Sanford 1H26—Dropping Anchor, Down to NEUTRAL
We downgrade Sanford (SAN) to NEUTRAL from OUTPERFORM. Nonetheless, the underlying result was robust, buoyed by strong pricing in salmon and some...
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Sanford (SAN): 1H26 Result — Initial Impressions
Sanford (SAN) reported a strong 1H26 result on paper, with NPAT of NZ$42.4m (+24% ahead of our expectations) and adjusted EBIT of NZ$65m (+26%...
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Equity Strategy El Nino—More Than Just Hot Air
There is a ~65% probability of an El Niño event developing by the end of July 2026 with a strong likelihood that it develops into a ‘strong’ event...
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Sanford FY25 Result—Flexing Its Mussels
EBIT and operating cashflow were comfortably the highest on record, which drove a net debt reduction to ~NZ$93m (versus our forecast of ~NZ$140m).
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Sanford Casting The Net
We have cast the net over relevant data (Fishserve catch data and export prices) ahead of Sanford’s (SAN) FY25 result on 18 November 2025.
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