Report
Brian Han
EUR 101.80 For Business Accounts Only

Large market share and economic scale support Spark New Zealand's dominant position.

We retain our NZD 3.60 (AUD 3.40) fair value estimate on narrow-moat Spark New Zealand ahead of its investor day on June 30, with the stock currently trading in line with our intrinsic assessment.
Anticipation of the investor day may have waned a little following recent events. The group's successful lobby against the Sky Network-Vodafone New Zealand merger has, at the very least, substantially delayed the threat of a convergent juggernaut for Spark to grapple with. The benign final details of t...
Underlying
Spark New Zealand Limited

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.

Provider
Morningstar
Morningstar

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.

We have operations in 27 countries.

Analysts
Brian Han

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