Chorus (CNU) has submitted its 2022 fibre regulatory report and the three key points are; (1) CNU estimates its revenue wash-up for CY22 to be NZ$47m (FB; NZ$33m), (2) CNU calculated CY22 year end Regulated Asset Base (RAB) to be NZ$5.71bn, up +5% from the opening CY22 RAB and in-line with expectations given the 7.2% CPI in CY22; and (3) most importantly, CNU provided its business plan for fibre capex through to CY25, indicating an expectation to spend substantially more than we had forecast.
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