# Channel Infrastructure Nz (CHI.AU)

Canonical: https://gigainvestors.com/s/CHI.AU

Analysis as of: 2026-10-16T07:44:51.807Z. Financial observations: FY2019–FY2025.

Listing currency: AUD. 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: AUD 2.80 per share; close as of 2026-10-15.

Estimated value: low AUD 0.14 per share, central AUD 0.16 per share, high AUD 0.19 per share. Buy at or below the central value AUD 0.16 per share. Valuation as of 2026-10-16T07:44:51.807Z; scenarios are not confidence intervals.

Expected annual return: 3.4% at the stated quote. About 3.4% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; AU 10-year bond 5.2% + 4 points).

## Checklist

### understandable: fail

- 4 revenue declines in the last 10 years (informational)

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 7 years

- Years with declining revenue: 4

- Years with a net loss: 2

- Operating margin variation: 3.15×

Chart: Operating margin; fiscal year observations.

- FY2019: 0.05×

- FY2020: -1.11×

- FY2021: -3.25×

- FY2022: 0.37×

- FY2023: 0.40×

- FY2024: 0.41×

- FY2025: 0.33×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 3.0%

- ROIC, second-lowest year: 2.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 36.8%

- ROIC including acquisitions, ten-year median: 0.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2021: -87.4%

- FY2022: 3.0%

- FY2023: 5.1%

- FY2024: 3.6%

- FY2025: 2.6%

### economics: pass

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: NZD 25M

- Net income, five-year total: NZD -491M

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

- FY2021: NZD 767K

- FY2022: NZD -20M

- FY2023: NZD 24M

- FY2024: NZD 14M

- FY2025: NZD 6.6M

### management: pass

- Per-share earnings: -0.63 to 0.04 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 5.5%

- Diluted shares, 5-year annual growth: 5.5%

- Per-share value change: NZD 0.67

- Per-share value, starting three-year median: NZD -0.63

- Per-share value, ending three-year median: NZD 0.04

- Buyback history: 0 years

- ROIC, last three-year median: 3.6%

Chart: Earnings per share; fiscal year observations.

- FY2019: NZD 0.01

- FY2020: NZD -0.63

- FY2021: NZD -1.74

- FY2022: NZD 0.03

- FY2023: NZD 0.06

- FY2024: NZD 0.04

- FY2025: NZD 0.03

### accounting: pass

- Sloan accruals: -4.6%

- Receivables to sales index (DSRI): 1.09×

- Earnings backed by cash: Yes

- Operating cash / earnings: 6.30×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.02×

Chart: Sloan accruals; fiscal year observations.

- FY2019: -8.0%

- FY2020: -19.7%

- FY2021: -50.7%

- FY2022: 2.8%

- FY2023: -1.3%

- FY2024: -3.8%

- FY2025: -4.6%

## Holders

## Price story

Price needs cash profits to grow 38.9% a year for ten years · sales -2.5%

Story as of 2026-10-16T10:00:13.234Z; price observation 2026-10-15.

Price needs cash profits to grow 38.9% a year for ten years

### Sales · FY2024–2025

sales -2.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2019: NZD 345M 

- FY2020: NZD 234M 

- FY2021: NZD 232M 

- FY2022: NZD 88M 

- FY2023: NZD 131M 

- FY2024: NZD 140M 

- FY2025: NZD 136M 

### Gross margin · FY2025

gross margin 87.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2022: 95.6% 

- FY2023: 93.5% 

- FY2024: 93.6% 

- FY2025: 87.1% 

## Owner memo

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

### How it makes money

Operates in oil & gas refining & marketing; annual sales are NZD 136.4 million.

- Source: https://eodhd.com/api/fundamentals/CHI.AU.json#2025-12-31 (filed 2026-10-16T07:44:51.807Z); FY2025: revenue 136356000; grossProfit 118711000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CHI.AU: Channel Infrastructure NZ Limited, together with its subsidiaries, provides infrastructure solutions to meet fuel and energy needs in New Zealand. The company offers fuels import terminal system, including jetty infrastructure at Marsden Point, storage tanks, Marsden Point to Auckland pipeline, and Somerton pipeline, as well as wiri leasing services. It also provides fuel testing laboratory services. The company was formerly known as The New Zealand Refining Company Limited and changed its name to Channel Infrastructure NZ Limited in March 2022. Channel Infrastructure NZ Limited was incorporated in 1961 and is based in Whangarei, New Zealand.

### Why customers stay

Margins ranged from 87.1% to 93.6% during 2023–25; it earns 3% on its capital.

- Source: https://eodhd.com/api/fundamentals/CHI.AU.json#2023-12-31 (filed 2026-10-16T07:44:51.807Z); FY2023: grossProfit / revenue = 93.5%.

- Source: https://eodhd.com/api/fundamentals/CHI.AU.json#2024-12-31 (filed 2026-10-16T07:44:51.807Z); FY2024: grossProfit / revenue = 93.6%.

- Source: https://eodhd.com/api/fundamentals/CHI.AU.json#2025-12-31 (filed 2026-10-16T07:44:51.807Z); FY2025: grossProfit / revenue = 87.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:51.807Z); 7-year return on capital observations [[2021,-0.8740943212398132],[2022,0.030345920584214703],[2023,0.051398958425732715],[2024,0.0362573666141232],[2025,0.026404048059086718]]; median 0.030345920584214703. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 4 of 4 years.

- Source: https://channelnz.com/wp-content/uploads/2022/03/2020-NZR-FY2020-Consolidated-Financial-Statements.pdf (filed 2026-10-16T07:44:51.807Z); FY2019: growth capex 0; upkeep 77695000; owner earnings 39430000. Growth capex / owner earnings = 0.

- Source: https://channelnz.com/wp-content/uploads/2022/03/NZR-FY2021-Financial-Statements-FINAL-1.pdf (filed 2026-10-16T07:44:51.807Z); FY2021: growth capex 0; upkeep 33447000; owner earnings 767000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/CHI.AU.json#2023-12-31 (filed 2026-10-16T07:44:51.807Z); FY2023: growth capex 22562000; upkeep 35409000; owner earnings 23937000. Growth capex / owner earnings = 0.9425575468939299.

- Source: https://eodhd.com/api/fundamentals/CHI.AU.json#2024-12-31 (filed 2026-10-16T07:44:51.807Z); FY2024: growth capex 14199000; upkeep 38417000; owner earnings 13701800. Growth capex / owner earnings = 1.0362872031411932.

- Source: https://eodhd.com/api/fundamentals/CHI.AU.json#2025-12-31 (filed 2026-10-16T07:44:51.807Z); FY2025: growth capex 0; upkeep 50118000; cash acquisitions 17141000; owner earnings 6579000. Growth capex plus acquisitions / owner earnings = 2.6054111567107463.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:51.807Z); Dividend observations: [[2022,11000],[2023,42416000],[2024,46208000],[2025,47641000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 4.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CHI.AU SharesStats.PercentInsiders = 4.131 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 38.9% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:51.807Z); Ten-year compound average after fade. Initial solved rate 0.5635014284915487. Price 2.8; FX 0.8124078517533463; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

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

- 2026-01: AUD 2.53 per share

- 2026-02: AUD 2.53 per share

- 2026-03: AUD 2.41 per share

- 2026-04: AUD 2.45 per share

- 2026-05: AUD 2.50 per share

- 2026-06: AUD 2.70 per share

- 2026-07: AUD 2.63 per share

- 2026-08: AUD 2.63 per share

- 2026-09: AUD 2.80 per share

- 2026-10: AUD 2.80 per share

## Annual estimated value (AUD per share)

- FY2023: low AUD 0.02 per share, central AUD 0.02 per share, high AUD 0.02 per share

- FY2024: low AUD 0.02 per share, central AUD 0.02 per share, high AUD 0.02 per share

- FY2025: low AUD 0.14 per share, central AUD 0.16 per share, high AUD 0.19 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

Prior published observations retained from 2026-10-15T06:50:39.803Z where newer inputs omit a numeric field or fiscal period.

## 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.