# Investore Property Limited (NS) (IPL.NZ)

Canonical: https://gigainvestors.com/s/IPL.NZ

Analysis as of: 2026-10-16T07:33:24.854Z. Financial observations: FY2019–FY2025.

Listing currency: NZD. Reporting currency: NZD.

## Verdict

Not a wonderful business

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

Share price: NZD 1.00 per share; close as of 2026-10-15.

Estimated value: low NZD 0.57 per share, central NZD 0.65 per share, high NZD 0.76 per share. Buy at or below the central value NZD 0.65 per share. Valuation as of 2026-10-16T07:33:24.854Z; scenarios are not confidence intervals.

Expected annual return: 7.5% at the stated quote. About 7.5% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; NZ 10-year bond 5.0% + 4 points).

## Checklist

### understandable: pass

- Financial history: 7 years

- Years with a net loss: 2

- Operating margin variation: 0.01×

Chart: Operating margin; fiscal year observations.

- FY2021: 0.72×

- FY2022: 0.71×

- FY2023: 0.72×

- FY2024: 0.73×

- FY2025: 0.71×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 4.2%

- ROIC, second-lowest year: 3.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 12.4%

- ROIC including acquisitions, ten-year median: 1.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2021: 4.3%

- FY2022: 3.7%

- FY2023: 3.8%

- FY2024: 4.2%

- FY2025: 4.3%

### economics: pass

- Owner earnings / net income, 5-yr: 0.90×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: NZD 90M

- Net income, five-year total: NZD 100M

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.14×

- FY2022: 0.15×

- FY2023: -0.16×

- FY2024: -0.14×

- FY2025: 0.46×

### management: fail

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- Per-share earnings: 0.15 to -0.18 (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: 6.4%

- Diluted shares, 5-year annual growth: 6.4%

- Per-share value change: NZD -0.33

- Per-share value, starting three-year median: NZD 0.15

- Per-share value, ending three-year median: NZD -0.18

- Buybacks concentrated in cheaper years (correlation): -1.00

- Average buyback yield: 0.1%

- Buyback history: 2 years

- Debt-funded buybacks: Yes

- ROIC, last three-year median: 4.2%

Chart: Earnings per share; fiscal year observations.

- FY2019: NZD 0.15

- FY2020: NZD 0.10

- FY2021: NZD 0.45

- FY2022: NZD 0.32

- FY2023: NZD -0.41

- FY2024: NZD -0.18

- FY2025: NZD 0.10

### accounting: pass

- Sloan accruals: 1.1%

- Receivables to sales index (DSRI): 1.22×

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.70×

- Accounting red flags: 0

Chart: Sloan accruals; fiscal year observations.

- FY2021: 12.5%

- FY2022: 7.3%

- FY2023: -16.8%

- FY2024: -9.6%

- FY2025: 1.1%

## Holders

## Price story

Down 49% since Dec 2021 · sales +4.5%

Story as of 2026-10-16T09:59:56.096Z; price observation 2026-10-15.

Price needs cash profits to grow 6.3% a year for ten years

### Sales · FY2024–2025

sales +4.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2021: NZD 65M 

- FY2022: NZD 68M 

- FY2023: NZD 71M 

- FY2024: NZD 73M 

- FY2025: NZD 76M 

### Gross margin · FY2025

gross margin 80.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2022: 78.9% 

- FY2023: 80.5% 

- FY2024: 81.1% 

- FY2025: 80.3% 

## Owner memo

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

### How it makes money

Annual sales are NZD 76.1 million.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:24.854Z); FY2025: revenue 76112000; grossProfit 61111000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 80.3% to 81.1% during 2023–25; it earns 4.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:24.854Z); FY2023: grossProfit / revenue = 80.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:24.854Z); FY2024: grossProfit / revenue = 81.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:24.854Z); FY2025: grossProfit / revenue = 80.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:24.854Z); 7-year return on capital observations [[2021,0.042800401588811716],[2022,0.037155951157009766],[2023,0.03788412792742532],[2024,0.0416271289688583],[2025,0.04286614053364247]]; median 0.0416271289688583. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 5 of 5 years.

- Source: https://api.nzx.com/public/announcement/392231/attachment/370717/392231-370717.pdf (filed 2026-10-16T07:33:24.854Z); FY2021: growth capex 0; upkeep 4710000; owner earnings 22222000. Growth capex / owner earnings = 0.

- Source: https://api.nzx.com/public/announcement/392231/attachment/370717/392231-370717.pdf (filed 2026-10-16T07:33:24.854Z); FY2022: growth capex 0; upkeep 10311000; owner earnings 17228000. Growth capex / owner earnings = 0.

- Source: https://api.nzx.com/public/announcement/431235/attachment/418618/431235-418618.pdf (filed 2026-10-16T07:33:24.854Z); FY2023: growth capex 0; upkeep 7889000; owner earnings 23580000. Growth capex / owner earnings = 0.

- Source: https://investoreproperty.co.nz/wp-content/uploads/2025/05/Investore-Property-Limited-FY25-Annual-Report-160525-1.pdf (filed 2026-10-16T07:33:24.854Z); FY2024: growth capex 0; upkeep 21056000; owner earnings 9696000. Growth capex / owner earnings = 0.

- Source: https://investoreproperty.co.nz/wp-content/uploads/2025/05/Investore-Property-Limited-FY25-Annual-Report-160525-1.pdf (filed 2026-10-16T07:33:24.854Z); FY2025: growth capex 0; upkeep 9458000; owner earnings 17551000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:24.854Z); Dividend observations: [[2021,27980000],[2022,28808000],[2023,29050000],[2024,21004000],[2025,20150000]]. Zero only counted when supported by a complete cash-flow statement.

### What the price says

The price assumes cash profits grow 6.3% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:24.854Z); Ten-year compound average after fade. Initial solved rate 0.07787901995801316. Price 1; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

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

- 2016-11: NZD 1.42 per share

- 2016-12: NZD 1.37 per share

- 2017-01: NZD 1.39 per share

- 2017-02: NZD 1.36 per share

- 2017-03: NZD 1.33 per share

- 2017-04: NZD 1.32 per share

- 2017-05: NZD 1.36 per share

- 2017-06: NZD 1.38 per share

- 2017-07: NZD 1.38 per share

- 2017-08: NZD 1.37 per share

- 2017-09: NZD 1.34 per share

- 2017-10: NZD 1.34 per share

- 2017-11: NZD 1.42 per share

- 2017-12: NZD 1.49 per share

- 2018-01: NZD 1.44 per share

- 2018-02: NZD 1.38 per share

- 2018-03: NZD 1.40 per share

- 2018-04: NZD 1.42 per share

- 2018-05: NZD 1.49 per share

- 2018-06: NZD 1.49 per share

- 2018-07: NZD 1.52 per share

- 2018-08: NZD 1.53 per share

- 2018-09: NZD 1.54 per share

- 2018-10: NZD 1.52 per share

- 2018-11: NZD 1.52 per share

- 2018-12: NZD 1.53 per share

- 2019-01: NZD 1.54 per share

- 2019-02: NZD 1.57 per share

- 2019-03: NZD 1.61 per share

- 2019-04: NZD 1.64 per share

- 2019-05: NZD 1.79 per share

- 2019-06: NZD 1.87 per share

- 2019-07: NZD 1.89 per share

- 2019-08: NZD 1.92 per share

- 2019-09: NZD 1.90 per share

- 2019-10: NZD 1.93 per share

- 2019-11: NZD 1.80 per share

- 2019-12: NZD 1.82 per share

- 2020-01: NZD 1.87 per share

- 2020-02: NZD 1.76 per share

- 2020-03: NZD 1.65 per share

- 2020-04: NZD 1.71 per share

- 2020-05: NZD 1.73 per share

- 2020-06: NZD 1.84 per share

- 2020-07: NZD 1.99 per share

- 2020-08: NZD 2.20 per share

- 2020-09: NZD 2.21 per share

- 2020-10: NZD 2.23 per share

- 2020-11: NZD 2.20 per share

- 2020-12: NZD 2.21 per share

- 2021-01: NZD 2.26 per share

- 2021-02: NZD 2.17 per share

- 2021-03: NZD 2.06 per share

- 2021-04: NZD 2.10 per share

- 2021-05: NZD 2.04 per share

- 2021-06: NZD 2.02 per share

- 2021-07: NZD 2.03 per share

- 2021-08: NZD 2.02 per share

- 2021-09: NZD 1.98 per share

- 2021-10: NZD 1.88 per share

- 2021-11: NZD 1.85 per share

- 2021-12: NZD 1.95 per share

- 2022-01: NZD 1.82 per share

- 2022-02: NZD 1.76 per share

- 2022-03: NZD 1.72 per share

- 2022-04: NZD 1.67 per share

- 2022-05: NZD 1.53 per share

- 2022-06: NZD 1.59 per share

- 2022-07: NZD 1.66 per share

- 2022-08: NZD 1.65 per share

- 2022-09: NZD 1.52 per share

- 2022-10: NZD 1.54 per share

- 2022-11: NZD 1.50 per share

- 2022-12: NZD 1.50 per share

- 2023-01: NZD 1.53 per share

- 2023-02: NZD 1.47 per share

- 2023-03: NZD 1.41 per share

- 2023-04: NZD 1.42 per share

- 2023-05: NZD 1.38 per share

- 2023-06: NZD 1.42 per share

- 2023-07: NZD 1.49 per share

- 2023-08: NZD 1.25 per share

- 2023-09: NZD 1.27 per share

- 2023-10: NZD 1.14 per share

- 2023-11: NZD 1.01 per share

- 2023-12: NZD 1.20 per share

- 2024-01: NZD 1.18 per share

- 2024-02: NZD 1.07 per share

- 2024-03: NZD 1.16 per share

- 2024-04: NZD 1.13 per share

- 2024-05: NZD 1.00 per share

- 2024-06: NZD 1.03 per share

- 2024-07: NZD 1.16 per share

- 2024-08: NZD 1.18 per share

- 2024-09: NZD 1.16 per share

- 2024-10: NZD 1.23 per share

- 2024-11: NZD 1.20 per share

- 2024-12: NZD 1.14 per share

- 2025-01: NZD 1.12 per share

- 2025-02: NZD 1.12 per share

- 2025-03: NZD 1.05 per share

- 2025-04: NZD 1.02 per share

- 2025-05: NZD 1.15 per share

- 2025-06: NZD 1.17 per share

- 2025-07: NZD 1.17 per share

- 2025-08: NZD 1.16 per share

- 2025-09: NZD 1.24 per share

- 2025-10: NZD 1.25 per share

- 2025-11: NZD 1.21 per share

- 2025-12: NZD 1.14 per share

- 2026-01: NZD 1.10 per share

- 2026-02: NZD 1.13 per share

- 2026-03: NZD 1.04 per share

- 2026-04: NZD 1.05 per share

- 2026-05: NZD 1.05 per share

- 2026-06: NZD 1.04 per share

- 2026-07: NZD 1.07 per share

- 2026-08: NZD 1.05 per share

- 2026-09: NZD 1.01 per share

- 2026-10: NZD 1.00 per share

## Annual estimated value (NZD per share)

- FY2025: low NZD 0.57 per share, central NZD 0.65 per share, high NZD 0.76 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.

Investore Property Limited (NS)

IPL · NZ

NZX 50

Not a wonderful business

2 quality tests fail. A lower price would not fix the business.

Share price: NZD 1.00
Buy up to: NZD 0.65
Expected / yr: 7.5% at today's price (10.0% at central value)

The business

How it makes money
Why customers stay
Where the cash goes
What the price says

1. Is this a good business?

Evidence only; not required for Buy

Margins varied 0.9% around their average (limit 35%), and 2 loss years were recorded (limit 2).

Operating margin

5y median: 72.2%
Worst year: 71.1%
Latest · 2025: 71.4%

Capital return excluding acquisitions: median 4.2% (minimum 15%), and the second-worst year 3.8% (minimum 10%).

ROIC excluding acquisitions

5y median: 4.2%
Worst year: 3.7%
Latest · 2025: 4.3%

Each $1 of profit left $0.90 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 0.90×
Annual median: 0.14×
Latest · 2025: 0.46×

Per-share value fell from 0.15 to -0.18, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

7y median: NZD 0.10
Worst year: NZD -0.41
Latest · 2025: NZD 0.10

Profits were backed by cash: accruals were 1.1% of assets (limit 10%).

Sloan accruals

5y median: 1.1%
Worst year: 12.5%
Latest · 2025: 1.1%

Profit record · pass 2 loss years in 7 (at most 2), mean operating margin 72.0%, three-year average owner earnings per share 0.05 NZD.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-11 · Price NZD 1.42; 2016-12 · Price NZD 1.37; 2017-01 · Price NZD 1.39; 2017-02 · Price NZD 1.36; 2017-03 · Price NZD 1.33; 2017-04 · Price NZD 1.32; 2017-05 · Price NZD 1.36; 2017-06 · Price NZD 1.38; 2017-07 · Price NZD 1.38; 2017-08 · Price NZD 1.37; 2017-09 · Price NZD 1.34; 2017-10 · Price NZD 1.34; 2017-11 · Price NZD 1.42; 2017-12 · Price NZD 1.49; 2018-01 · Price NZD 1.44; 2018-02 · Price NZD 1.38; 2018-03 · Price NZD 1.40; 2018-04 · Price NZD 1.42; 2018-05 · Price NZD 1.49; 2018-06 · Price NZD 1.49; 2018-07 · Price NZD 1.52; 2018-08 · Price NZD 1.53; 2018-09 · Price NZD 1.54; 2018-10 · Price NZD 1.52; 2018-11 · Price NZD 1.52; 2018-12 · Price NZD 1.53; 2019-01 · Price NZD 1.54; 2019-02 · Price NZD 1.57; 2019-03 · Price NZD 1.61; 2019-04 · Price NZD 1.64; 2019-05 · Price NZD 1.79; 2019-06 · Price NZD 1.87; 2019-07 · Price NZD 1.89; 2019-08 · Price NZD 1.92; 2019-09 · Price NZD 1.90; 2019-10 · Price NZD 1.93; 2019-11 · Price NZD 1.80; 2019-12 · Price NZD 1.82; 2020-01 · Price NZD 1.87; 2020-02 · Price NZD 1.76; 2020-03 · Price NZD 1.65; 2020-04 · Price NZD 1.71; 2020-05 · Price NZD 1.73; 2020-06 · Price NZD 1.84; 2020-07 · Price NZD 1.99; 2020-08 · Price NZD 2.20; 2020-09 · Price NZD 2.21; 2020-10 · Price NZD 2.23; 2020-11 · Price NZD 2.20; 2020-12 · Price NZD 2.21; 2021-01 · Price NZD 2.26; 2021-02 · Price NZD 2.17; 2021-03 · Price NZD 2.06; 2021-04 · Price NZD 2.10; 2021-05 · Price NZD 2.04; 2021-06 · Price NZD 2.02; 2021-07 · Price NZD 2.03; 2021-08 · Price NZD 2.02; 2021-09 · Price NZD 1.98; 2021-10 · Price NZD 1.88; 2021-11 · Price NZD 1.85; 2021-12 · Price NZD 1.95; 2022-01 · Price NZD 1.82; 2022-02 · Price NZD 1.76; 2022-03 · Price NZD 1.72; 2022-04 · Price NZD 1.67; 2022-05 · Price NZD 1.53; 2022-06 · Price NZD 1.59; 2022-07 · Price NZD 1.66; 2022-08 · Price NZD 1.65; 2022-09 · Price NZD 1.52; 2022-10 · Price NZD 1.54; 2022-11 · Price NZD 1.50; 2022-12 · Price NZD 1.50; 2023-01 · Price NZD 1.53; 2023-02 · Price NZD 1.47; 2023-03 · Price NZD 1.41; 2023-04 · Price NZD 1.42; 2023-05 · Price NZD 1.38; 2023-06 · Price NZD 1.42; 2023-07 · Price NZD 1.49; 2023-08 · Price NZD 1.25; 2023-09 · Price NZD 1.27; 2023-10 · Price NZD 1.14; 2023-11 · Price NZD 1.01; 2023-12 · Price NZD 1.20; 2024-01 · Price NZD 1.18; 2024-02 · Price NZD 1.07; 2024-03 · Price NZD 1.16; 2024-04 · Price NZD 1.13; 2024-05 · Price NZD 1.00; 2024-06 · Price NZD 1.03; 2024-07 · Price NZD 1.16; 2024-08 · Price NZD 1.18; 2024-09 · Price NZD 1.16; 2024-10 · Price NZD 1.23; 2024-11 · Price NZD 1.20; 2024-12 · Price NZD 1.14; 2025-01 · Price NZD 1.12 · Value 0.65 · Buy at or below 0.65; 2025-02 · Price NZD 1.12 · Value 0.65 · Buy at or below 0.65; 2025-03 · Price NZD 1.05 · Value 0.65 · Buy at or below 0.65; 2025-04 · Price NZD 1.02 · Value 0.65 · Buy at or below 0.65; 2025-05 · Price NZD 1.15 · Value 0.65 · Buy at or below 0.65; 2025-06 · Price NZD 1.17 · Value 0.65 · Buy at or below 0.65; 2025-07 · Price NZD 1.17 · Value 0.65 · Buy at or below 0.65; 2025-08 · Price NZD 1.16 · Value 0.65 · Buy at or below 0.65; 2025-09 · Price NZD 1.24 · Value 0.65 · Buy at or below 0.65; 2025-10 · Price NZD 1.25 · Value 0.65 · Buy at or below 0.65; 2025-11 · Price NZD 1.21 · Value 0.65 · Buy at or below 0.65; 2025-12 · Price NZD 1.14 · Value 0.65 · Buy at or below 0.65; 2026-01 · Price NZD 1.10 · Value 0.65 · Buy at or below 0.65; 2026-02 · Price NZD 1.13 · Value 0.65 · Buy at or below 0.65; 2026-03 · Price NZD 1.04 · Value 0.65 · Buy at or below 0.65; 2026-04 · Price NZD 1.05 · Value 0.65 · Buy at or below 0.65; 2026-05 · Price NZD 1.05 · Value 0.65 · Buy at or below 0.65; 2026-06 · Price NZD 1.04 · Value 0.65 · Buy at or below 0.65; 2026-07 · Price NZD 1.07 · Value 0.65 · Buy at or below 0.65; 2026-08 · Price NZD 1.05 · Value 0.65 · Buy at or below 0.65; 2026-09 · Price NZD 1.01 · Value 0.65 · Buy at or below 0.65; 2026-10 · Price NZD 1.00 · Value 0.65 · Buy at or below 0.65; 2026-10 · Price NZD 1.00 · Value 0.65 · Buy at or below 0.65

NZD per share · annual estimates

Price & return math
Value range	NZD 0.57 – NZD 0.76
Buy at or below	Central value NZD 0.65
Discount to value	1 − 1.00 / 0.65 = -53.5%
Return / year	About 7.5% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash NZD 0.05/share; 0.0% growth for 5 years, then fades to 3.0%; excess cash NZD 0.01/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueNZD 76M

Revenue

Owner earningsNZD 18M

Owner earnings

Operating margin71.4%

Operating margin

Net cash / debtNZD -385M

Net cash / debt

Diluted shares374M

Diluted shares

Prices 15 Oct 2026 · FY2025