Fair Value Estimate Lifted Post-Result, but Limited Margin of Safety in Spark's Share Price
Narrow-moat Spark New Zealand showcased its defensive appeal with a fiscal 2016 result that delivered on all fronts. The 2.5% lift in EBITDA was at the high end of management guidance; net profit after tax, or NPAT, was 4.7% above our estimate; and the dividend bonanza (final ordinary DPS of NZD 0.11, plus additional special DPS of NZD 0.015, fully imputed) was exactly what shareholders have been waiting for.The mobile (32% of group) and information technology (19% of group) units enjoyed doubl...
Spark New Zealand of New Zealand is the supplier of telecommunications and information, communication and technology (ICT) services in New Zealand and Australia. Co. provides telecommunications and ICT products and services, including local, national, international and telephone services; mobile services, data, broadband and internet services; information technology (IT) consulting, implementation and procurement, equipment sales; and installation services. The Co.'s portfolio of IT services include Cloud computing services, managed IT services, IT outsourcing, IT software and hardware procurement, and professional services to assist organizations with business and technology investments.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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