NZX Keeping Up With the Index
While NZX’s 3Q25 revenue was broadly in line with expectations, the exit run-rate in Funds Management is solid given buoyant global market returns,...
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Primer: NZX (NZX NZ) - Oct 2025
NZX is transitioning its business mix, with a strategic focus on the higher-growth funds management and wealth technology sectors to complement...
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NZX FY25 Result—Matching Flat
The negative was Wealth Tech (WT): while NZX continued to provide positive commentary on prospective client conversations, it has not contracted...
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NZX 1H25 Preview—Low Tracking Error
With 1Q25 revenue (+7% year-on-year) and EBITDA (+9%) as well as 2Q25 operating stats already known, we expect the surprise factor to be low.
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NZX Not The Lowest Offer, UNDERPERFORM
We downgrade NZX to UNDERPERFORM from NEUTRAL. Over the last five years, NZX's EBITDA mix has shifted from ~90% markets to ~40% funds management.
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