New Zealand Professional Investment Services Firm

Forsyth Barr

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.

New Zealand Professional Investment Services Firm, Forsyth Barr

Equity Bottom-Up

<ul><li>Spark (SPK) downgraded its FY25 EBITDAI guidance by -4%, driven by Mobile competition and the transition within Cloud.</li><li>What is structural and what is cyclical? There is no doubt that NZ macro conditions have been weak, so the answer is probably a bit of both.</li><li>That said, the scale is tipping in favour of structural. Mobile and Broadband have not historically been cyclical, Cloud is almost certainly structural — SPK admitted as much, but some of the halving of EBITDAI in IT services is likely cyclical. </li></ul>

Spark (SPK) downgraded its FY25 EBITDAI guidance by -4%, driven by Mobile competition and the transition within Cloud.What is structural and what is cyclical? There is no doubt that NZ macro conditions have been weak, so the answer is probably a bit of both.That said, the scale is tipping in favour of structural. Mobile and Broadband have not historically been cyclical, Cloud is almost certainly structural — SPK admitted as much, but some of the halving of EBITDAI in IT services is likely cyclical. 

Spark New Zealand

Spark NZ - No Spark