Chorus Ltd (CNU) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Chorus Ltd stock A$1.52, price A$6.67, that is 77.2% below the price, quality 43 out of 100. Rating: strongly overvalued. Calculated from audited financials with 20 of our 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 6, 2026.
How to read this chart
60‑month range A$4.60 – A$8.15 · fair‑value band A$1.14 – A$1.90 · the A$6.67 price screens above the A$1.52 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 6, 2026.
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Chorus Limited, together with its subsidiaries, engages in the provision of fixed line communications infrastructure services in New Zealand. It offers wholesale broadband, data, and voice services.
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The company also builds and maintains a network of fiber and copper cables, ducts, poles, network electronics, and cabinets.
In addition, it provides value-added network services; physical storage and site-sharing rental services for co-location of third party or shared asset; and installation, wiring, and consultation services. Chorus Limited was incorporated in 2011 and is based in Wellington, New Zealand.
Stock analysis
Chorus Ltd (CNU) currently trades at A$6.67, while our model-based Fair Value estimate is A$1.52, 77% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Dividend Discount group reads highest at a median of A$5.36 per share, and 0 of the 18 models we run sit above the A$6.67 price.
Bear case: the Earnings-Based group reads lowest at A$0.8300, and 18 of the 18 models stay below the price. Data coverage for this calculation is high.
Scenario range: A$1.14 (bear) to A$1.90 (bull), the price of A$6.67 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 43/100 (below-average quality), in the Communication Services sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Chorus Ltd reported revenue of 1.0B NZD in FY2026 versus 965M NZD in FY2022, a compound +1.6%/yr. Reported net income was 37.0M NZD in FY2026, compounding −12.8%/yr from FY2022.
Key figures
Market cap A$3.7B (≈ $2.5B) Mid · P/E ratio 95.3 · P/S ratio 2.81 · EPS (TTM) A$0.0700 · Dividend yield 6.5% · Net margin 3.6% · Return on equity 4.6% · Return on assets (EBIT) 3.8% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 43 out of 100 (low confidence).
What moves the price
The share trades about 18% below its 52-week high and 6% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Communication Services peers we cover trades at 51% fair-value upside, at −77%, CNU screens richer than that median.
Fair Value models
The price assumes far more growth than our models allow for, so the models scatter widely (A$0.5100 to A$5.48). Read the Fair Value as a cautious anchor, not a price target; the Growth Forecast section shows what the price assumes.
BearA$1.14Fair Value A$1.52BullA$1.90
Price A$6.67 · Downside -77.2%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.58/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+8.2%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+1.6%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+3.2%
Start year 2021 (pandemic). Over 10 years: +0.3% a year
Revenue growth 14 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+3.8%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: EBIT basis.
≈ +10.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year+4.0%
Dividend (yield on the price)6.5%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−6.9% vs −10.0%, picking up
Profit margin 2021 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.26% → 28%
Pace: the 5-year rate starts in 2021 (pandemic)
⚠ Revenue per share shrinking 1.2%/yr over ~10Y (margins intact) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
⚠ Rate on operating basis: 2026 sits 156% above its own trend.
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+20.8%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+4.4%
Yearly sales growth analysts expect, extended to five years.
After inflation (figures in NZD, New Zealand: IMF forecast 2.3% a year to 2030, 3.0% from 2016 to 2025) that is about +18.1% a year for the price and +2.1% for the forecasts.
AI conclusion: The regulated wholesale fibre network supplies predictable revenue under a revenue cap, yet weak profitability and high leverage point to limited durable advantage.
Main risk: High leverage in this capital-intensive regulated wholesale network may constrain flexibility during the copper-to-fibre transition and hit cash conversion.
Chorus operates New Zealand's primary wholesale fibre network under a regulated revenue cap while transitioning from copper infrastructure. Shareholders vote next month on removing legacy ownership caps that have required ministerial approval for major stakes since the company's origins. Our models see the shares as overvalued. Does lifting these restrictions enable stronger capital access and operational focus, or does it introduce new uncertainties into a business built on predictable wholesale access?
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Telecom Services · 235 stocks
Beats the industry median on 2/15 measures
Overall it trails its industry peers.
Valuation
Quality Score43 · Bottom 25%
Fair Value upside−77.2% · Bottom 25%
Profitability
Return on equity (12 months)4.6% · Below median
Return on assets0.5% · Below median
Net margin (12 months)3.6% · Below median
Operating margin (12 months)27.9% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)1.8% · Below median
Dividend yield (12 months)6.5% · Top 25%
Balance sheet
Debt / equity3.11× · Highest 25%
Valuation Multiplesvs Telecom Services median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Chorus Ltd Fair Value". https://www.fairvalue-calculator.com/stock/CNU
Frequently asked questions
Is Chorus Ltd (CNU) overvalued or undervalued?
As of Nov 6, 2026, our model estimates a fair value of A$1.52 versus a price of A$6.67, about 77% lower (overvalued).
What is the fair value of CNU?
Our model-based fair value for Chorus Ltd is A$1.52 (as of Nov 6, 2026), built from audited fundamentals. The current price: A$6.67.
What is the quality score of CNU?
Chorus Ltd has a Quality Score of 43/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Chorus Ltd (CNU)?
Our model-based price target is the fair value of A$1.52 (as of Nov 6, 2026) from 20 valuation models. Cautious scenario A$1.14, optimistic scenario A$1.90. It is a calculation from audited fundamentals, not an analyst target.
What is the Chorus Ltd stock forecast for 2026?
Our models put fair value at A$1.52, about 77% lower versus a price of A$6.67 (overvalued). Cautious scenario A$1.14, optimistic scenario A$1.90. The calculation is refreshed regularly with new filings.
What is the revenue of Chorus Ltd (CNU)?
Chorus Ltd reported trailing-twelve-month revenue of about 1.0B NZD (latest available figure, as of Nov 6, 2026).
Does Chorus Ltd pay a dividend?
Chorus Ltd currently shows a dividend yield of 6.51% relative to its recent price (as of Nov 6, 2026).
What growth is priced into Chorus Ltd (CNU)?
For today's price to be fair in a discounted-cash-flow model, Chorus Ltd would have to grow free cash flow by +20.8 % per year for five years (discount rate 9.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +3.2 % per year. As of Nov 6, 2026.
What discount rate (WACC) does the fair value of CNU use?
Our models discount Chorus Ltd at 9.6 %: a base by market capitalisation (small), damped by beta 0.40, country premium for Australia. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Chorus Ltd that is +20.8 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (9.6 %) and the same formula as our fair value.
How much growth has Chorus Ltd (CNU) delivered so far?
Over the past 5 years revenue at Chorus Ltd grew +3.2 % a year. The price currently implies free-cash-flow growth of +20.8 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Chorus Ltd (CNU) growing?
The median revenue growth in the sector is +3.8 % a year. That is the yardstick for the growth priced into Chorus Ltd (+20.8 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Chorus Ltd (CNU)?
The free-cash-flow yield on the price is 4.56 %: that much free cash flow Chorus Ltd produces per unit of market value. When it exceeds the discount rate of our models (9.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Chorus Ltd (CNU)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Chorus Ltd it is A$1.52 per share (as of Nov 6, 2026), against a price of A$6.67. It is the blended result of 20 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Chorus Ltd stock overvalued or undervalued in 2026?
As of Nov 6, 2026, CNU trades above its calculated fair value: price A$6.67, fair value A$1.52, a gap of about −77% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of CNU?
No. The price is what the market pays today (A$6.67); the fair value is what the company's own numbers justify (A$1.52). For Chorus Ltd the two are A$5.15 per share apart. That gap is exactly why we show both numbers side by side.
How much is Chorus Ltd worth?
The market values Chorus Ltd at about A$3.7B (market capitalisation, as of Nov 6, 2026). Per share that is A$6.67; our models calculate a fair value of A$1.52 per share.
What do the bullish and bearish scenarios say about CNU?
Our models span a range for Chorus Ltd: cautious scenario A$1.14, base A$1.52, optimistic A$1.90 per share (as of Nov 6, 2026, price A$6.67). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of CNU?
Chorus Ltd trades at a price-to-earnings ratio of 95.3 (as of Nov 6, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of A$1.52 is built from several models across several years. Median P/E at fiscal year-end, 9 fiscal years (2017 to 2026), reported earnings: 77.4. Other multiples: PEG 2.7, P/B 4.4, P/S 4.4, EV/EBITDA 11.5.
What is the PEG ratio of CNU?
The PEG ratio of Chorus Ltd is 2.66 (P/E divided by earnings growth, as of Nov 6, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Chorus Ltd (CNU)?
Balance-sheet figures for Chorus Ltd (as of Nov 6, 2026): return on equity 4.6%, debt of 3.11 per unit of equity. They feed the Quality Score of 43/100, which measures business quality independently of the share price.
How far is CNU from its 52-week high?
Chorus Ltd trades at A$6.67, about 18% below its 52-week high of A$8.15 and 6% above the low of A$6.32 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of A$1.52 is for.
Which stocks are comparable to Chorus Ltd?
From the same area (Communication Services) we also value China Mobile Limited, Verizon Communications Inc, T-Mobile US, Inc, AT&T Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Chorus Ltd stock attractive at the current price?
The data as of Nov 6, 2026: price A$6.67, calculated fair value A$1.52 (−77%), Quality Score 43/100, from 20 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of CNU calculated?
We run Chorus Ltd through 20 models from 8 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of A$1.52 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 12.7% above its aggregate fair value. Chorus Ltd itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Chorus Ltd (CNU)?
The closing price on Nov 6, 2026 was A$6.67. Our model-based fair value is A$1.52, about 77% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Chorus Ltd right now?
The price sits above even our optimistic bull case (A$1.90). The favourable scenario is already priced in. Weak quality (43/100) and above fair value at the same time, the margin of safety is missing on both counts.
Where does the earnings growth of Chorus Ltd (CNU) come from?
Earnings per share at Chorus Ltd grew −16.4 % a year from 2015 to 2026. Broken into its drivers: revenue per share −1.7 %, EBIT margin +6.6 %, tax rate −4.6 %, residual (interest, one-offs) −16.4 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Chorus Ltd
How large is the market capitalisation of Chorus Ltd (CNU)?
The market capitalisation of Chorus Ltd is A$3.7B (≈ $2.5B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Chorus Ltd (CNU)?
The price-to-sales ratio of Chorus Ltd is 2.81 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Chorus Ltd (CNU)?
Earnings per share at Chorus Ltd are A$0.0700 (price ÷ EPS = P/E 95.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Chorus Ltd (CNU)?
The dividend yield of Chorus Ltd is 6.5%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Chorus Ltd (CNU)?
The net margin of Chorus Ltd is 3.6% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Chorus Ltd (CNU)?
The return on equity (ROE) of Chorus Ltd is 4.6% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Chorus Ltd (CNU)?
On an EBIT basis the return on assets of Chorus Ltd is 3.8% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Chorus Ltd (CNU)?
The operating margin of Chorus Ltd is 27.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Chorus Ltd (CNU)?
Revenue at Chorus Ltd is growing +1.8% versus a year earlier (3y avg +1.6%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Chorus Ltd (CNU)?
Earnings per share at Chorus Ltd are growing +216% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Chorus Ltd (CNU) carry?
The net debt of Chorus Ltd is 4.8B NZD (fiscal year 2026, ≈ 23.2 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Nov 6, 2026