Rangatira Annual Report 2025 - Flipbook - Page 8
Rangatira Investments
All this said we are positive about the next few years
and how we are positioned to grow the value of
Rangatira’s assets. We have individual plans for each of
our businesses and a conviction on how they will create
a future return, which we cover later in the report.
We will not be immune from the impact of external
shocks from time to time but will do our best to
manage our way through them, taking opportunity
when we can.
It is our role as managers to balance between the
risk of managing an investment or making a new
investment against our conviction around the return
that we expect it to deliver over the long term.
In the coming year and beyond our focus is to be more
active with our existing portfolio, how to improve its
performance long term and, where we see less growth
or opportunity under our ownership, we will actively
look to sell our positions.
We have recorded a Total Shareholder Return (TSR) of
7.1% (10.4%, FY24). For the first time in several years,
this is below Rangatira’s benchmark return of 9.40%.
We are not content with this result and will be working
hard to improve this.
Our benchmark return for private assets is fixed at
10% pa. Currently, with approximately 84% of the total
portfolio in private assets, the benchmark is largely
driven by this fixed return target, which we expect and
have beaten over the last three- and five-year periods,
with annualised returns of 10.85% pa and 13.39% pa
respectively. These compared to benchmark returns
over the same periods of 9.17% pa and 10.13% pa
respectively.
Our net profit after tax does include a one-off
adjustment made at half year because of our new
reporting approach – this brought our financial
statements in line with the underlying net assets.
The one-off adjustment made in the accounts was
was $74.4m.
The Directors’ Net Asset Value (NAV) per share as of
31 March 2025 is assessed at $19.80 compared with
$19.19 last year, taking the portfolio valuation to $414
million ($402m, FY24).
We have declared a final dividend of $0.51c per share
that will be ex dividend on 24 June, with a record date
of 25 June and will be paid on 7 July. This will bring
the total annual declared dividend to $0.79c per share
(FY24, $0.76c per share) or 4.0% of NAV.
FY25 Results and dividend
FY25
FY24
FY23
FY22
FY21
Net profit after tax before adjustment
$24.9m
$16.2m
$20.3m
$9.2m
$9.9m
Adjustment due to changed reporting format
$74.4m
–
–
–
–
Net profit after tax
$99.3m
$16.2m
$20.3m
$9.2m
$9.9m
Total comprehensive income
$106.0m
$21.7m
$29.9m
$33.8m
$34.5m
Net Asset Value
$414m
$402m
$378m
$288m
$263m
Net Asset Value per share
$19.80
$19.19
$18.05
$16.27
$14.89
Share price - A Shares
$15.00
$14.75
$14.15
$14.75
$12.25
Share price - B Shares
$14.50
$14.75
$14.00
$14.75
$12.25
Dividend per share paid
$0.76
$0.74
$0.67
$0.60
$0.60
Total shareholder return per share
$1.37
$1.88
$2.45
$1.98
$2.70
Total shareholder return pa
7.1%
10.4%
15.1%
13.3%
21.1%
Rangatira benchmark return pa
9.40%
9.90%
8.20%
7.10%
16.00%
NZX50 return pa
1.40%
1.90%
-2.90%
-4.60%
28.20%
Total shareholder return - 3 years pa
10.85%
12.92%
16.49%
9.23%
4.80%
Total shareholder return - 5 years pa
13.39%
10.63%
8.55%
9.60%
8.70%
Total shareholder return - 10 years pa
10.34%
10.15%
10.06%
11.12%
9.81%
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