Scrip Magazine Issue: August 2024

A Sector at the Crossroads

New Zealand’s Electricity Leaders Face the Future Panellists from Meridian, Contact, Mercury, and Genesis explore the promise and pitfalls of renewable generation and the decarbonisation journey In a unique panel discussion hosted by the New Zealand Shareholders’ Association (NZSA), four of the country’s top energy executives gathered to confront a common challenge: how to deliver…
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Auckland Branch – a company visit to Fisher and Paykel Healthcare

NZSA Company Visit to Fisher and Paykel Healthcare 18 March 2025 After our visit an attendee remarked to me that CEO Lewis Gradon was ‘on fire’ during his presentation to our members. He was personable, enthusiastic, knowledgeable and he stated that he enjoyed talking to NZSA members and felt he was ‘among friends’. In turn…
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Controlling actions at NZME and Bremworth

NZSA Disclaimer Over the last week or so, investors have been surprised by two separate actions in the local market, both having the potential outcome of removing all members of the Boards for NZ Media and Entertainment (NZME) and Bremworth (BRW). Both actions claim the support of a broader shareholder base, 32% in the case…
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Gentrack Group Limited – 2025 Annual Meeting Report

Annual Meeting Report, February 26th 2025 Click here for NZSA Assessment and Voting Intentions Metric 2020 2021 2022 2023 2024 Change Revenue $100.6m $105.7m $126.3m $169.9m $213.2m 26% Operating Expenses $93m $118.2m $146.7m $189.7m 29% EBITDA $12.1m $12.7m $8.1m $23.2m $23.6m 2% NPAT -$31.7m $3.2m -$3.3m $10.0m $9.5m -5% EPS1 -$0.321 $0.032 -$0.033 $0.098 $0.092…
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A ‘bouquet’ for the independent directors of Millennium Copthorne

NZSA Disclaimer A few weeks ago, we wrote about the proposed takeover of Millennium Copthorne (MCK) by its major shareholder, CDL Investments at $2.25/share. In that commentary, NZ Shareholders’ Association challenged the independent directors to demonstrate their independence by rejecting the offer and (in so doing) the ‘patronage’ offered by their majority shareholder. It was clearly…
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Getting the ‘heart’ back into Heartland

NZSA Disclaimer The end of the golden summer came this time last week for Heartland Group (NZX: HGH) – and less than five months after the elevation of Andrew Dixson to the Chief Executive role, and only a few days before the announcement of Heartland’s 1H FY25 results. Dixson is doing what any newly-minted CEO…
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Tower Insurance Limited – 2025 Annual Meeting Report

Annual Meeting Report, February 11th 2025 Click here for NZSA Assessment and Voting Intentions Metric 2021 2022 (restated) 2023 (restated) 2024 (restated) 2025 Change Revenue $315.3m $327.9m $347.3m $472.6m $555.8m 18% Insurance Result $30.3m $22.5m $23.5m -$7.9m $82.8m n/a NPAT2 $10.8m $19.3m $18.8m -$1.2m $74.3m n/a EPS1 $0.027 $0.046 $0.050 -$0.003 $0.196 n/a PE Ratio…
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Are the Bulls about to be back at the NZX?

NZSA Disclaimer There’s been an interesting development in the NZSA / UC Investor Sentiment Index since the middle of 2024, with (net) investor sentiment taking a significant leap during June. Six months later, heading into 2025, those levels have been maintained. Each week, NZSA, in conjunction with the University of Canterbury, surveys a random sample…
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Hallenstein Glassons Limited – 2024 Annual Meeting Report

Annual Meeting Report, December 10th 2024 Click here for NZSA Assessment and Voting Intentions Metric 2020 2021 2022 2023 2024 Change Revenue $287.8m $350.8m $351.2m $409.7m $435.6m 6% Gross Profit $169.2m $201.2m $202.3m $234.8m $258.7m 10% Operating Profit $39.2m $49.3m $37.1m $47.8m $54.3m 14% NPAT $27.8m $33.3m $25.6m $32.0m $34.5m 8% GP Margin 59% 57%…
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Rural Equities Limited – 2024 Annual Meeting Report

Annual Meeting Report, December 9th 2024 Click here for NZSA Assessment and Voting Intentions Metric 2020 2021 2022 2023 2024 Change Revenue $11.6m $13.1m $15.4m $16.6m $15.4m -7% Operating Income $5.0m $6.4m $6.8m $8.1m $7.7m -6% NPAT $2.3m $12m $12.8m $5.6m $4.6m -18% Adj in fair value -$1.7m $7.1m $7.6m -$0.4m $0.00 n/a EPS1 $0.072…
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