure investment pipeline or the contractual basis for the new NZ$2.4m contract liabilities balance.
Archive
Every published Annolyse briefing for this company appears here in reverse chronological order.
HY26 · Released 13 February 2026
Reported earnings ran well above the historical baseline, yet free cash flow eased to NZ$5.1m as capex stepped up and cash balances drew down.
FY25 · Released 22 August 2025
An unusually large NZ$9.4m working-capital release boosted operating cash flow while the prior-period 45.1% effective tax rate normalised to 25.1%.
HY25 · Released 14 February 2025
Headline rebound reflects recovery from an unusually weak HY24 rather than structural margin expansion at the port.
FY24 · Released 23 August 2024
A NZ$6.5m working-capital release and NZ$5.75m of additional borrowings funded a 27.0-cent dividend that swallowed almost all of a tax-distorted NPAT.
HY24 · Released 16 February 2024
A flat dividend on shrinking earnings and a near-empty operating cash flow was funded by an NZ$8.0m rise in gross borrowings.
FY23 · Released 25 August 2023
Operating performance was steadier than headline NPAT suggests, but the maintained 27.0c dividend ran at 341.5% of free cash flow as net debt rose.
HY23 · Released 9 February 2023
Gross borrowings rose 42% to $35.5m to fund expansion while PBT fell 14.3% and container and log volumes contracted sharply.
FY22 · Released 25 August 2022
Reported NPAT growth of 19.6% masks a sharp investment cycle that pushed gross borrowings from $9.0m to $25.5m.
HY22 · Released 8 February 2022
Container volumes fell 23% and operating cash flow dropped 11%, while gross borrowings rose $14.0m to fund a 26.1% jump in total assets.
FY21 · Released 27 August 2021
Headline NPAT rose 13.8% but doubled capex cut pre-lease FCF to $4.7m, leaving the 27.0c full-year dividend at 150.7% of free cash.
Get the next South Port New Zealand result briefing and five-year history updates by email.