Spark New Zealand Ltd

SPK: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Spark New Zealand: A Dull Outlook

Brian Han

Oct 30, 2024

We cut our fair value estimate for Spark by 7% to NZD 4.30 per share, or AUD 3.90 at current exchange rates. This follows the 6% reduction just two months ago, which reflected structural cost issues in the group's IT units. This time around, the cause for our downgrade is more sinister: deteriorating revenue trends in the core mobile unit—the engine that drives earnings and cash flow for the whole group.

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Spark New Zealand Ltd

Spark New Zealand: A Dull Outlook

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