Market cap
$6.8b
End-of-day close multiplied by current shares on issue.
TEM · NZX
Templeton Emerging Markets Investment Trust Plc (TEM)
Investment Companies / Listed investment trustCovered: FY21 - HY245 published briefings
Templeton Emerging Markets Investment Trust Plc is an NZX-listed investment companies / listed investment trust company. Its latest covered result is HY24, with FY21 - HY24 of source-backed result history on Annolyse.
Sections
Latest result
Latest metrics
HY24, released 8 December 2023
← Swipe to view more
| Metric | Value | Change |
|---|---|---|
| Revenue | $45.5m | ↓ -19.6% |
| NPAT | -$11.9m | ↑ +93.3% |
| Operating cash flow | $37.3m | ↓ -21.1% |
| Net debt | -$30.4m | ↓ -85.5% |
| ROE % | -0.6% | ↑ +8.9pp |
| PBT | -$4.3m | ↑ +97.5% |
| Debtor days | 85 | ↑ +61.6% |
| Total assets | $1.9b | ↑ +3.4% |
Source: latest published briefing (HY24, released 8 December 2023). Change compares against the prior equivalent period: HY23, released 9 December 2022.
Valuation
Valuation
Trailing P/E, EV/EBITDA, price-to-book and price-to-free-cash-flow ratios combine the latest available close with filing data. They are comparative measures, not forecasts or recommendations.
Prices as at close, 4 September 2026
Price and market cap
The latest close and share count context for the market price.
i
Income and investment-company measures
Yield and investment-company valuation where supported.
Dividend yield
1.6%
Trailing dividends compared with the latest close.
Premium / discount
339.9%
For investment companies, price compared with reported NTA.
Total return
Not available
Available once dividend and adjustment data are verified.
Profitability multiples
How the market price compares with recent earnings and cash-flow inputs.
P/E
Not available
Not available for this company right now.
EPS
Not available
Not available for this company right now.
PEG
Not available
Not available for this company right now.
EV/EBITDA
Not available
Not meaningful for this company type.
P/FCF
Not available
Not available for this company right now.
Price history
Daily closes use the full available width, with hover and touch values for each observation. Expand the chart to see more detail.
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.
Loading chart...
Chat
Ask about TEM
Ask follow-up questions about Templeton Emerging Markets Investment Trust Plc's latest result and company history.
Informational only. No buy, sell, hold, price-target, or personal financial advice.
Ask about TEM
Informational only. No buy, sell, hold, price-target, or personal financial advice.
Financial history
Performance over time
The latest period is shown first.
← Swipe to view more
| Metric | HY246 MONTHS8 December 2023 | HY236 MONTHS9 December 2022 | FY2212 MONTHS15 June 2022 | HY226 MONTHS25 November 2021 | FY2112 MONTHS8 June 2021 | Trend |
|---|---|---|---|---|---|---|
| Revenue | $45.5m | $56.6m | $54.3m | $32.3m | — | Chart |
| Revenue growth % | -19.6% | 75.0% | — | -6.3% | — | Chart |
| EBITDA | — | -$168.9m | -$429.9m | $27.9m | $925.2m | Chart |
| EBITDA margin % | — | n/m | n/m | 86.2% | — | Chart |
| PBT | -$4.3m | -$170.7m | -$432.7m | -$185.2m | $922.6m | Chart |
| NPAT | -$11.9m | -$177.3m | -$442.4m | -$191.8m | $934.4m | Chart |
| Operating cash flow | $37.3m | $47.3m | $27.5m | $23.4m | $51.5m | Chart |
| OCF / EBITDA % | — | -28.0% | -6.4% | 83.8% | 5.6% | Chart |
| DPS | — | 2.8c | 3.8c | 1.0c | 14.0c | Chart |
| Payout ratio vs NPAT % | — | n/m | — | n/m | 3.6% | Chart |
| Annual payout ratio vs EPS % | — | — | — | — | 3.6% | — |
| ROE % | -0.6% | -9.5% | -18.9% | -8.1% | 36.1% | Chart |
| Net debt | -$30.4m | -$16.4m | $24.1m | $59.7m | $14.8m | Chart |
| Net debt / EBITDA | — | 0.1x | n/m | 2.14x | 0.02x | Chart |
| Debtor days | 85 | 53 | 0 | 89 | — | Chart |
| Total assets | $1.9b | $1.9b | $2.3b | $2.4b | $2.6b | Chart |
Reference: annolyse.ai/companies/tem
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.
NTA/NAV per share
Net tangible asset or net asset value per share, shown in per-share cents for chart readability.
Loading chart...
Investment income
Recurring investment-income or revenue-return proxy, excluding fair-value movement where disclosed.
Loading chart...
Investment total return
Total income or return including fair-value or capital movement where disclosed.
Loading chart...
Net assets attributable
Net asset base attributable to shareholders or unitholders.
Loading chart...
Expense ratio
Management expense ratio, ongoing charge, or equivalent where disclosed.
Loading chart...
Distribution coverage
Recurring investment income or revenue-return coverage of cash distributions where source-backed.
Loading chart...
Portfolio/NAV total return vs benchmark
Portfolio or NAV total return compared with the disclosed benchmark or index return.
Loading chart...
The setup & the reality
HY23 → HY24 Follow-through
The latest result is checked against what the prior briefing said to watch.
Historical setup
What HY23 said to watch
Previous analysisHY23Result releasedAnnolyse analysis published
From NAV fell 20.9% to £1.87bn as second straight half-year loss hit £177.3m
No quantitative targets are provided. The trust's own prior-year commentary states that most earnings arrive in the first half, and FY22 confirms that pattern: H1 FY22 investment income of £32.3m represented 59.6% of the full-year £54.3m. Current half-year income of £56.6m already exceeds the entirety of FY22 investment income, which sets a high bar for the second half and means full-year revenue progression will depend on how much was front-loaded by specific dividend timing.
The release does not provide a current-period portfolio-versus-MSCI Emerging Markets attribution that can be cleanly cited, so relative performance against benchmark cannot be assessed in this briefing from the supplied excerpts.
Open questions
Open questions from HY23
- What share of the 75% rise in investment income reflects special or one-off dividends from investees rather than a repeatable run-rate?
- Why were bank borrowings increased 50% to £150.7m while NAV was falling, and what is the policy gearing target through the cycle?
- How did the portfolio perform against the MSCI Emerging Markets benchmark for the half, and what were the main contributors and detractors?
- Were any share buybacks executed during the period, and how much of the 20.9% net-asset decline reflects buyback-driven share-count reduction versus portfolio losses?
- Is the 2.80p interim consistent with maintaining or growing the full-year ordinary dividend, given that earnings are typically first-half weighted?
This briefing cannot assess current-period portfolio performance relative to the MSCI Emerging Markets benchmark, because the supplied excerpts only quote prior-year comparative returns.
Latest result sources
Primary issuer documents used for the HY24 briefing. Document labels are preserved from the publication record; Annolyse does not relabel every financial report as an annual report.
Current period
Half-year Report
HY24 / financial reportPrior comparable period
Statement of Half-Yearly Results to 30 Sept 22
HY23 / financial reportRelease context
Result of AGM
HY23 / commentaryResult of AGM
HY24 / commentaryPeer context
Listed investment trust comparison set
These companies share the same curated sub-sector label. Their reporting definitions can still differ, so compare the underlying measures before ranking them.
Archive
Briefing archive
The full chronological archive contains every published result briefing.
HY24 · Released 8 December 2023
NAV up 6.2% but income fell 19.6%, halving distribution cover
NTA rose to 170.5p and the portfolio marginally beat the benchmark, but revenue cover of the distribution fell from 171.8% to 110.9% as income
Read briefing
HY23 · Released 9 December 2022
NAV fell 20.9% to £1.87bn as second straight half-year loss hit £177.3m
Investment income surged 75% to £56.6m and lifted distribution coverage, but the capital account drove another large total-return loss.
Read briefing
FY22 · Released 15 June 2022
Portfolio fell 17.3% and trailed MSCI EM by 10.5pp
TEMIT cut the ordinary distribution to 3.80p as net assets fell 18.9% to 2,100.4m, with gross borrowings rising 50% to 150.0m.
Read briefing
HY22 · Released 25 November 2021
TEMIT swings to NZD 191.8m half-year loss on -7.5% portfolio return
Investment income fell 6.3% and emerging-markets capital losses drove the swing, though revenue earnings still cover ~98% of distributions.
Read briefing
FY21 · Released 8 June 2021
NAV up 45.9% on a 54.5% portfolio return; revenue earnings retreated
Capital gains drove a £934.4m profit, but the higher 29p total payout was only 86.7% covered by revenue earnings.
Read briefing
Get notified when TEM publishes
Get the next Templeton Emerging Markets Investment Trust Plc result briefing and five-year history updates by email.