Chorus Ltd (CNU) fair value: what the stock is really worth
As of Sep 22, 2026: fair value of Chorus Ltd A$0.59, price A$6.80, upside -91.4%, quality 42 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
Structural break:
The valuation model sees a lasting decline in earnings power for this stock, the confidence band is broken. Treat the target with caution.
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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. The company also builds and maintains a network of fiber and copper cables, ducts, poles, network electronics, and cabinets.
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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. 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$6.80, while our model-based Fair Value estimate is A$0.5865, implying the stock looks roughly 1,060.1% overvalued today.
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Valuation
Bull case: the Dividend Discount group reads highest at a median of A$5.04 per share, and 1 of the 13 models we run sit above the A$6.80 price.
Bear case: the Earnings-Based group reads lowest at A$0.0900, and 12 of the 13 models stay below the price. Evidence for this calculation is high.
Quality & growth
The Quality Score stands at 42/100 (below-average quality), in the Communication Services sector.
Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.
Chorus Ltd reported revenue of 950M NZD in FY2025 versus 879M NZD in FY2021, a compound +2.0%/yr. Reported net income was 4.0M NZD in FY2025, compounding −46.0%/yr from FY2021.
Key figures
Market cap A$3.7B (≈ $2.6B) · P/E ratio 136.0 · P/S ratio 0.57 · EPS (TTM) A$0.0500 · Dividend yield 6.4% · Net margin 0.4% · Return on equity 4.4% · Return on assets (EBIT) 3.7%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 38 out of 100 (low confidence).
What moves the price
The share trades about 20% below its 52-week high, currently below its 200-day average.
For context, the median of 10 Communication Services peers we cover trades at 25% fair-value upside, at −91%, 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$0.0900 to A$10.58). Read the Fair Value as a cautious anchor, not a price target; the Growth Forecast section shows what the price assumes.
Bear A$0.5865Fair Value A$0.5865Bull A$0.5865
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.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.Evidence ⓘEvidence = 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.40/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−5.9%
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.
−0.5%
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.
−0.2%
Revenue growth 13 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.
+3.4%
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’19
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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.
−0.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year−6.7%
Dividend (yield on the price)6.4%
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.−40% vs −28%, slowing
Profit margin 2020 to 2025 ⓘ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.27% → 19%
⚠ Revenue per share shrinking 1.8%/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.
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).
+19.0%
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.
+5.7%
Yearly sales growth analysts expect, extended to five years.
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 · 256 stocks
Beats the industry median on 2/14 measures
Overall it trails its industry peers.
Valuation
Quality Score42 · Bottom 25%
Profitability
Return on equity (TTM)4% · Below median
Return on assets3% · Below median
Net margin (TTM)2% · Below median
Operating margin (TTM)28% · Top 25%
Growth and dividend
Revenue growth1% · Below median
Dividend yield (TTM)6.4% · Top 25%
Balance sheet
Debt / equity5.15× · Highest 25%
Valuation Multiplesvs Telecom Services median · lower = cheaper
P/E (TTM)136.0× · Priciest 25%
P/B4.37× · Priciest 25%
P/S (TTM)2.43× · Priciest 25%
P/FCF15.3× · Priciest 25%
EV/EBITDA8.1× · Pricier than median
PEG2.66× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 36
FUTURE (revenue growth)6· sector 15
PAST (return on equity)18· sector 26
HEALTH (low debt)0· sector 88
DIVIDEND (yield)100· sector 79
VALUE 0: the price sits above our fair-value range.
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 Sep 23, 2026, our model estimates a fair value of A$0.5865 versus a price of A$6.80, about −91% upside (overvalued).
What is the fair value of CNU?
Our model-based fair value for Chorus Ltd is A$0.5865 (as of Sep 23, 2026), built from audited fundamentals. The current price: A$6.80.
What is the quality score of CNU?
Chorus Ltd has a Quality Score of 42/100. 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$0.5865 (as of Sep 23, 2026) from 18 valuation models. 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$0.5865, about −91% upside versus a price of A$6.80 (overvalued). 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 A$1.0B (latest available figure, as of Sep 23, 2026).
Does Chorus Ltd pay a dividend?
Chorus Ltd currently shows a dividend yield of about 6.39% relative to its recent price (as of Sep 23, 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 +19.0 % per year for five years (discount rate 8.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -0.2 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of CNU use?
Our models discount Chorus Ltd at 8.3 %: a base by market capitalisation (mid), damped by beta 0.43, 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 +19.0 % per year a year over ten years, using the same discount rate (8.3 %) 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 -0.2 % a year. The price currently implies +19.0 % per year free-cash-flow growth a 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 +2.0 % a year. That is the yardstick for the growth priced into Chorus Ltd (+19.0 % per year a 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 4.41 %: that much free cash flow Chorus Ltd produces per unit of market value. When it exceeds the discount rate of our models (8.3 %), 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$0.5865 per share (as of Sep 23, 2026), against a price of A$6.80. It is the blended result of 18 valuation models (cash flow, earnings, asset, dividend).
Is Chorus Ltd stock overvalued or undervalued in 2026?
As of Sep 23, 2026, CNU trades above its calculated fair value: price A$6.80, fair value A$0.5865, a gap of about −91% (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$6.80); the fair value is what the company's own numbers justify (A$0.5865). For Chorus Ltd the two are A$6.21 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 Sep 23, 2026). Per share that is A$6.80; our models calculate a fair value of A$0.5865 per share.
What is the P/E ratio of CNU?
Chorus Ltd trades at a price-to-earnings ratio of 136.0 (as of Sep 23, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of A$0.5865 is built from several models across several years. Other multiples: PEG 2.7, P/B 4.4, P/S 2.4, EV/EBITDA 8.1.
What is the PEG ratio of CNU?
The PEG ratio of Chorus Ltd is 2.66 (P/E divided by earnings growth, as of Sep 23, 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 Sep 23, 2026): return on equity 4.4%, debt of 5.15 per unit of equity. They feed the Quality Score of 42/100, which measures business quality independently of the share price.
How far is CNU from its 52-week high?
Chorus Ltd trades at A$6.80, about 20% below its 52-week high of A$8.50 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of A$0.5865 is for.
Which stocks are comparable to Chorus Ltd?
From the same area (Communication Services) we also value China Mobile Limited, T-Mobile US, Inc, Verizon Communications 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 Sep 23, 2026: price A$6.80, calculated fair value A$0.5865 (−91%), Quality Score 42/100, from 18 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 18 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of A$0.5865, 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 16.2 % 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 Sep 22, 2026 was A$6.80. Our model-based fair value is A$0.5865, about −91% upside (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$0.5865). The favourable scenario is already priced in. Weak quality (42/100) 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 −21.4 % a year from 2014 to 2025. Broken into its drivers: revenue per share −1.9 %, EBIT margin +4.3 %, tax rate −2.8 %, residual (interest, one-offs) −21.1 %. 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 (≈ $2.6B). 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 0.57 (P/E × margin). 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$0.0500 (price ÷ EPS = P/E 136.0). 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 6.4%. 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 0.4% (fiscal year 2025). 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 4.4% (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 3.7% (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 +1.2% versus a year earlier (3y avg −0.5%). 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 −66.7% 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 A$3.2B (fiscal year 2025, ≈ 19.9 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
Sep 23, 2026