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Tourism Holdings Rentals Ltd (THL) fair value: what the stock is really worth

As of Oct 2, 2026: fair value of Tourism Holdings Rentals Ltd A$0.36, price A$2.25, upside -84.0%, quality 23 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? No
  3. Add to watchlist

Consumer Cyclical · AU · Home New Zealand · ISIN NZHELE0001S9

TH Thin data Sep 28, 2026

Tourism Holdings Rentals Ltd

THL · AU

Weakest SetupStrongly overvalued and low quality.

!Fair value A$0.3600 · Strongly overvalued (−84.0%)
!Quality 23/100
!Mixed Growth (revenue 5y +18.5 %/yr)
!Loss-making · -2.3% net margin (TTM)
!Moderate debt · negative free cash flow
!3.1% dividend yield · Watch coverage
!Mixed vs. peers (7/12)
!Narrow moat 29/100
!Evidence only low, so the estimate is less certain
!The models disagree: range A$0.3600 to A$1.10
!Weak on future: 21 out of 100
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

A$3.54 A$1.18 Fair Value A$0.3600 Dec 2022 Oct 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 28, 2026.

How to read this chart

46‑month range A$1.18 – A$3.54 · fair‑value band A$0.3600 – A$1.10 · the A$2.25 price screens above the A$0.3600 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 28, 2026.

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Company profile

Tourism Holdings Limited operates as a tourism company worldwide. It operates through New Zealand Rentals & Sales; Action Manufacturing; Tourism; Australia Rentals, Sales & Manufacturing; North America Rentals & Sales; United Kingdom & Ireland Rentals & Sales; and Corporate segments.

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Tourism Holdings Limited operates as a tourism company worldwide. It operates through New Zealand Rentals & Sales; Action Manufacturing; Tourism; Australia Rentals, Sales & Manufacturing; North America Rentals & Sales; United Kingdom & Ireland Rentals & Sales; and Corporate segments. The company is involved in manufacturing, rental, and sale of motorhomes; manufacturing and sale of other speciality vehicles; sale of ex-rental fleet and new and used RVs direct to the public and through a dealer network; and provision of Kiwi Experience bus tours and Discover Waitomo Caves Group experiences. It also rents 4WD vehicles; and manufacture of recreational vehicles (RVs). The company offers its rental vehicles under the Maui, CanaDream, Road Bear, Just go, Apollo, El Monte RV, Britz, Bunk Camper, Mighty, Cheapa Campa, and Hippie brands; vehicle bodies and trailers under the Action, Freighter, Transcold, and Fairfax brands; and sells new and used motorhomes, campervans, and caravans under the RV Super Centre, SydneyRV, Georgeday, Kratzmann, CamperAgent brands. In addition, it operates app-based travel platform Camper Mate, a Travel technology to explore and book adventures throughout Australia and New Zealand; Kiwi Experience, a hop-on hop-off and small-group bus tours; and Discover Waitomo to explore natural wonders, culture, and adventure experiences of the Waitomo region. The company was formerly known as The Helicopter Line and changed its name to Tourism Holdings Limited in 1996. Tourism Holdings Limited was incorporated in 1984 and is headquartered in Auckland, New Zealand.

Stock analysis

Tourism Holdings Rentals Ltd (THL) currently trades at A$2.25, while our model-based Fair Value estimate is A$0.3600, 84.0% below the price, so the stock looks overvalued today.

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Valuation

Bull case: the DCF Models group reads highest at a median of A$2.13 per share, and 0 of the 3 models we run sit above the A$2.25 price.

Bear case: the Multiples group reads lowest at A$1.31, and 3 of the 3 models stay below the price. Evidence for this calculation is low.

Scenario range: A$0.3600 (bear) to A$1.10 (bull), the price of A$2.25 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 23/100 (below-average quality), in the Consumer Cyclical sector.

Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.

Tourism Holdings Rentals Ltd reported revenue of 937M NZD in FY2025 versus 359M NZD in FY2021, a compound +27.1%/yr. Reported net income was −25.8M NZD in FY2025.

Key figures

Market cap A$543M (≈ $378M) · P/S ratio 0.57 · EPS (TTM) A$−0.1000 · Dividend yield 3.1% · Net margin −2.8% · Return on equity −3.4% · Return on assets (EBIT) 1.8% · Operating margin 13.4%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).

What moves the price

The share trades about 9% below its 52-week high and 41% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Consumer Cyclical peers we cover trades at 60% fair-value upside, at −84%, THL screens richer than that median.

Fair Value models

Bear A$0.3600 Fair Value A$0.3600 Bull A$1.10
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. 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. 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.
Highest evidence
Owner Earnings A$0.7800 A$2.13 A$4.06 71
EV/EBITDA A$0.5700 A$1.31 A$2.05 63
NCAV (Graham) A$1.05 A$1.41 A$2.11 54
All 3 models by family
DCF Models
Owner Earnings A$0.7800 A$2.13 A$4.06 71
Multiples
EV/EBITDA A$0.5700 A$1.31 A$2.05 63
Asset-Based
NCAV (Graham) A$1.05 A$1.41 A$2.11 54

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Quality Score breakdown

Overall quality 23/100

Of which business quality 25 · Market factors (momentum, volatility) 51

Profitability 24
Margins and returns on capital today
Quality Growth 27
Are margins and returns improving?
Cashflow 12
Earnings quality: real cash, not paper profit
Fin. Strength 28
Balance sheet, leverage, solvency risk
Investment 29
Disciplined investing over empire-building
Low Volatility 54
Calm price path (market factor)
Momentum 48
Price trend over the last 3–12 months (market factor)
52W Momentum 52
Distance to the 52-week high (market factor)
Net Issuance 36
Share count: buybacks or dilution?

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Revenue & earnings trend

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. 36/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+1.7%
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.
+39.4%
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.
+18.5%
Start year 2020 (pandemic). Over 10 years: +14.8% a year
Revenue growth 28 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.
+7.2%
Profit margin (trend) ⓘ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.
8.9% (2020) → −3.9% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

THL screens overvalued: fair value 84% below the price. Compare with Zhejiang Cfmoto Power Co →

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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.Recreational Vehicles · 39 stocks

Beats the industry median on 7/11 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 25 · Bottom 25%
Fair Value upside −84.0% · Bottom 25%
Profitability
Return on assets 3.4% · Above median
Net margin (TTM) −2.3% · Below median
Operating margin (TTM) 13.4% · Top 25%
Growth and dividend
Revenue growth 4.1% · Above median
Dividend yield (TTM) 3.1% · Above median
Balance sheet
Debt / equity 0.87× · Highest 25%

Valuation Multiplesvs Recreational Vehicles median · lower = cheaper

P/B 0.65× · Cheaper than median
P/S (TTM) 0.39× · Cheapest 25%
EV/EBITDA 5.0× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 37
FUTURE (revenue growth)21 · sector 0
PAST (return on equity)0 · sector 5
HEALTH (low debt)57 · sector 90
DIVIDEND (yield)62 · sector 60

VALUE 0: the price sits above our fair-value range.

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

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Tourism Holdings Rentals Ltd · Fair Value
A$0.3600 −84%Fair Value
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Cite: Fair Value Calculator (2026). "Tourism Holdings Rentals Ltd Fair Value". https://www.fairvalue-calculator.com/stock/THL

Frequently asked questions

Is Tourism Holdings Rentals Ltd (THL) overvalued or undervalued?
As of Sep 28, 2026, our model estimates a fair value of A$0.3600 versus a price of A$2.25, about −84% upside (overvalued).
What is the fair value of THL?
Our model-based fair value for Tourism Holdings Rentals Ltd is A$0.3600 (as of Sep 28, 2026), built from audited fundamentals. The current price: A$2.25.
What is the quality score of THL?
Tourism Holdings Rentals Ltd has a Quality Score of 23/100. 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 Tourism Holdings Rentals Ltd (THL)?
Our model-based price target is the fair value of A$0.3600 (as of Sep 28, 2026) from 3 valuation models. Cautious scenario A$0.3600, optimistic scenario A$1.10. It is a calculation from audited fundamentals, not an analyst target.
What is the Tourism Holdings Rentals Ltd stock forecast for 2026?
Our models put fair value at A$0.3600, about −84% upside versus a price of A$2.25 (overvalued). Cautious scenario A$0.3600, optimistic scenario A$1.10. The calculation is refreshed regularly with new filings.
What is the revenue of Tourism Holdings Rentals Ltd (THL)?
Tourism Holdings Rentals Ltd reported trailing-twelve-month revenue of about 956M NZD (latest available figure, as of Sep 28, 2026).
Does Tourism Holdings Rentals Ltd pay a dividend?
Tourism Holdings Rentals Ltd currently shows a dividend yield of about 3.11% relative to its recent price (as of Sep 28, 2026).
What is the intrinsic value of Tourism Holdings Rentals Ltd (THL)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Tourism Holdings Rentals Ltd it is A$0.3600 per share (as of Sep 28, 2026), against a price of A$2.25. It is the blended result of 3 valuation models (cash flow, earnings, asset, dividend).
Is Tourism Holdings Rentals Ltd stock overvalued or undervalued in 2026?
As of Sep 28, 2026, THL trades above its calculated fair value: price A$2.25, fair value A$0.3600, a gap of about −84% (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 THL?
No. The price is what the market pays today (A$2.25); the fair value is what the company's own numbers justify (A$0.3600). For Tourism Holdings Rentals Ltd the two are A$1.89 per share apart. That gap is exactly why we show both numbers side by side.
How much is Tourism Holdings Rentals Ltd worth?
The market values Tourism Holdings Rentals Ltd at about A$543M (market capitalisation, as of Sep 28, 2026). Per share that is A$2.25; our models calculate a fair value of A$0.3600 per share.
What do the bullish and bearish scenarios say about THL?
Our models span a range for Tourism Holdings Rentals Ltd: cautious scenario A$0.3600, base A$0.3600, optimistic A$1.10 per share (as of Sep 28, 2026, price A$2.25). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Tourism Holdings Rentals Ltd (THL)?
Balance-sheet figures for Tourism Holdings Rentals Ltd (as of Sep 28, 2026): return on equity −3.4%, debt of 0.87 per unit of equity. They feed the Quality Score of 23/100, which measures business quality independently of the share price.
How far is THL from its 52-week high?
Tourism Holdings Rentals Ltd trades at A$2.25, about 9% below its 52-week high of A$2.46 and 41% above the low of A$1.60 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of A$0.3600 is for.
Which stocks are comparable to Tourism Holdings Rentals Ltd?
From the same area (Consumer Cyclical) we also value Zhejiang Cfmoto Power Co, Brunswick Corporation, BRP Inc, THOR Industries, 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 Tourism Holdings Rentals Ltd stock attractive at the current price?
The data as of Sep 28, 2026: price A$2.25, calculated fair value A$0.3600 (−84%), Quality Score 23/100, from 3 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 THL calculated?
We run Tourism Holdings Rentals Ltd through 3 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$0.3600, 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 14.5 % above its aggregate fair value. Tourism Holdings Rentals 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 Tourism Holdings Rentals Ltd (THL)?
The closing price on Oct 2, 2026 was A$2.25. Our model-based fair value is A$0.3600, about −84% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Tourism Holdings Rentals Ltd right now?
The price sits above even our optimistic bull case (A$1.10). The favourable scenario is already priced in. Weak quality (23/100) and above fair value at the same time, the margin of safety is missing on both counts. The model range is unusually wide (A$0.3600 to A$1.10). The outcome hinges heavily on assumptions, so read the point estimate with caution. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
Where does the earnings growth of Tourism Holdings Rentals Ltd (THL) come from?
Earnings per share at Tourism Holdings Rentals Ltd grew +4.1 % a year from 2014 to 2025. Broken into its drivers: revenue per share +7.2 %, EBIT margin −2.2 %, tax rate +1.1 %, residual (interest, one-offs) −1.8 %. 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 Tourism Holdings Rentals Ltd

How large is the market capitalisation of Tourism Holdings Rentals Ltd (THL)?
The market capitalisation of Tourism Holdings Rentals Ltd is A$543M (≈ $378M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Tourism Holdings Rentals Ltd (THL)?
The price-to-sales ratio of Tourism Holdings Rentals Ltd is 0.57 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Tourism Holdings Rentals Ltd (THL)?
Earnings per share at Tourism Holdings Rentals Ltd are A$−0.1000. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Tourism Holdings Rentals Ltd (THL)?
The dividend yield of Tourism Holdings Rentals Ltd is 3.1%. 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 Tourism Holdings Rentals Ltd (THL)?
The net margin of Tourism Holdings Rentals Ltd is −2.8% (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 Tourism Holdings Rentals Ltd (THL)?
The return on equity (ROE) of Tourism Holdings Rentals Ltd is −3.4% (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 Tourism Holdings Rentals Ltd (THL)?
On an EBIT basis the return on assets of Tourism Holdings Rentals Ltd is 1.8% (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 Tourism Holdings Rentals Ltd (THL)?
The operating margin of Tourism Holdings Rentals Ltd is 13.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Tourism Holdings Rentals Ltd (THL)?
Revenue at Tourism Holdings Rentals Ltd is growing +4.1% versus a year earlier (3y avg +39.4%). 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 Tourism Holdings Rentals Ltd (THL)?
Earnings per share at Tourism Holdings Rentals Ltd are growing +15.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Tourism Holdings Rentals Ltd (THL) generate?
The free cash flow of Tourism Holdings Rentals Ltd is −13.8M NZD (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Tourism Holdings Rentals Ltd (THL) carry?
The net debt of Tourism Holdings Rentals Ltd is 710M NZD (fiscal year 2025). 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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