# Port Of Tauranga (PKF1.F)

Canonical: https://gigainvestors.com/s/PKF1.F

Analysis as of: 2026-10-16T07:33:44.656Z. Financial observations: FY2019–FY2026.

Listing currency: EUR. 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: EUR 4.14 per share; close as of 2026-10-15.

Estimated value: low EUR 0.89 per share, central EUR 1.01 per share, high EUR 1.17 per share. Buy at or below the central value EUR 1.01 per share. Valuation as of 2026-10-16T07:33:44.656Z; scenarios are not confidence intervals.

Expected annual return: 4.7% at the stated quote. About 4.7% 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

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

- Financial history: 8 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.05×

Chart: Operating margin; fiscal year observations.

- FY2021: 0.42×

- FY2022: 0.42×

- FY2023: 0.40×

- FY2024: 0.37×

- FY2025: 0.37×

- FY2026: 0.38×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 4.8%

- ROIC, second-lowest year: 4.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 8.6%

- ROIC including acquisitions, ten-year median: 4.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2021: 5.8%

- FY2022: 4.9%

- FY2023: 4.8%

- FY2024: 3.8%

- FY2025: 4.9%

- FY2026: 4.4%

### economics: pass

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

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: NZD 586M

- Net income, five-year total: NZD 649M

- Working capital / revenue, annual change: -0.5 pp

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

- FY2022: 1.06×

- FY2023: 0.91×

- FY2024: 0.89×

- FY2025: 1.02×

- FY2026: 0.67×

### management: pass

- buybacks unrelated to price (informational)

- Per-share earnings: 0.15 to 0.23 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 0.0%

- Diluted shares, 5-year annual growth: 0.0%

- Per-share value growth: 9.2%

- Per-share value change: NZD 0.08

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

- Per-share value, ending three-year median: NZD 0.23

- Buybacks concentrated in cheaper years (correlation): -0.20

- Average buyback yield: 0.0%

- Buyback history: 4 years

- ROIC, last three-year median: 4.4%

Chart: Earnings per share; fiscal year observations.

- FY2019: NZD 0.15

- FY2020: NZD 0.13

- FY2021: NZD 0.15

- FY2022: NZD 0.16

- FY2023: NZD 0.17

- FY2024: NZD 0.13

- FY2025: NZD 0.25

- FY2026: NZD 0.23

### accounting: pass

- Sloan accruals: -1.6%

- Receivables to sales index (DSRI): 1.23×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.32×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.01×

Chart: Sloan accruals; fiscal year observations.

- FY2025: 0.0%

- FY2026: -1.6%

## Holders

## Price story

Price needs cash profits to grow 18.9% a year for ten years · sales -6.4%

Story as of 2026-10-16T09:59:56.159Z; price observation 2026-10-15.

Price needs cash profits to grow 18.9% a year for ten years

### Sales · FY2025–2026

sales -6.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2021: NZD 337M 

- FY2022: NZD 375M 

- FY2023: NZD 420M 

- FY2024: NZD 417M 

- FY2025: NZD 464M 

- FY2026: NZD 434M 

### Gross margin · FY2026

gross margin 79.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2021: 76.1% 

- FY2022: 73.5% 

- FY2023: 72.0% 

- FY2024: 72.5% 

- FY2025: 75.5% 

- FY2026: 79.6% 

## Owner memo

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

### How it makes money

Operates in marine shipping; annual sales are NZD 434.2 million.

- Source: https://eodhd.com/api/fundamentals/PKF1.F.json#2026-06-30 (filed 2026-10-16T07:33:44.656Z); FY2026: revenue 434208000; grossProfit 345583000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); PKF1.F: Port of Tauranga Limited, a port company, engages in the provision and managing port services, and cargo handling facilities through the Port of Tauranga, MetroPort, and Timaru Container Terminal in New Zealand. It operates through three segments: Port Operations, Property Services, and Terminal Services. The company also manages and maintains the port's property assets; and engages in contracted terminal operations. In addition, it provides general container marshalling and ancillary services; berthage, cranes, tugs, and pilot services; and wharf facilities, and land and buildings for the storage and transit of import and export cargo. The company was founded in 1873 and is based in Mount Maunganui, New Zealand. Port of Tauranga Limited is a subsidiary of Quayside Securities Limited.

### Why customers stay

Margins ranged from 72.5% to 79.6% during 2024–26; it earns 4.8% on its capital.

- Source: https://eodhd.com/api/fundamentals/PKF1.F.json#2024-06-30 (filed 2026-10-16T07:33:44.656Z); FY2024: grossProfit / revenue = 72.5%.

- Source: https://eodhd.com/api/fundamentals/PKF1.F.json#2025-06-30 (filed 2026-10-16T07:33:44.656Z); FY2025: grossProfit / revenue = 75.5%.

- Source: https://eodhd.com/api/fundamentals/PKF1.F.json#2026-06-30 (filed 2026-10-16T07:33:44.656Z); FY2026: grossProfit / revenue = 79.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:44.656Z); 8-year return on capital observations [[2021,0.057664556312065476],[2022,0.04866666140199518],[2023,0.04760721251786151],[2024,0.03811194587140115],[2025,0.04938993181847142],[2026,0.04361792993834659]]; median 0.04813693695992834. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 6 of 6 years; bought back NZD 1.7 million of shares.

- Source: https://eodhd.com/api/fundamentals/PKF1.F.json#2021-06-30 (filed 2026-10-16T07:33:44.656Z); FY2021: growth capex 0; upkeep 23204000; owner earnings 104793400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/PKF1.F.json#2022-06-30 (filed 2026-10-16T07:33:44.656Z); FY2022: growth capex 0; upkeep 21480000; owner earnings 118216600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/PKF1.F.json#2023-06-30 (filed 2026-10-16T07:33:44.656Z); FY2023: growth capex 4999000; upkeep 40423000; owner earnings 106553600. Growth capex / owner earnings = 0.04691535527659319.

- Source: https://eodhd.com/api/fundamentals/PKF1.F.json#2024-06-30 (filed 2026-10-16T07:33:44.656Z); FY2024: growth capex 0; upkeep 42692000; owner earnings 80699000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/PKF1.F.json#2025-06-30 (filed 2026-10-16T07:33:44.656Z); FY2025: growth capex 0; upkeep 28851000; owner earnings 176425200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/PKF1.F.json#2026-06-30 (filed 2026-10-16T07:33:44.656Z); FY2026: growth capex 0; upkeep 86109000; owner earnings 104510800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:44.656Z); Dividend observations: [[2021,84353000],[2022,95242000],[2023,102054000],[2024,100689000],[2025,106801000],[2026,119813000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/PKF1.F.json#2026-06-30 (filed 2026-10-16T07:33:44.656Z); FY2026: cash repurchases 1703000 NZD.

### Are managers owners

Insiders own 58.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); PKF1.F SharesStats.PercentInsiders = 58.43899999999999 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 18.9% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:44.656Z); Ten-year compound average after fade. Initial solved rate 0.26105960383092064. Price 4.14; FX 0.5012485730593607; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

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

- 2022-02: EUR 3.59 per share

- 2022-03: EUR 3.75 per share

- 2022-04: EUR 3.92 per share

- 2022-05: EUR 3.70 per share

- 2022-06: EUR 3.61 per share

- 2022-07: EUR 4.22 per share

- 2022-08: EUR 4.09 per share

- 2022-09: EUR 3.63 per share

- 2022-10: EUR 3.69 per share

- 2022-11: EUR 3.71 per share

- 2022-12: EUR 3.66 per share

- 2023-01: EUR 3.69 per share

- 2023-02: EUR 3.56 per share

- 2023-03: EUR 3.51 per share

- 2023-04: EUR 3.45 per share

- 2023-05: EUR 3.50 per share

- 2023-06: EUR 3.39 per share

- 2023-07: EUR 3.40 per share

- 2023-08: EUR 3.16 per share

- 2023-09: EUR 3.24 per share

- 2023-10: EUR 2.74 per share

- 2023-11: EUR 2.97 per share

- 2023-12: EUR 3.07 per share

- 2024-01: EUR 2.97 per share

- 2024-02: EUR 2.93 per share

- 2024-03: EUR 2.92 per share

- 2024-04: EUR 2.66 per share

- 2024-05: EUR 2.74 per share

- 2024-06: EUR 2.64 per share

- 2024-07: EUR 2.96 per share

- 2024-08: EUR 3.07 per share

- 2024-09: EUR 3.35 per share

- 2024-10: EUR 3.18 per share

- 2024-11: EUR 3.34 per share

- 2024-12: EUR 3.56 per share

- 2025-01: EUR 3.44 per share

- 2025-02: EUR 3.61 per share

- 2025-03: EUR 3.41 per share

- 2025-04: EUR 3.14 per share

- 2025-05: EUR 3.40 per share

- 2025-06: EUR 3.47 per share

- 2025-07: EUR 3.54 per share

- 2025-08: EUR 3.47 per share

- 2025-09: EUR 3.62 per share

- 2025-10: EUR 3.84 per share

- 2025-11: EUR 3.63 per share

- 2025-12: EUR 3.75 per share

- 2026-01: EUR 3.97 per share

- 2026-02: EUR 4.00 per share

- 2026-03: EUR 3.80 per share

- 2026-04: EUR 4.09 per share

- 2026-05: EUR 4.10 per share

- 2026-06: EUR 4.37 per share

- 2026-07: EUR 4.07 per share

- 2026-08: EUR 4.11 per share

- 2026-09: EUR 4.08 per share

- 2026-10: EUR 4.17 per share

## Annual estimated value (EUR per share)

- FY2025: low EUR 1.16 per share, central EUR 1.32 per share, high EUR 1.54 per share

- FY2026: low EUR 0.89 per share, central EUR 1.01 per share, high EUR 1.17 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 2026-10-15T06:39:30.134Z 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.