Report
Brian Han
EUR 101.80 For Business Accounts Only

Where Is the Spark in Our Long-Term Margin Forecast?

Spark New Zealand harbours a long-term aspirational goal of achieving low-30% group EBITDA margin. This is above the 27.0% average over the past five years, and meaningfully ahead of our 27.1% average EBITDA margin forecast for the next five. It naturally prompts the question: why are we so conservative on the narrow moat-rated group?
To begin with, there are one-off costs to the Quantum programme, a project recently activated to kick-start the margin improvement initiative. Initial expense of N...
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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