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Chorus Limited

( ASX:CNU ) - ASX200 Communication Services

News

Why Chorus Limited Looks Undervalued

One slightly unusual holding in our domestic funds is Chorus Limited (CNU), New Zealand’s largest owner of telecommunications networks. CNU has had a bumpy ride this last year, but we think the market has marked it down too far due to regulatory uncertainty.  If we are right, then the company should re-rate.

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Light At The End Of The Tunnel For Chorus?

Chorus Limited (CNU) was created in 2001 when Telecom NZ split into two parts – Chorus, which owns the fixed network, and Spark, which owns the retail business and the mobile network. Telecom NZ was the first incumbent telco in the world to volunteer for such a structural separation, and in doing so positioned Chorus to participate in the build of the ultrafast broadband project (UFB) – NZ’s version of the NBN.

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Chorus Sings The Blues

Chorus, a telecoms operator split off from Telecom NZ in 2011, is a regulated monopoly that owns and operates copper cables in New Zealand. It generates revenue by leasing the copper cables to phone and broadband providers at prices determined by regulators. At a price-to-earnings ratio of just four and an implied yield of over 10%, the numbers suggest Chorus is cheap. As ever, there is more to the story.

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