Ceasing Coverage on Tower
We plan to cease coverage on no-moat-rated Tower in late October. We periodically adjust our coverage as necessary based on stock outlook, client demand, and investor interest. There is uncertainty surrounding the outcome of the appeals against the New Zealand Commerce Commission’s decision to block Suncorp Group’s proposed acquisition of Tower. Tower supports the appeal and has also lodged its own appeal. Our NZD 0.85 per share fair value estimate represents our assessment of Tower’s intrinsic ...Tower is engaged in the provision of general insurance. Co. and its subsidiaries primarily operate in New Zealand with some of its operations based in the Pacific Islands region. Co. and its subsidiaries' operating segments are New Zealand General Insurance and Pacific Genral Insurance. The New Zealand General Insurance segment comprised general insurance business written in New Zealnd. The Pacific Genral Insurance segment includes genral insurance business with customers in the Pacific Islands written by TOWER Insurance subsidiaries and branch operations.
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