Fundamental Analyses, Contrarian Cashflows

Contrarian Cashflows

Fundamental Analyses

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Equity Bottom-Up

<ul><li>Spark New Zealand (NZX/ASX: SPK) is a telecommunications group privatised in 1990 as the former state telephone monopoly, providing mobile, broadband and IT/cloud services (“Digital Services”) across New Zealand.</li><li>Spark already ran the obvious arbitrage: between 2022 and early 2026 it sold 100% of its mobile towers and 75% of its data-centre business to infrastructure buyers at 30-34x and up to 30.8x EBITDA respectively</li><li>Banking roughly NZ$1.98bn — rich prices for passive assets a generalist telecom market was never going to pay for the whole group.</li></ul>

Spark New Zealand (NZX/ASX: SPK) is a telecommunications group privatised in 1990 as the former state telephone monopoly, providing mobile, broadband and IT/cloud services (“Digital Services”) across New Zealand.Spark already ran the obvious arbitrage: between 2022 and early 2026 it sold 100% of its mobile towers and 75% of its data-centre business to infrastructure buyers at 30-34x and up to 30.8x EBITDA respectivelyBanking roughly NZ$1.98bn — rich prices for passive assets a generalist telecom market was never going to pay for the whole group.

United States

ADI Global Distribution Inc. provides security and electronic products. The Company offers video surveillance, power supplies, automation, access control, AV, fire, intrusion, communications, datacom and networking, wire and cable, batteries, and central vacuum products. ADI Global Distribution serves customers worldwide.

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ADI Global Distribution (ADIG US)

Monday Delight: 12/10/2026

Spark New Zealand (NZX/ASX: SPK) is a telecommunications group privatised in 1990 as the former state telephone monopoly, providing mobile,...

Contrarian Cashflows

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