# Tourism Holdings Rentals (THL.AU)

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

Analysis as of: 2026-10-16T07:48:41.888Z. Financial observations: FY1997–FY2026.

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 2.23 per share; close as of 2026-10-15.

Estimated value: low AUD 3.39 per share, central AUD 3.84 per share, high AUD 4.45 per share. Buy at or below the central value AUD 3.84 per share. Valuation as of 2026-10-16T07:48:41.888Z; scenarios are not confidence intervals.

Expected annual return: 15.6% at the stated quote. About 15.6% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; AU 10-year bond 5.3% + 4 points).

## Checklist

### understandable: fail

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

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 5

- Years with a net loss: 3

- Operating margin variation: 0.87×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.15×

- FY2018: 0.20×

- FY2019: 0.12×

- FY2020: 0.09×

- FY2021: -0.03×

- FY2022: 0.01×

- FY2023: 0.13×

- FY2024: 0.11×

- FY2025: -0.04×

- FY2026: 0.16×

### moat: fail

- ROIC median below threshold

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

- Recent gross margin fell 23.1pp below the typical margin (limit 4pp)

- ROIC, median of available years: 7.0%

- ROIC, second-lowest year: -2.1%

- Typical minus recent gross margin: 23.1 pp

- Typical gross margin (annual median): 61.0%

- Recent gross margin (lower of latest and 3-year median): 38.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.6%

- ROIC including acquisitions, ten-year median: 1.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 10.3%

- FY2018: 16.9%

- FY2019: 8.6%

- FY2020: 7.1%

- FY2021: -2.1%

- FY2022: 0.8%

- FY2023: 6.9%

- FY2024: 6.2%

- FY2025: -2.5%

- FY2026: 7.7%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: -3.50×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: NZD -330M

- Net income, five-year total: NZD 94M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 1.3 pp

- Working capital / revenue, change between three-year averages: 9.2 pp

- Working capital / revenue, final three-year average: 19.3%

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

- FY2022: 32.96×

- FY2023: -2.02×

- FY2024: -3.60×

- FY2025: 2.28×

- FY2026: 0.62×

### management: fail

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 10.3% vs 6.2%

- Per-share earnings: 0.24 to 0.15 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- five-year and ten-year diluted share growth both above threshold

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 6.3%

- Ordinary dilution, 5-year annual growth: 7.8%

- Diluted shares, 10-year annual growth: 6.3%

- Diluted shares, 5-year annual growth: 7.8%

- Per-share value growth: -5.9%

- Per-share value change: NZD -0.09

- Per-share value, starting three-year median: NZD 0.24

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

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: NZD 182M

- Cumulative net income, 10 years: NZD 230M

- ROIC, first three-year median: 10.3%

- ROIC, last three-year median: 6.2%

Chart: Earnings per share; fiscal year observations.

- FY2017: NZD 0.24

- FY2018: NZD 0.51

- FY2019: NZD 0.20

- FY2020: NZD 0.18

- FY2021: NZD -0.09

- FY2022: NZD -0.01

- FY2023: NZD 0.23

- FY2024: NZD 0.18

- FY2025: NZD -0.12

- FY2026: NZD 0.15

### accounting: pass

- Sloan accruals: -2.5%

- Receivables to sales index (DSRI): 1.30×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.20×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.25×

Chart: Sloan accruals; fiscal year observations.

- FY2017: 3.3%

- FY2018: 6.5%

- FY2019: 3.2%

- FY2020: -6.4%

- FY2021: -18.7%

- FY2022: 3.4%

- FY2023: 8.6%

- FY2024: 9.0%

- FY2025: -3.4%

- FY2026: -2.5%

## Holders

## Price story

Down 43% since Apr 2023 · sales -9.1%

Story as of 2026-10-16T10:00:13.774Z; price observation 2026-10-15.

Price needs cash profits to shrink 6.2% a year for ten years

### Sales · FY2025–2026

sales -9.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: NZD 341M 

- FY2018: NZD 426M 

- FY2019: NZD 423M 

- FY2020: NZD 401M 

- FY2021: NZD 359M 

- FY2022: NZD 346M 

- FY2023: NZD 610M 

- FY2024: NZD 922M 

- FY2025: NZD 937M 

- FY2026: NZD 852M 

### Gross margin · FY2026

gross margin 38%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: 72.9% 

- FY2018: 69.5% 

- FY2019: 73.0% 

- FY2020: 68.7% 

- FY2021: 48.2% 

- FY2022: 56.4% 

- FY2023: 61.2% 

- FY2024: 59.4% 

- FY2025: 60.9% 

- FY2026: 38.0% 

## Owner memo

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

### How it makes money

Operates in recreational vehicles; annual sales are NZD 852.2 million.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:48:41.888Z); FY2026: revenue 852204382; grossProfit 323432000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 38% to 60.9% during 2024–26; it earns 7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:48:41.888Z); FY2024: grossProfit / revenue = 59.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:48:41.888Z); FY2025: grossProfit / revenue = 60.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:48:41.888Z); FY2026: grossProfit / revenue = 38%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:48:41.888Z); 10-year return on capital observations [[2017,0.10296626109818922],[2018,0.1691210813304933],[2019,0.085904702182742],[2020,0.07091895944582474],[2021,-0.02120539110099083],[2022,0.007789409835841282],[2023,0.06907652517870644],[2024,0.06239389060442736],[2025,-0.024542880444089518],[2026,0.07676371908555922]]; median 0.06999774231226559. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 7 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:48:41.888Z); FY2017: growth capex 0; upkeep 8569000; owner earnings 5459000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:48:41.888Z); FY2018: growth capex 0; upkeep 4603000; owner earnings 19494000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:48:41.888Z); FY2019: growth capex 0; upkeep 4291000; owner earnings 5371000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:48:41.888Z); FY2020: growth capex 0; upkeep 4557000; owner earnings 64021000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:48:41.888Z); FY2021: growth capex 0; upkeep 5312000; owner earnings 64734800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:48:41.888Z); FY2026: growth capex 0; upkeep 9117867; owner earnings 20070201. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:48:41.888Z); Dividend observations: [[2017,22410000],[2018,22858000],[2019,29429000],[2020,17373000],[2021,0],[2022,0],[2023,0],[2024,33354000],[2025,11384000],[2026,15464902]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 24.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); THL.AU SharesStats.PercentInsiders = 24.803 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 6.2% yearly over ten years; actual decline was 13.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:48:41.888Z); Ten-year compound average after fade. Initial solved rate -0.10008489339940879. Price 2.23; FX 0.803691082984938; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 0.3953672256067046 → FY2026 0.09073319553960621. Closing-price date 2026-10-15.

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

- 2022-12: AUD 3.40 per share

- 2023-01: AUD 3.61 per share

- 2023-02: AUD 3.75 per share

- 2023-03: AUD 3.78 per share

- 2023-04: AUD 3.89 per share

- 2023-05: AUD 3.55 per share

- 2023-06: AUD 3.52 per share

- 2023-07: AUD 3.23 per share

- 2023-08: AUD 3.55 per share

- 2023-09: AUD 3.50 per share

- 2023-10: AUD 3.12 per share

- 2023-11: AUD 3.30 per share

- 2023-12: AUD 3.63 per share

- 2024-01: AUD 3.52 per share

- 2024-02: AUD 3.24 per share

- 2024-03: AUD 2.89 per share

- 2024-04: AUD 2.70 per share

- 2024-05: AUD 1.75 per share

- 2024-06: AUD 1.66 per share

- 2024-07: AUD 1.97 per share

- 2024-08: AUD 1.90 per share

- 2024-09: AUD 1.61 per share

- 2024-10: AUD 1.77 per share

- 2024-11: AUD 1.80 per share

- 2024-12: AUD 1.88 per share

- 2025-01: AUD 1.80 per share

- 2025-02: AUD 1.65 per share

- 2025-03: AUD 1.60 per share

- 2025-04: AUD 1.30 per share

- 2025-05: AUD 1.29 per share

- 2025-06: AUD 2.01 per share

- 2025-07: AUD 1.93 per share

- 2025-08: AUD 2.07 per share

- 2025-09: AUD 2.33 per share

- 2025-10: AUD 2.20 per share

- 2025-11: AUD 2.20 per share

- 2025-12: AUD 2.30 per share

- 2026-01: AUD 2.16 per share

- 2026-02: AUD 2.27 per share

- 2026-03: AUD 1.80 per share

- 2026-04: AUD 1.60 per share

- 2026-05: AUD 2.20 per share

- 2026-06: AUD 2.30 per share

- 2026-07: AUD 2.38 per share

- 2026-08: AUD 2.27 per share

- 2026-09: AUD 2.33 per share

- 2026-10: AUD 2.25 per share

## Annual estimated value (AUD per share)

- FY2017: low AUD 4.33 per share, central AUD 4.93 per share, high AUD 5.73 per share

- FY2018: low AUD 2.68 per share, central AUD 3.05 per share, high AUD 3.54 per share

- FY2019: low AUD 1.13 per share, central AUD 1.29 per share, high AUD 1.50 per share

- FY2020: low AUD 1.25 per share, central AUD 1.40 per share, high AUD 1.61 per share

- FY2021: low AUD 1.13 per share, central AUD 1.26 per share, high AUD 1.43 per share

- FY2022: low AUD 1.01 per share, central AUD 1.13 per share, high AUD 1.29 per share

- FY2023: low AUD 0.54 per share, central AUD 0.58 per share, high AUD 0.64 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.

Tourism Holdings Rentals

THL · AU

NZX 50

Not a wonderful business

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

Share price: AUD 2.23
Buy up to: AUD 3.84
Expected / yr: 15.6% at today's price (10.0% at central value)

The business

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

1. Is this a good business?

Evidence only; not required for Buy

3 loss years were recorded (limit 2), and margins varied 86.7% around their average (limit 35%).

Operating margin

10y median: 11.4%
Worst year: -3.9%
Latest · 2026: 16.0%

Capital return excluding acquisitions: median 7% (minimum 15%), and the second-worst year -2.1% (minimum 10%), and gross margin fell 23.1 percentage points (limit 4).

ROIC excluding acquisitions

10y median: 7.0%
Worst year: -2.5%
Latest · 2026: 7.7%

Each $1 of profit left $-3.50 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: -3.50×
Annual median: 0.62×
Latest · 2026: 0.62×

Per-share value fell from 0.24 to 0.15, comparing three-year medians at each end (must rise and stay positive), and share growth was 6.3% over ten years and 7.8% over five (either must be at most 1% a year), and acquisitions used 78.9% of profits (limit 50%) while returns fell to 6.2% (minimum 15% and two-thirds of their starting level).

Earnings per share

10y median: NZD 0.18
Worst year: NZD -0.12
Latest · 2026: NZD 0.15

Profits were backed by cash: accruals were -2.5% of assets (limit 10%).

Sloan accruals

10y median: 3.3%
Worst year: 9.0%
Latest · 2026: -2.5%

Profit record · fail 3 loss years in 10 (at most 2), mean operating margin 9.0%, three-year average owner earnings per share -0.27 NZD. 3 loss years in the last 10; at most 2 allowed. Three-year average owner earnings per share is not positive.

2. Is the price low enough?

PriceEstimated rangeBuy price

2022-12 · Price AUD 3.40 · Value 1.13 · Buy at or below 1.13; 2023-01 · Price AUD 3.61 · Value 1.13 · Buy at or below 1.13; 2023-02 · Price AUD 3.75 · Value 0.58 · Buy at or below 0.58; 2023-03 · Price AUD 3.78 · Value 0.58 · Buy at or below 0.58; 2023-04 · Price AUD 3.89 · Value 0.58 · Buy at or below 0.58; 2023-05 · Price AUD 3.55 · Value 0.58 · Buy at or below 0.58; 2023-06 · Price AUD 3.52 · Value 0.58 · Buy at or below 0.58; 2023-07 · Price AUD 3.23 · Value 0.58 · Buy at or below 0.58; 2023-08 · Price AUD 3.55 · Value 0.58 · Buy at or below 0.58; 2023-09 · Price AUD 3.50 · Value 0.58 · Buy at or below 0.58; 2023-10 · Price AUD 3.12 · Value 0.58 · Buy at or below 0.58; 2023-11 · Price AUD 3.30 · Value 0.58 · Buy at or below 0.58; 2023-12 · Price AUD 3.63 · Value 0.58 · Buy at or below 0.58; 2024-01 · Price AUD 3.52 · Value 0.58 · Buy at or below 0.58; 2024-02 · Price AUD 3.24 · Value 3.84 · Buy at or below 3.84; 2024-03 · Price AUD 2.89 · Value 3.84 · Buy at or below 3.84; 2024-04 · Price AUD 2.70 · Value 3.84 · Buy at or below 3.84; 2024-05 · Price AUD 1.75 · Value 3.84 · Buy at or below 3.84; 2024-06 · Price AUD 1.66 · Value 3.84 · Buy at or below 3.84; 2024-07 · Price AUD 1.97 · Value 3.84 · Buy at or below 3.84; 2024-08 · Price AUD 1.90 · Value 3.84 · Buy at or below 3.84; 2024-09 · Price AUD 1.60 · Value 3.84 · Buy at or below 3.84; 2024-10 · Price AUD 1.76 · Value 3.84 · Buy at or below 3.84; 2024-11 · Price AUD 1.80 · Value 3.84 · Buy at or below 3.84; 2024-12 · Price AUD 1.88 · Value 3.84 · Buy at or below 3.84; 2025-01 · Price AUD 1.79 · Value 3.84 · Buy at or below 3.84; 2025-02 · Price AUD 1.65 · Value 3.84 · Buy at or below 3.84; 2025-03 · Price AUD 1.59 · Value 3.84 · Buy at or below 3.84; 2025-04 · Price AUD 1.30 · Value 3.84 · Buy at or below 3.84; 2025-05 · Price AUD 1.28 · Value 3.84 · Buy at or below 3.84; 2025-06 · Price AUD 2.01 · Value 3.84 · Buy at or below 3.84; 2025-07 · Price AUD 1.93 · Value 3.84 · Buy at or below 3.84; 2025-08 · Price AUD 2.07 · Value 3.84 · Buy at or below 3.84; 2025-09 · Price AUD 2.33 · Value 3.84 · Buy at or below 3.84; 2025-10 · Price AUD 2.20 · Value 3.84 · Buy at or below 3.84; 2025-11 · Price AUD 2.20 · Value 3.84 · Buy at or below 3.84; 2025-12 · Price AUD 2.30 · Value 3.84 · Buy at or below 3.84; 2026-01 · Price AUD 2.16 · Value 3.84 · Buy at or below 3.84; 2026-02 · Price AUD 2.27 · Value 3.84 · Buy at or below 3.84; 2026-03 · Price AUD 1.80 · Value 3.84 · Buy at or below 3.84; 2026-04 · Price AUD 1.60 · Value 3.84 · Buy at or below 3.84; 2026-05 · Price AUD 2.20 · Value 3.84 · Buy at or below 3.84; 2026-06 · Price AUD 2.30 · Value 3.84 · Buy at or below 3.84; 2026-07 · Price AUD 2.38 · Value 3.84 · Buy at or below 3.84; 2026-08 · Price AUD 2.27 · Value 3.84 · Buy at or below 3.84; 2026-09 · Price AUD 2.33 · Value 3.84 · Buy at or below 3.84; 2026-10 · Price AUD 2.25 · Value 3.84 · Buy at or below 3.84; 2026-10 · Price AUD 2.23 · Value 3.84 · Buy at or below 3.84

AUD per share · annual estimates

Price & return math
Value range	AUD 3.39 – AUD 4.45
Buy at or below	Central value AUD 3.84
Discount to value	1 − 2.23 / 3.84 = 42.0%
Return / year	About 15.6% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash AUD 0.30/share; 0.0% growth for 5 years, then fades to 3.0%; excess cash AUD 0.11/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueNZD 852M

Revenue

Owner earningsNZD 20M

Owner earnings

Operating margin16.0%

Operating margin

Net cash / debtNZD -646M

Net cash / debt

Diluted shares221M

Diluted shares

Prices 15 Oct 2026 · FY2026