No Surprise in Spark's Interim Result but Quantum of Transformation Cost Unsettling Market
We retain our NZD 3.70 (AUD 3.45 at current exchange rates) fair value estimate on Spark New Zealand, with its shares now trading at a 10% discount to this intrinsic assessment. The fiscal 2018 interim result was largely in line with our expectations, with management reiterating full-year guidance across all relevant metrics. Consequently, our earnings estimates are unchanged.What appears to have changed, however, is brewing market concerns regarding the Quantum transformation program's impact ...
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.
We have operations in 27 countries.
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