New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

Equity Bottom-Up

<ul><li>Spark (SPK) has reported a weak 1H23 result, with EBITDAF of NZ$510m, significantly below our NZ$586m forecast and consensus’ NZ$579m.</li><li>The dividend guidance was unchanged for FY23, in-line with our forecast of NZ27cps, fully imputed</li><li>Growth capex for FY23 is expected to be NZ$350m, ~+NZ$150m above our estimate.</li></ul>

Spark (SPK) has reported a weak 1H23 result, with EBITDAF of NZ$510m, significantly below our NZ$586m forecast and consensus’ NZ$579m.The dividend guidance was unchanged for FY23, in-line with our forecast of NZ27cps, fully imputedGrowth capex for FY23 is expected to be NZ$350m, ~+NZ$150m above our estimate.

Spark (SPK): 1H23 Result − Initial Impressions

<ul><li>Spark (SPK) reports its 1H23 result on Wednesday, 22 February 2023</li><li>SPK has guided for FY23 EBITDAI of NZ$1,185m to NZ$1,225m</li><li>Key points of interest are; (1) an update regarding strategy and growth capex, given the recent Spark Sport exit and TowerCo sale, (2) comments on capital management, given the revised framework, and (3) mobile growth, in particular roaming as tourism resumes.</li></ul>

Spark (SPK) reports its 1H23 result on Wednesday, 22 February 2023SPK has guided for FY23 EBITDAI of NZ$1,185m to NZ$1,225mKey points of interest are; (1) an update regarding strategy and growth capex, given the recent Spark Sport exit and TowerCo sale, (2) comments on capital management, given the revised framework, and (3) mobile growth, in particular roaming as tourism resumes.

<ul><li>Spark (SPK) has announced that it is exiting Spark Sport altogether, effective from 1 July 2023</li><li>The financial disclosure of Spark Sport is near non-existent but we have a reasonable degree of confidence that it is loss making to the tune of NZ dollar tens of millions, or a low single digit percentage of EBITDA.</li><li>In other news — SPK's passive tower owner Connexa acquires 2degrees' towers for ~NZ$1bn</li></ul>

Spark (SPK) has announced that it is exiting Spark Sport altogether, effective from 1 July 2023The financial disclosure of Spark Sport is near non-existent but we have a reasonable degree of confidence that it is loss making to the tune of NZ dollar tens of millions, or a low single digit percentage of EBITDA.In other news — SPK's passive tower owner Connexa acquires 2degrees' towers for ~NZ$1bn

Spark NZ: Spark Sport — Exit Good News All Round

<ul><li>A modernised dividend policy reduces uncertainty and leaves room for modest dividend growth </li><li>Reliance on mobile is set to continue to increase — this is good news for now </li><li>Attractive risk reward as SPK transitions to a yield plus growth story</li></ul>

A modernised dividend policy reduces uncertainty and leaves room for modest dividend growth Reliance on mobile is set to continue to increase — this is good news for now Attractive risk reward as SPK transitions to a yield plus growth story

Spark NZ: FY22 Result — Breaking the Quarter Buck!

<ul><li>Spark (SPK) reported a solid FY22 result with EBITDAI of NZ$1,150m – in-line with guidance and our expectations</li><li>They key focus item, however, will be capital management and future dividend policy</li><li>SPK has also changed its definition of free cash flow (FCF) for dividend purposes</li></ul>

Spark (SPK) reported a solid FY22 result with EBITDAI of NZ$1,150m – in-line with guidance and our expectationsThey key focus item, however, will be capital management and future dividend policySPK has also changed its definition of free cash flow (FCF) for dividend purposes

Spark (SPK): FY22 Result – Initial Impressions

New Zealand

Spark New Zealand Limited (formerly Telecom Corporation of New Zealand Limited) is a digital services provider for communications, entertainment and IT services over its networks and the Cloud to New Zealanders and businesses. The Company's strategy is focused on customer experiences, mobility and data.

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Spark New Zealand (SPK AU)

Spark (SPK): 1H23 Result − Initial Impressions

Spark (SPK) has reported a weak 1H23 result, with EBITDAF of NZ$510m, significantly below our NZ$586m forecast and consensus’ NZ$579m; the dividend...

Forsyth Barr

Spark NZ: 1H23 Preview

Spark (SPK) reports its 1H23 result on Wednesday, 22 February 2023 and key points of interest are; (1) an update regarding strategy and...

Forsyth Barr

Spark NZ: Spark Sport — Exit Good News All Round

Spark (SPK) has announced that it is exiting Spark Sport altogether, effective from 1 July 2023 - a good news for SPK shareholders, for Sky...

Forsyth Barr

Spark NZ: FY22 Result — Breaking the Quarter Buck!

Spark delivered another solid performance, with modest growth in operating earnings as strong mobile growth more than offset declining legacy voice...

Forsyth Barr

Spark (SPK): FY22 Result – Initial Impressions

Spark (SPK) reported a solid FY22 result with EBITDAI of NZ$1,150m – in-line with guidance and our expectations

Forsyth Barr

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