The woes of a2 Milk have been well documented over the past 18 months. What exactly might the future hold? Back in the June 2021 edition of Scrip, NZSA CEO Oliver Mander made more than a few comments about a2 Milk (NZX: ATM). His article set out the timeline or downgrades that frustrated investors and…
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NZSA has been vocal about the relevance of the Fonterra Shareholders’ Fund (FSF). We were supportive of Chair John Shewan’s call for Fonterra Co-operative Group (FCG) to buy out the Fund. This was further highlighted by changes to the FCG constitution approved by shareholders in December 2021; among other changes, this reduced the maximum possible…
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The Heartland Group promotes itself as the leaders in digital banking. From my limited interactions with Heartland Bank (NZX: HGH) I am prepared to accept that is true. Perhaps that is why, while rejecting everything I read on social media unless it is about the current All Black coach, I did pause when I read…
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September 14th 2022 The 2022 edition of the NZSA AGM was held in Auckland. The AGM is part of a concerted effort by the Board to make sure that we have the opportunity to meet members from different parts of the country. The ability for an AGM to extend beyond a mere ‘compliance’ exercise and…
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An explainer – is this an option in New Zealand? Why would you want to borrow or lend stock? Just as one can lend money to another, one can also lend stocks or shares to another party. The main reason for borrowing stock is the ability to sell a stock that one does not own;…
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Can retail investor optimism really affect stock returns? This article, written by Moritz Wagner from the University of Canterbury is republished from The Conversation under a Creative Commons license. Read the original article. NZSA has a longstanding relationship with UC when it comes to researching investor sentiment. The upcoming spooky season is not only a…
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Annual Meeting Report, October 18th 2022 Click here for NZSA Assessment and Voting intentions Metric 2022 2021 Change Revenue $952.7m $847.8m 12% Gross Profit $248.5m $223.2m 11% Gross Profit Margin 26% 26% n/c Operating EBITDA $67.2m $56.0m 20% NPAT $24.3m $22.7m 7% Inventory Turnover 7.67 7.57 1% EPS1 $0.322 $0.301 7% PE Ratio 14 12…
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Annual Meeting Report, October 14th 2022 Click here for NZSA Assessment and Voting intentions Metric 2022 2021 Change Revenue -$32.6m $57.5m n/a Change in fair value -$36.4m $53.9m n/a NPAT -$34.6m $52.3m n/a EPS1 -$0.129 $0.245 n/a PE Ratio n/a 4 Capitalisation $209m $218m -4% Premium/disc to NTA 23% 19% n/a Debt Equity 0.01 0.02…
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Annual Meeting Report, September 14th 2022 Click here for NZSA Assessment and Voting intentions Metric 2022 2021 Change Revenue $3.9m $1.6m 136% EBIT -$11.2m -$6.9m n/a NPAT -$10.8m -$6.6m n/a EPS1 -$0.125 n/a n/a PE Ratio n/a n/a Capitalisation $66m n/a Current Ratio 2.65 1.42 86% Debt Equity 0.52 0.76 -31% Operating CF -$8.5m -$4.6m…
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Annual Meeting Report, Oct 14th 2022 Click here for NZSA Assessment and Voting intentions Metric 2022 2021 Change Revenue $2,834 $3,221m -12% Operating Expenses $2,394m $2,863m -16% EBITDA $440m $358m 23% NPAT $222m $34m 566% EPS1 $0.211 $0.032 562% PE Ratio 14 101 Capitalisation $3.1b $3.5b -11% Current Ratio 1.05 0.78 34% Debt Equity 1.22…
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