# Precinct Properties New Zealand (AOTUF.US)

Canonical: https://gigainvestors.com/s/AOTUF

Analysis as of: 2026-10-16T07:33:44.666Z. Financial observations: FY2019–FY2026.

Listing currency: USD. Reporting currency: NZD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $0.58 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 1 revenue decline in the last 10 years (informational)

- more than 2 net loss years

- Financial history: 8 years

- Years with declining revenue: 1

- Years with a net loss: 3

- Operating margin variation: 0.14×

Chart: Operating margin; fiscal year observations.

- FY2019: 0.39×

- FY2020: 0.41×

- FY2021: 0.42×

- FY2022: 0.48×

- FY2023: 0.46×

- FY2024: 0.41×

- FY2025: 0.30×

- FY2026: 0.50×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 9.4pp below the typical margin (limit 4pp)

- ROIC, median of available years: 2.2%

- ROIC, second-lowest year: 1.9%

- Typical minus recent gross margin: 9.4 pp

- Typical gross margin (annual median): 63.7%

- Recent gross margin (lower of latest and 3-year median): 54.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.7%

- ROIC including acquisitions, ten-year median: 0.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2019: 1.9%

- FY2020: 1.9%

- FY2021: 2.4%

- FY2022: 2.1%

- FY2023: 2.3%

- FY2024: 2.4%

- FY2025: 1.5%

- FY2026: 3.0%

### economics: fail

- owner earnings cash conversion below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: NZD -46M

- Net income, five-year total: NZD -62M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -5.4 pp

Chart: Owner earnings · five years; fiscal year observations.

- FY2022: NZD 107M

- FY2023: NZD -152M

- FY2024: NZD -14M

- FY2025: NZD 18M

- FY2026: NZD -4.1M

### management: fail

- Historical market-dollar context (not the management verdict): 2019 to 2026 (7 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 1.9% vs 2.4%

- Per-share earnings: 0.12 to -0.01 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: -7.3%

- Market cap gain: NZD -1.3B

- Cumulative retained earnings: NZD -498M

- Diluted shares, 5-year annual growth: -7.3%

- $1 test, starting fiscal year: FY2019

- $1 test, ending fiscal year: FY2026

- Per-share value change: NZD -0.13

- Per-share value, starting three-year median: NZD 0.12

- Per-share value, ending three-year median: NZD -0.01

- Buyback history: 0 years

- Debt-funded buybacks: No

- ROIC, first three-year median: 1.9%

- ROIC, last three-year median: 2.4%

Chart: Earnings per share; fiscal year observations.

- FY2019: NZD 0.14

- FY2020: NZD 0.02

- FY2021: NZD 0.12

- FY2022: NZD 0.07

- FY2023: NZD -0.10

- FY2024: NZD -0.01

- FY2025: NZD 0.01

- FY2026: NZD -0.01

### accounting: pass

- Sloan accruals: -2.1%

- Receivables to sales index (DSRI): 0.57×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2019: 4.4%

- FY2020: -1.6%

- FY2021: 9.4%

- FY2022: 0.6%

- FY2023: -7.4%

- FY2024: -2.9%

- FY2025: -2.0%

- FY2026: -2.1%

## Holders

## Price story

Down 51% since Nov 2021 · sales -0.4%

Story as of 2026-10-16T09:59:56.171Z; price observation 2026-10-15.

### Sales · FY2025–2026

sales -0.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2019: NZD 136M 

- FY2020: NZD 152M 

- FY2021: NZD 200M 

- FY2022: NZD 200M 

- FY2023: NZD 222M 

- FY2024: NZD 251M 

- FY2025: NZD 278M 

- FY2026: NZD 277M 

### Gross margin · FY2026

gross margin 54.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2019: 74.5% 

- FY2020: 77.9% 

- FY2021: 63.9% 

- FY2022: 64.6% 

- FY2023: 62.6% 

- FY2024: 63.4% 

- FY2025: 61.8% 

- FY2026: 54.3% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in property rentals; annual sales are NZD 276.7 million.

- Source: https://eodhd.com/api/fundamentals/AOTUF.US.json#2026-06-30 (filed 2026-10-16T07:33:44.666Z); FY2026: revenue 276657350; grossProfit 150216684; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 54.3% to 63.4% during 2024–26; it earns 2.2% on its capital.

- Source: https://eodhd.com/api/fundamentals/AOTUF.US.json#2024-06-30 (filed 2026-10-16T07:33:44.666Z); FY2024: grossProfit / revenue = 63.4%.

- Source: https://eodhd.com/api/fundamentals/AOTUF.US.json#2025-06-30 (filed 2026-10-16T07:33:44.666Z); FY2025: grossProfit / revenue = 61.8%.

- Source: https://eodhd.com/api/fundamentals/AOTUF.US.json#2026-06-30 (filed 2026-10-16T07:33:44.666Z); FY2026: grossProfit / revenue = 54.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:44.666Z); 8-year return on capital observations [[2019,0.018622958419513586],[2020,0.01874526304785302],[2021,0.024463569912756427],[2022,0.021488210796416676],[2023,0.023124050342593388],[2024,0.023778726865975187],[2025,0.01484452667623992],[2026,0.030081282869917778]]; median 0.022306130569505034. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 65% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:44.666Z); Gross margin observations: [[2021,0.6391391391391391],[2022,0.6460309535696456],[2023,0.6261808367071525]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 8 of 8 years.

- Source: https://eodhd.com/api/fundamentals/AOTUF.US.json#2019-06-30 (filed 2026-10-16T07:33:44.666Z); FY2019: growth capex 0; upkeep 300000; owner earnings 190300000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/AOTUF.US.json#2020-06-30 (filed 2026-10-16T07:33:44.666Z); FY2020: growth capex 0; upkeep 1500000; owner earnings 35100000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/AOTUF.US.json#2021-06-30 (filed 2026-10-16T07:33:44.666Z); FY2021: growth capex 700000; upkeep 6700000; owner earnings 187700000. Growth capex / owner earnings = 0.0037293553542887587.

- Source: https://eodhd.com/api/fundamentals/AOTUF.US.json#2022-06-30 (filed 2026-10-16T07:33:44.666Z); FY2022: growth capex 124827.12934025563; upkeep 10075172.870659744; owner earnings 107424827.12934026. Growth capex / owner earnings = 0.0011619951614161117.

- Source: https://eodhd.com/api/fundamentals/AOTUF.US.json#2025-06-30 (filed 2026-10-16T07:33:44.666Z); FY2025: growth capex 0; upkeep 2192112; cash acquisitions 4700000; owner earnings 17507888. Growth capex plus acquisitions / owner earnings = 0.26845042645920514.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:44.666Z); Dividend observations: [[2019,75100000],[2020,81800000],[2021,84700000],[2022,103700000],[2023,106300000],[2024,107000000],[2025,107100000],[2026,119974384]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 9.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); AOTUF.US SharesStats.PercentInsiders = 9.498 percentage points; cache date 2026-10-16.

### What the price says

The price is 3.9 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:44.666Z); Closing price 0.58 USD; reporting-to-trading FX 0.56204; FY2026 annual sales per share 0.26304443236300895; price multiple 3.9231205607530937. FY2026 cash earnings/share -0.0038780371483223123. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $0.92 per share

- 2016-11: $0.92 per share

- 2016-12: $0.92 per share

- 2017-01: $0.92 per share

- 2017-02: $0.85 per share

- 2017-03: $0.75 per share

- 2017-04: $0.79 per share

- 2017-05: $0.79 per share

- 2017-06: $0.79 per share

- 2017-07: $0.92 per share

- 2017-08: $0.92 per share

- 2017-09: $0.92 per share

- 2017-10: $0.92 per share

- 2017-11: $0.94 per share

- 2017-12: $0.94 per share

- 2018-01: $0.92 per share

- 2018-02: $0.92 per share

- 2018-03: $0.92 per share

- 2018-04: $0.90 per share

- 2018-05: $0.90 per share

- 2018-06: $0.88 per share

- 2018-07: $0.90 per share

- 2018-08: $0.90 per share

- 2018-09: $0.90 per share

- 2018-10: $0.90 per share

- 2018-11: $0.90 per share

- 2018-12: $1.05 per share

- 2019-01: $1.01 per share

- 2019-02: $1.00 per share

- 2019-03: $1.03 per share

- 2019-04: $1.03 per share

- 2019-05: $1.03 per share

- 2019-06: $1.03 per share

- 2019-07: $1.03 per share

- 2019-08: $1.03 per share

- 2019-09: $1.03 per share

- 2019-10: $1.03 per share

- 2019-11: $1.03 per share

- 2019-12: $1.03 per share

- 2020-01: $1.20 per share

- 2020-02: $1.20 per share

- 2020-03: $1.20 per share

- 2020-04: $1.20 per share

- 2020-05: $1.20 per share

- 2020-06: $1.20 per share

- 2020-07: $1.20 per share

- 2020-08: $1.05 per share

- 2020-09: $1.05 per share

- 2020-10: $1.05 per share

- 2020-11: $1.19 per share

- 2020-12: $1.19 per share

- 2021-01: $1.19 per share

- 2021-02: $1.19 per share

- 2021-03: $1.19 per share

- 2021-04: $1.19 per share

- 2021-05: $1.19 per share

- 2021-06: $1.19 per share

- 2021-07: $1.19 per share

- 2021-08: $1.19 per share

- 2021-09: $1.19 per share

- 2021-10: $1.13 per share

- 2021-11: $1.18 per share

- 2021-12: $1.18 per share

- 2022-01: $1.09 per share

- 2022-02: $1.11 per share

- 2022-03: $1.15 per share

- 2022-04: $1.13 per share

- 2022-05: $0.92 per share

- 2022-06: $0.92 per share

- 2022-07: $0.85 per share

- 2022-08: $0.87 per share

- 2022-09: $0.87 per share

- 2022-10: $0.65 per share

- 2022-11: $0.73 per share

- 2022-12: $0.77 per share

- 2023-01: $0.77 per share

- 2023-02: $0.78 per share

- 2023-03: $0.78 per share

- 2023-04: $0.76 per share

- 2023-05: $0.82 per share

- 2023-06: $0.82 per share

- 2023-07: $0.82 per share

- 2023-08: $0.76 per share

- 2023-09: $0.76 per share

- 2023-10: $0.64 per share

- 2023-11: $0.64 per share

- 2023-12: $0.78 per share

- 2024-01: $0.75 per share

- 2024-02: $0.75 per share

- 2024-03: $0.75 per share

- 2024-04: $0.73 per share

- 2024-05: $0.73 per share

- 2024-06: $0.73 per share

- 2024-07: $0.68 per share

- 2024-08: $0.68 per share

- 2024-09: $0.68 per share

- 2024-10: $0.68 per share

- 2024-11: $0.68 per share

- 2024-12: $0.68 per share

- 2025-01: $0.67 per share

- 2025-02: $0.66 per share

- 2025-03: $0.66 per share

- 2025-04: $0.66 per share

- 2025-05: $0.66 per share

- 2025-06: $0.66 per share

- 2025-07: $0.66 per share

- 2025-08: $0.73 per share

- 2025-09: $0.76 per share

- 2025-10: $0.76 per share

- 2025-11: $0.76 per share

- 2025-12: $0.76 per share

- 2026-01: $0.76 per share

- 2026-02: $0.70 per share

- 2026-03: $0.70 per share

- 2026-04: $0.70 per share

- 2026-05: $0.70 per share

- 2026-06: $0.57 per share

- 2026-07: $0.58 per share

- 2026-08: $0.58 per share

- 2026-09: $0.58 per share

- 2026-10: $0.58 per share

## Annual estimated value (USD per share)

- FY2023: low $0.47 per share, central $0.53 per share, high $0.61 per share

- FY2024: low $0.23 per share, central $0.26 per share, high $0.30 per share

- FY2025: low $0.08 per share, central $0.09 per share, high $0.10 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.