Tourism Holdings (NZSE:THL) TTM Losses Test Bullish Profitability Narratives

Simply Wall St.02-24 03:29

AdvertisementLatest results set the stage for the Tourism Holdings narrative Tourism Holdings (NZSE:THL) has reported H1 2026 results with revenue of $478.9 million and a basic EPS loss of $0.23 per ...

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The company has seen revenue move from $472.5 million in H2 2024 to $458.4 million in H1 2025 and then to $478.9 million in H2 2025, while EPS has swung from a near breakeven loss of $0.00 to a $0.12 profit and back to a $0.23 loss over those periods. For...","collect":0,"end_time":0,"defaultTopTitle":"simplywall.st","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4523":"印度概念","BK4112":"金融交易所和数据","BK8056":"陆运","BLSX":"Tradr 2X Long BLSH Daily ETF","BK4099":"汽车制造商","BLSG":"2倍做多BLSH ETF-Leverage Shares","BK8076":"旅客陆运","THL.NZ":"Tourism Holdings Limited Ordinary Shares"},"translate_title":"旅游控股(NZSE：THL)TTM亏损考验看涨的盈利能力叙事","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"BLSX":0.6,"BLSG":0.6,"THL.NZ":1.97},"content_text":"AdvertisementLatest results set the stage for the Tourism Holdings narrative Tourism Holdings (NZSE:THL) has reported H1 2026 results with revenue of $478.9 million and a basic EPS loss of $0.23 per share, alongside net income of a $51.0 million loss. The company has seen revenue move from $472.5 million in H2 2024 to $458.4 million in H1 2025 and then to $478.9 million in H2 2025, while EPS has swung from a near breakeven loss of $0.00 to a $0.12 profit and back to a $0.23 loss over those periods. For investors, the focus now is how quickly margins can stabilise and whether the current loss making profile can transition toward the growth that forecasts are pointing to. See our full analysis for Tourism Holdings. With the headline numbers on the table, the next step is to see how this margin picture lines up with the widely followed narratives around Tourism Holdings, highlighting where the latest results support those views and where they start to push back. See what the community is saying about Tourism Holdings NZSE:THL Revenue & Expenses Breakdown as at Feb 2026 Trailing 12 months still show a $21.5m loss  On a trailing 12 month basis to H1 2026, Tourism Holdings generated $956.2 million of revenue but recorded a net loss of $21.5 million and a basic EPS loss of $0.10, showing that solid sales have not yet translated into sustained profitability. Bulls argue that efficiency gains and technology investments can lift margins meaningfully. However, the current loss contrasts with that view:\n     Forecasts point to earnings growth of about 38.5% per year with an expected return to profitability within three years, while trailing EPS sits at a $0.10 loss. Losses have been reduced at roughly 5.6% per year over the past five years, so the recent $21.5 million loss still needs to move into positive territory for the bullish case to fully play out.    Bulls say these margin pressures are the hurdle before their long term growth story. If you want to see how that optimistic case is built from here, check out the 🐂 Tourism Holdings Bull Case H2 2025 swing to a $51.0m loss challenges the recovery story  Within the last full year of reported halves, net income moved from a profit of $25.3 million in H1 2025 to a loss of $51.0 million in H2 2025, with basic EPS shifting from a $0.12 profit back to a $0.23 loss even as revenue stayed in a tight band around the mid $400 million range. Bears highlight that this kind of earnings volatility raises questions about how resilient the business is to softer demand and margin pressure:\n     They point to weaker RV sales, yield reductions and compressed ex fleet margins as factors that can turn a modest profit like H1 2025 into a sizeable loss like H2 2025. High and sometimes elevated capital expenditure and financing needs also matter here, because interest payments are currently not well covered by earnings over the trailing 12 months.    Skeptics see that $51.0 million loss as a warning sign. If you want to understand the cautious case built around these pressures, have a look at the 🐻 Tourism Holdings Bear Case Low 0.6x P/S sits against a DCF fair value of $2.33  Tourism Holdings trades on a P/S of 0.6x, which is below the 0.9x seen for the global transportation industry and well under a peer average of 3.1x, while a DCF fair value of $2.33 comes in under the current share price of $2.66. Consensus commentary frames this as a mix of value and risk that depends heavily on the earnings path:\n     Analysts expect revenue to grow around 6.2% per year and margins to improve from 2.7% to 9.0% over three years, which would better support the current valuation if it is achieved. At the same time, the DCF fair value below the market price and weak interest coverage underline that the market is already pricing in some of that improvement before it shows up in the trailing numbers.    Next Steps To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for Tourism Holdings on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves. If this mix of opportunities and concerns feels finely balanced, take a moment to review the data yourself, weigh both sides, and move quickly to form your own view, starting with 2 key rewards and 1 important warning sign. See What Else Is Out There Tourism Holdings is wrestling with recent earnings volatility, a $21.5m trailing loss and weak interest coverage, which together raise questions around resilience and consistency. If that mix of losses and balance sheet pressure feels uncomfortable, you may want to quickly check out our solid balance sheet and fundamentals stocks screener (367 results) which focuses on companies with stronger financial foundations.  This article by Simply Wall St is general in nature. We provide commentary based on historical data\n    and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your\n    financial situation. We aim to bring you long-term focused analysis driven by fundamental data.\n    Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.\n    Simply Wall St has no position in any stocks mentioned.Valuation is complex, but we're here to simplify it.Discover if Tourism Holdings might be undervalued or overvalued with our detailed analysis, featuring fair value estimates, potential risks, dividends, insider trades, and its financial condition.Access Free AnalysisHave feedback on this article? Concerned about the content? Get in touch with us directly. 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