Spark New Zealand Ltd

SPK: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$8.50	Srnnxjf	Cydlxtpd

Spark New Zealand: Experiencing Temporary IT Issues

Brian Han

May 6, 2024

The downgrade in Spark New Zealand's fiscal 2024 EBITDA and investment income, or EBITDAI, guidance to between NZD 1.17 billion and NZD 1.21 billion isn't significant enough to lower our fair value estimate. At the midpoint of the range, it represents a decline of just 4%, with minimal drag from core mobile service (26% of group revenue at estimated gross margins of almost 70%).

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