NZSA Disclaimer This morning, the market woke to news of a $525m capital raise from Contact Energy, as well as the company’s 1H26 financial report. The raise comprises a $450m underwritten institutional placement and a $75m share purchase plan (SPP) targeting retail shareholders. The company has reserved the right to accept oversubscriptions for the SPP.…
Read more
NZSA Disclaimer Branch Event Report, December 11th 2025 On 11 December the Waikato Branch hosted Matt Brown of Craigs Investments. Before coming to New Zealand, he had seven years as an investment manager in London as well as being a freelance financial writer. First to a macro backdrop with an overview of how major markets…
Read more
NZSA Disclaimer KiwiSaver is approaching its 20th birthday. That’s worth celebrating. It’s also been tweaked a lot, with roughly thirty small to meaningful changes so far. Think KiwiSaver 1.0, then 1.1, 1.2, and so on. More one-off tweaks are now being proposed by politicians. But at 20 years old, KiwiSaver doesn’t need another tweak. It needs…
Read more
In addition to the article below, have a listen to this extract from The Long and the Short of it, from February 7th, with commentary from Paul Macbeth and Oliver Mander. There is nothing like a day out visiting a company’s operations to understand the effectiveness of just how well a company does what it…
Read more
Annual Meeting Report, December 19th 2025 Click Here for NZSA Assessment and Voting Intentions Report from Sanford Limited (SAN) Annual General Meeting, 19 December 2025 Metric 2023 2024 2025 Change Operating Revenue n/a n/a n/a n/a NPAT -$6.9m -$2.6m -$1.7m n/a EPS1 -$0.033 -$.012 -$0.002 n/a Capitalisation (NZD) $241.8m $476.1m $890m 87% PE Ratio n/a…
Read more
Annual Meeting Report, December 17th 2025 Click Here for NZSA Assessment and Voting Intentions Metric 2021 2022 2023 2024 2025 Change Revenue $109.5m $114.5m $118.4m $141.4m $157.7m 12% EBITDA $43.8m $40.1m $37.2m $52.0m $64.2m 23% NPAT $23.2m $20.4m $16.6m $24.8m $30.9m 24% EPS1 $0.116 $0.102 $0.083 $0.124 $0.154 24% PE Ratio 26 28 26 21…
Read more
Annual Meeting Report, December 17th 2025 Click Here for NZSA Assessment and Voting Intentions Metric 2021 2022 2023 2024 2025 Change Revenue $191.7m $208.9m $234.2m $204.3m $192.4m -6% Cost of Sales $88.3m $82.9m $98.4m $92.0m $109.7m 19% NPAT $9.5m $12.8m $11.1m -$77.4m -$104.9m n/a EPS1 $0.135 $0.183 $0.158 -$1.10 -$1.49 n/a Gross Profit Margin 54%…
Read more
Annual Meeting Report, November 21st 2025 Click Here for NZSA Assessment and Voting Intentions Metric 2021 2022 (rest.) 2023 2024 2025 Change Revenue $1,367m $1,397m $1,321m $1,637m $1,827m 12% Gross Profit $67m $124m $118m $56m $105m 88% NPAT -$28.5m $38.5m -$14.1m -$182.1m -$39.8m n/a GP Margin 5% 9% 9% 3% 6% 68% Inventory Turnover 4.81…
Read more
Annual Meeting Report, November 13th 2025 Click Here for NZSA Assessment and Voting Intentions Metric 2021 2022 2023 2024 2025 Change Interest Income $328m $342m $573m $661m $701m 7% Net Interest Income $234m $250m $282m $278m $307m 11% Interest Margin 71% 73% 53% 42% 44% 4% NPAT $87.0m $95.1m $95.9m $74.5m $38.8m -48% EPS1 $0.149…
Read more
Annual Meeting Report, December 4th 2025 Click Here for NZSA Assessment and Voting Intentions Metric 2021 2022 2023 2024 2025 Change Revenue $305.4m $325.6m $381.4m $378.3m $350m -8% Gross Profit $159.1m $151.0m $169.8m $149.9m $162m 8% NPAT $62.2m $63.0m $64.8m $31.4m $49.0m 56% Gross Profit Margin 48% 46% 45% 40% 46% 17% EPS1 $0.615 $0.623…
Read more
