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Chorus Valuation Multiples

Discover revenue and EBITDA valuation multiples for Chorus and similar public comparables like Fujian Star-Net, China Bester Group, Mitratel, Ooredoo and more.

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Chorus Overview

About Chorus

Chorus is New Zealand’s largest fixed-line communications infrastructure entity. It completed the government's rollout of ultra-fast broadband a fiber-to-the-premises network covering 87% of the population in New Zealand in December 2022. Chorus offers wholesale access to the country's only nationwide copper and fiber infrastructure network. This allows around 100 retail service providers to enable consumers and business to connect to the internet and other telecommunications products. Chorus also provides backhaul services to retail service providers and connects mobile telephony towers.

Founded

2011

HQ

New Zealand

Employees

755

Financials (LTM)

Revenue: $604M
EBITDA: $425M

EV

$4B

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Chorus Financials

Chorus reported last 12-month revenue of $604M and EBITDA of $425M.

In the same LTM period, Chorus generated $425M in EBITDA and $26M in net income.

Revenue (LTM)

Chorus P&L

In the most recent fiscal year, Chorus reported revenue of $596M and EBITDA of $414M.

Chorus expects next 12-month revenue of XXX and NTM EBITDA of XXX

See Chorus forward-looking valuation multiples
LTMNTMLast FYFY 2026FY 2027FY 2028
Revenue$604MXXX$596MXXXXXXXXX
Gross Profit—XXX$562MXXXXXXXXX
Gross Margin—XXX94%XXXXXXXXX
EBITDA$425MXXX$414MXXXXXXXXX
EBITDA Margin70%XXX70%XXXXXXXXX
EBIT Margin27%XXX23%XXXXXXXXX
Net Profit$26MXXX$2MXXXXXXXXX
Net Margin4%XXX0%XXXXXXXXX
Net Debt——$2BXXXXXXXXX

Financial data powered by Morningstar, Inc.

Chorus Stock Performance

Chorus has current market cap of $3B, and enterprise value of $4B.

Market Cap Evolution

Chorus' stock price is $5.76.

See Chorus trading valuation data
EVMarket CapPrice 1DPrice 1MPrice 3MPrice 12MEPS
$4B$3B3.7%XXXXXXXXX$0.01

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Chorus Valuation Multiples

Chorus trades at 7.4x EV/Revenue multiple, and 10.6x EV/EBITDA.

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EV / Revenue (LTM)

Chorus Financial Valuation Multiples

As of April 17, 2026, Chorus has market cap of $3B and EV of $4B.

Equity research analysts estimate Chorus' 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Chorus has a P/E ratio of 97.0x.

LTMNTMLast FYFY 2026FY 2027FY 2028
Market cap (current)$3BXXX$3BXXXXXXXXX
EV (current)$4BXXX$4BXXXXXXXXX
EV/Revenue7.4xXXX7.5xXXXXXXXXX
EV/EBITDA10.6xXXX10.8xXXXXXXXXX
EV/EBIT27.0xXXX33.0xXXXXXXXXX
EV/Gross Profit—XXX8.0xXXXXXXXXX
P/E97.0xXXX1057.3xXXXXXXXXX
EV/FCF48.6xXXX46.8xXXXXXXXXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

Verified Chorus Valuation Multiples

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Chorus Margins & Growth Rates

Chorus' revenue in the last 12 month grew by 3%.

Chorus' revenue per employee in the last FY averaged $0.8M, while opex per employee averaged $0.6M for the same period.

Chorus' rule of 40 is 76% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Chorus' rule of X is 84% (created by Bessemer, rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Chorus Operational Valuation Multiples

LTMNTMLast FYFY 2026FY 2027FY 2028
Revenue Growth3%XXX2%XXXXXXXXX
EBITDA Margin70%XXX70%XXXXXXXXX
EBITDA Growth4%XXX3%XXXXXXXXX
Rule of 40—XXX76%XXXXXXXXX
Bessemer Rule of X—XXX84%XXXXXXXXX
Revenue per Employee—XXX$0.8MXXXXXXXXX
Opex per Employee—XXX$0.6MXXXXXXXXX
S&M Expenses to Revenue—XXX1%XXXXXXXXX
G&A Expenses to Revenue—XXX10%XXXXXXXXX
Opex to Revenue—XXX76%XXXXXXXXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Chorus Public Comps

See public comps and valuation multiples for other Telecom Infrastructure and Telecom Service Providers comps.

EV/RevenueEV/EBITDA
LTM2026E2027ELTM2026E2027E
ChorusXXXXXXXXXXXXXXXXXX
Fujian Star-NetXXXXXXXXXXXXXXXXXX
China Bester GroupXXXXXXXXXXXXXXXXXX
MitratelXXXXXXXXXXXXXXXXXX
OoredooXXXXXXXXXXXXXXXXXX
TuasXXXXXXXXXXXXXXXXXX
XXXXXXXXXXXXXXXXXXXXXXXXXX
XXXXXXXXXXXXXXXXXXXXXXXXXX

Valuation data powered by FactSet, Inc.

Chorus M&A Activity

Chorus acquired XXX companies to date.

Last acquisition by Chorus was on XXXXXXXX, XXXXX. Chorus acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX).

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Latest Acquisitions by Chorus

Acquired CompanyValuationEV/RevenueEV/EBITDA
XXXXXXXXXXXXXXXXXXXXX
XXXXXXXXXXXXXXXXXXXXX
XXXXXXXXXXXXXXXXXXXXX
XXXXXXXXXXXXXXXXXXXXX
XXXXXXXXXXXXXXXXXXXXX

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Chorus Investment Activity

Chorus invested in XXX companies to date.

Chorus made its latest investment on XXXXXXXX, XXXXX. Chorus invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).

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Latest Investments by Chorus

CompanyValuationEV/RevenueEV/EBITDA
XXXXXXXXXXXXXXXXXXXXX
XXXXXXXXXXXXXXXXXXXXX
XXXXXXXXXXXXXXXXXXXXX
XXXXXXXXXXXXXXXXXXXXX
XXXXXXXXXXXXXXXXXXXXX

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About Chorus

When was Chorus founded?Chorus was founded in 2011.
Where is Chorus headquartered?Chorus is headquartered in New Zealand.
How many employees does Chorus have?As of today, Chorus has over 755 employees.
Is Chorus publicly listed?Yes, Chorus is a public company listed on Australian Securities Exchange.
What is the stock symbol of Chorus?Chorus trades under CNU ticker.
When did Chorus go public?Chorus went public in 2011.
Who are competitors of Chorus?Chorus main competitors are Fujian Star-Net, China Bester Group, Mitratel, Ooredoo.
What is the current market cap of Chorus?Chorus' current market cap is $3B.
What is the current revenue of Chorus?Chorus' last 12 months revenue is $604M.
What is the current revenue growth of Chorus?Chorus revenue growth (NTM/LTM) is 3%.
What is the current EV/Revenue multiple of Chorus?Current revenue multiple of Chorus is 7.4x.
Is Chorus profitable?Yes, Chorus is EBITDA-positive (as of the last 12 months).
What is the current EBITDA of Chorus?Chorus' last 12 months EBITDA is $425M.
What is Chorus' EBITDA margin?Chorus' last 12 months EBITDA margin is 70%.
What is the current EV/EBITDA multiple of Chorus?Current EBITDA multiple of Chorus is 10.6x.
What is the current FCF of Chorus?Chorus' last 12 months FCF is $92M.
What is Chorus' FCF margin?Chorus' last 12 months FCF margin is 15%.
What is the current EV/FCF multiple of Chorus?Current FCF multiple of Chorus is 48.6x.

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