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>Key financial metrics in-line with our forecasts, apart from more near-term capex: SPK is targeting between +2% and +4% revenue growth per annum from FY24–FY26 (FB; +2.9%).</li><li>Price pressure in fixed broadband and private cloud likely dampening the outlook: Over the last six years SPK's voice gross profit has declined from nearly ~25% of the group to ~7%.</li><li>MATTR — the highlight of the day: SPK aims for its high-tech growth opportunities to generate NZ$100m–150m in revenue by FY26.</li></ul>

Key financial metrics in-line with our forecasts, apart from more near-term capex: SPK is targeting between +2% and +4% revenue growth per annum from FY24–FY26 (FB; +2.9%).Price pressure in fixed broadband and private cloud likely dampening the outlook: Over the last six years SPK's voice gross profit has declined from nearly ~25% of the group to ~7%.MATTR — the highlight of the day: SPK aims for its high-tech growth opportunities to generate NZ$100m–150m in revenue by FY26.

Spark NZ: Underwhelming Targets, Yet Reassuring

Spark New Zealand

Spark NZ: Underwhelming Targets, Yet Reassuring