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

Chorus Limited is a wholesale and retail telecommunications company.  The Company maintains and build the Chorus local access network which is made up of local telephone exchanges, cabinets and copper and fiber cables that connects New Zealand homes and businesses throughout the country.

TeamTalk Limited provides radio communication services in New Zealand.  The Company's services is mainly provided through two networks, TeamTalk and Fleetlink. The mobile radio communication service is used by ambulance services, rescue helicopters, courier companies, security services personnel, utility companies, contractors. local authorities and civil defense sectors.

True Corporation PCL is an integrated telecommunications provider. The Company offers a wide range of voice, video, and data services, including dial-up and broadband Internet services, pay television, fixed-line phone, online games, and mobile phone services.

PCCW Limited, through its subsidiaries, provides telecommunications, Internet access, multimedia services and related equipment.  The Company also offers computer, engineering, and other technical services in Hong Kong.  In addition, PCCW invests in and develops system integration and technology-related business, infrastructure and properties in Hong Kong and China.

United Internet AG operates as an internet services company. The Company provides landline and mobile internet access products, as well as cloud applications at data centers with fixed monthly fees and volume-based charges. United Internet serves consumers and business clients worldwide.

Telecom Argentina SA provides telecommunications services including local, long-distance and international service in Argentina.  The Company, through its subsidiaries, also provides cellular telecommunications services and offers paging services.

China Communications Services Corporation Limited provides specialized telecommunications support services to telecommunications operators.  The Company offers telecommunications infrastructure services, including design, construction and project supervision and management, business process outsourcing services , and applications, content and other services.

China Communications Services Corp Ltd. (552 HK)

Telecom Italia S.p.A., through subsidiaries, offers fixed line and mobile telephone and data transmission services in Italy and abroad.  The Company offers local and long-distance telephone, satellite communications, Internet access, and teleconferencing services.

Bezeq Israeli Telecommunication Corporation Ltd. offers local, long-distance, and international telecommunications services in Israel.  The Company also offers Internet access lines, calling cards, and high volume data transfer networks.

Turk Telekomunikasyon A.S. is an integrated telecommunications services provider for businesses and individuals. The Company offers land and mobile telecommunications solutions, as well as Internet services.

Telekom Malaysia Berhad establishes, provides, and maintains telecommunication and related services. Through its subsidiaries, the Company provides payphone network, mobile telecommunication, public telephone, and leasing of optical fiber telecommunication system services. Telekom also manages and operates Kuala Lumpur Tower and provides intelligent security services.

LG Uplus Corp., an affiliate of LG Group, provides a wide range of personal communications services (PCS) using code division multiple access (CDMA) technology.  The Company offers call forwarding, call and data transfer, call waiting, voice mail, Internet-phone, prepaid call, and authentication text-to-speech (TTS) services.

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

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Spark New Zealand (SPK NZ)

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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