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 with FY21 - HY24 of published result briefings.

Sections

Snapshot

Latest metrics

HY24, released 8 December 2023

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TEM latest metrics
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.

Chat

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Ask follow-up questions about Templeton Emerging Markets Investment Trust Plc's latest result and company history.

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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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TEM metric history
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	$28.6b	Chart
Revenue growth %	-19.6%	75.0%	89.5%	-6.3%	-61.9%	Chart
EBITDA	—	-$168.9m	-$429.9m	$27.9m	$925.2m	Chart
EBITDA margin %	—	-298.5%	-792.1%	86.2%	3.2%	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 %	—	-18.6%	—	-6.2%	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	-0.06x	2.14x	0.02x	Chart
Debtor days	85	53	0	89	0	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.

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Investment income

Recurring investment-income or revenue-return proxy, excluding fair-value movement where disclosed.

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Investment total return

Total income or return including fair-value or capital movement where disclosed.

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Net assets attributable

Net asset base attributable to shareholders or unitholders.

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Expense ratio

Management expense ratio, ongoing charge, or equivalent where disclosed.

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Distribution coverage

Recurring investment income or revenue-return coverage of cash distributions where source-backed.

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Portfolio/NAV total return vs benchmark

Portfolio or NAV total return compared with the disclosed benchmark or index return.

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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

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.

Briefing archive

Every published Annolyse briefing for this company appears here in reverse chronological order.

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.

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

↑ +61.6%

Total assets

$1.9b

↑ +3.4%

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

$28.6b

Chart

Revenue growth %

-19.6%

75.0%

89.5%

-6.3%

-61.9%

Chart

EBITDA

—

-$168.9m

-$429.9m

$27.9m

$925.2m

Chart

EBITDA margin %

—

-298.5%

-792.1%

86.2%

3.2%

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 %

—

-18.6%

—

-6.2%

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

-0.06x

2.14x

0.02x

Chart

Debtor days

Chart

Total assets

$1.9b

$2.3b

$2.4b

$2.6b

Chart

Templeton Emerging Markets Investment Trust Plc (TEM)

Latest metrics

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Performance over time

NTA/NAV per share

Investment income

Investment total return

Net assets attributable

Expense ratio

Distribution coverage

Portfolio/NAV total return vs benchmark

HY23 → HY24 Follow-through

What HY23 said to watch

Open questions from HY23

Briefing archive

NAV up 6.2% but income fell 19.6%, halving distribution cover

NAV fell 20.9% to £1.87bn as second straight half-year loss hit £177.3m

Portfolio fell 17.3% and trailed MSCI EM by 10.5pp

TEMIT swings to NZD 191.8m half-year loss on -7.5% portfolio return

NAV up 45.9% on a 54.5% portfolio return; revenue earnings retreated

Compare this company

Get notified when TEM publishes

Templeton Emerging Markets Investment Trust Plc (TEM)

Latest metrics

Ask about TEM

Ask about TEM

Sign in to chat

Performance over time

NTA/NAV per share

Investment income

Investment total return

Net assets attributable

Expense ratio

Distribution coverage

Portfolio/NAV total return vs benchmark

HY23 → HY24 Follow-through

What HY23 said to watch

Open questions from HY23

Briefing archive

NAV up 6.2% but income fell 19.6%, halving distribution cover

NAV fell 20.9% to £1.87bn as second straight half-year loss hit £177.3m

Portfolio fell 17.3% and trailed MSCI EM by 10.5pp

TEMIT swings to NZD 191.8m half-year loss on -7.5% portfolio return

NAV up 45.9% on a 54.5% portfolio return; revenue earnings retreated

Compare this company

Get notified when TEM publishes