Market data

NZX valuation comparison

Market-aware valuation metrics across the Annolyse coverage set, combining latest prices with the same fundamental metrics used in briefings.

Valuation spread

Trailing P/E for covered companies with meaningful positive earnings below 200x.

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NZX valuation comparison table
Company	Ticker	Period	Price	Market cap	Forward P/E	Trailing P/E	P/B	P/FCF
Fisher & Paykel Healthcare	FPH	FY26	36.77	$21.6b	n/a	46.1x	10.2x	46.1x
Meridian Energy	MEL	HY26	5.80	$15.4b	n/a	n/a	1.7x	28.3x
Infratil	IFT	HY26	15.28	$15.3b	n/a	28.7x	1.8x	n/a
Auckland International Airport	AIA	HY26	8.20	$13.9b	n/a	34x	1.3x	n/a
Contact Energy	CEN	HY26	9.56	$10.2b	n/a	26x	2.3x	18.8x
Mercury NZ	MCY	HY26	7.03	$10b	n/a	113.8x	2.1x	25.2x
Australian Foundation Investment Company	AFI	HY26	7.90	$9.8b	n/a	n/a	1.2x	n/a
Templeton Emerging Markets Investment Trust Plc	TEM	HY24	7.89	$7.4b	n/a	n/a	3.8x	n/a
Fonterra Co-operative Group	FCG	HY26	4.42	$7.1b	n/a	n/a	n/a	n/a
Mainfreight	MFT	FY26	63.21	$6.4b	n/a	25.4x	3x	16.2x
Port of Tauranga	POT	HY26	8.10	$5.5b	n/a	n/a	2.4x	n/a
Vector	VCT	HY26	4.98	$5b	n/a	n/a	1,245,000x	37.7x
The a2 Milk Company	ATM	HY26	6.56	$4.8b	n/a	39x	3.4x	23.6x
Chorus	CNU	HY26	9.53	$4.1b	n/a	172.3x	9.6x	9.3x
EBOS Group	EBO	HY26	19.22	$4b	n/a	17.3x	1.5x	32.3x
Spark New Zealand	SPK	HY26	1.88	$3.5b	n/a	13.6x	2.6x	10.7x
Fletcher Building	FBU	HY26	3.18	$3.4b	n/a	n/a	0.9x	9.5x
Genesis Energy	GNE	HY26	2.59	$3.4b	n/a	17.5x	1.1x	11.9x
Goodman Property Trust	GNZ	HY26	2.05	$3.1b	n/a	24.9x	1x	27.2x
Freightways Group	FRW	HY26	13.71	$2.5b	n/a	28x	4.6x	15.2x
Ryman Healthcare	RYM	FY26	2.27	$2.3b	n/a	n/a	0.6x	12.2x
Summerset Group Holdings	SUM	FY25	8.10	$2b	n/a	7.6x	0.6x	n/a
Precinct Properties	PCT	HY26	1.02	$1.9b	n/a	404.1x	0.9x	n/a
Kiwi Property Group	KPG	FY26	0.95	$1.6b	n/a	31.1x	0.9x	61.6x
Air New Zealand	AIR	HY26	0.43	$1.4b	n/a	n/a	0.8x	n/a
Henderson Far East Income	HFL	HY26	6.35	$1.3b	n/a	10x	2.6x	n/a
Channel Infrastructure NZ	CHI	FY25	3.15	$1.3b	n/a	110.6x	1.7x	19.5x
Property for Industry	PFI	HY26	2.39	$1.2b	n/a	9.7x	0.8x	47.6x
Heartland Group Holdings	HGH	HY26	1.26	$1.2b	n/a	14.2x	0.9x	1.6x
Skellerup Holdings	SKL	HY26	5.94	$1.2b	n/a	19.7x	4.8x	19.3x
Briscoe Group	BGP	FY26	4.56	$1b	n/a	17.2x	3.3x	19.6x
Argosy Property	ARG	FY26	1.05	$922m	n/a	7.2x	0.7x	n/a
Vulcan Steel	VSL	HY25	6.18	$905.6m	n/a	n/a	5.4x	n/a
Scales Corporation	SCL	FY25	6.08	$884.6m	n/a	8.8x	1.9x	11.8x
Napier Port Holdings	NPH	HY26	3.72	$743.3m	n/a	25.9x	1.7x	57.3x
Turners Automotive Group	TRA	FY26	8.07	$736.7m	n/a	19.3x	2.3x	n/a
Sanford	SAN	HY26	7.51	$702.2m	n/a	n/a	0.9x	n/a
Tower	TWR	HY26	1.92	$661.1m	n/a	11.6x	2.1x	5.2x
Hallenstein Glasson	HLG	HY26	9.95	$593.5m	n/a	12.8x	4.9x	7.4x
Tourism Holdings	THL	HY26	2.56	$566.3m	n/a	n/a	0.9x	31.4x
SkyCity Entertainment Group	SKC	HY26	0.50	$557m	n/a	15.8x	0.4x	n/a
Oceania Healthcare	OCA	HY26	0.75	$543.2m	n/a	10.4x	0.5x	n/a
Vista Group International	VGL	FY25	2.26	$540.8m	n/a	284.6x	3.6x	80.7x
Winton Land	WIN	HY26	1.60	$474.6m	n/a	41.6x	0.9x	15.3x
Gentrack Group Limited 6 months to 31 March 2026	GTK	HY26	4.12	$463.3m	n/a	22.2x	1,883.5x	53.3x
Kingfish	KFL	FY26	1.24	$446.5m	n/a	n/a	n/a	n/a
Sky Network Television	SKT	HY26	3.19	$439.2m	n/a	8.1x	0.9x	3.6x
Delegat Group	DGL	HY26	3.63	$367.1m	n/a	6.2x	0.6x	5x
Millennium & Copthorne Hotels New Zealand	MCK	FY25	3.41	$359.7m	n/a	17.8x	0.5x	n/a
Rakon	RAK	HY26	1.55	$356.2m	n/a	n/a	2.4x	n/a
Pacific Edge	PEB	HY26	0.28	$328.2m	n/a	n/a	12.2x	n/a
T&G Global Limited and subsidiary companies	TGG	FY25	2.42	$296.6m	n/a	29.1x	0.6x	4.8x
Green Cross Health	GXH	FY26	2.04	$293.4m	n/a	14.4x	220.6x	6.5x
Synlait Milk	SML	HY26	0.44	$268.4m	n/a	n/a	0.4x	n/a
ikeGPS Group	IKE	FY26	1.21	$234.9m	n/a	n/a	9.2x	n/a
South Port New Zealand	SPN	HY26	8.75	$229.6m	n/a	14.3x	3.3x	n/a
The Colonial Motor Company	CMO	HY26	6.73	$220m	n/a	10x	0.7x	n/a
Seeka	SEK	FY25	4.93	$219.9m	n/a	6.9x	0.7x	3.8x
Scott Technology	SCT	HY26	2.52	$213.9m	n/a	15x	1.6x	21.7x
NZME	NZM	FY25	1.13	$212.6m	n/a	16.2x	2.2x	8.4x
The Warehouse Group	WHS	FY25	0.61	$211.6m	n/a	17.9x	0.7x	1.8x
CDL Investments New Zealand	CDI	FY25	0.71	$208m	n/a	18.7x	0.6x	n/a
Serko	SKO	FY26	1.64	$207.5m	n/a	n/a	2.3x	n/a
EROAD	ERD	FY26	1.06	$199.4m	n/a	n/a	n/a	1,993.7x
Barramundi	BRM	HY26	0.56	$195m	n/a	n/a	0.9x	n/a
Marlin Global	MLN	HY26	0.85	$195m	n/a	n/a	0.9x	n/a
Livestock Improvement Corporation	LIC	HY26	1.21	$171.7m	n/a	n/a	0.5x	n/a
PGG Wrightson	PGW	HY26	2.07	$156.3m	n/a	13x	0.8x	n/a
Michael Hill International	MHJ	HY26	0.40	$152m	n/a	20.3x	0.8x	1.9x
New Zealand Rural Land Company	NZL	HY22	0.95	$139.2m	n/a	n/a	1.1x	n/a
KMD Brands	KMD	HY26	0.08	$138.6m	n/a	n/a	0.2x	1.7x
New Zealand King Salmon Investments	NZK	HY26	0.25	$131.9m	n/a	6.2x	0.6x	11.2x
Radius Residential Care	RAD	FY26	0.40	$113.4m	n/a	11.9x	1.5x	12.5x
Comvita	CVT	HY26	0.71	$92.8m	n/a	n/a	1.6x	n/a
My Food Bag Group	MFB	FY26	0.29	$72.9m	n/a	10.9x	1x	8.6x
Steel & Tube Holdings	STU	HY26	0.37	$67.9m	n/a	n/a	0.4x	n/a
Asset Plus	APL	FY26	0.18	$64.2m	n/a	n/a	0.6x	n/a
Bremworth	BRW	FY26	0.71	$49.1m	n/a	n/a	0.8x	n/a
Third Age Health Services	TAH	FY26	4.89	$48.7m	n/a	17.4x	8.8x	12.3x
ArborGen Holdings	ARB	FY26	0.09	$45.5m	n/a	n/a	0.4x	n/a
Promisia Healthcare	PHL	FY26	0.69	$36.4m	n/a	2.8x	0.7x	n/a
AoFrio	AOF	FY22	0.07	$35m	n/a	10.6x	1.5x	n/a
Metro Performance Glass	MPG	FY26	1.20	$29.5m	n/a	n/a	0.5x	2.3x
MOVE Logistics Group	MOV	HY26	0.20	$25.5m	n/a	n/a	2.4x	0.8x
General Capital	GEN	HY26	0.27	$24.8m	n/a	11.3x	0.8x	0x
BLIS Technologies	BLT	FY26	0.02	$20.5m	n/a	29.2x	1.6x	n/a
Truscreen Group	TRU	FY26	0.02	$16.3m	n/a	n/a	6.3x	n/a
Savor	SVR	FY26	0.18	$14m	n/a	10.7x	0.7x	3x
Cooks Coffee Company	CCC	FY26	0.20	$13.3m	n/a	44.3x	n/a	n/a
Burger Fuel Group	BFG	FY26	0.31	$11.1m	n/a	5.5x	0.9x	3.8x
New Talisman Gold Mines	NTL	HY26	0.01	$10.3m	n/a	2.7x	0.6x	n/a
Rua Bioscience	RUA	HY26	0.03	$10.2m	n/a	n/a	1.7x	n/a
Enprise Group	ENS	FY25	0.44	$9.7m	n/a	n/a	3.2x	33x
Me Today	MEE	HY26	0.05	$4.6m	n/a	n/a	1.5x	n/a
AFC Group Holdings	AFC	FY25	0.00	$3.7m	n/a	n/a	15x	n/a
Being AI	BAI	HY24	0.02	$3.5m	n/a	n/a	n/a	n/a
Iperion	IPR	FY26	0.00	$1.5m	n/a	n/a	28.6x	n/a
Blackwell Global Holdings	RTO	HY26	0.13	$1.3m	n/a	n/a	4.2x	n/a
Arvida Group	ARV	FY26	n/a	n/a	n/a	n/a	n/a	n/a
GEO	GEO	FY23	n/a	n/a	n/a	n/a	n/a	n/a
Goodman Property Trust	GMT	HY26	n/a	n/a	n/a	n/a	n/a	n/a
Restaurant Brands New Zealand	RBD	HY25	n/a	n/a	n/a	n/a	n/a	n/a
Westpac Banking Corporation	WBC	HY26	n/a	n/a	n/a	n/a	n/a	n/a

Methodology: valuation rows use available market data inputs and standard Annolyse fundamentals. Forward P/E is shown only when a forward EPS input is supported. Trailing ratios are suppressed where earnings or cash flow are not meaningful. The chart omits trailing P/E values above 200x so low-earnings outliers do not flatten the comparison.