New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

Equity Bottom-Up

<ul>
<li>We believe Spark NZ (SPK) needs to present a clearer plan for its balance sheet at its upcoming FY26 result.</li>
<li>Given our subdued EBITDAI growth outlook and limited free cash flow retention, we struggle to see SPK deleveraging organically.</li>
<li>Asset sales, notably a sale of its Digital Services segment, are one option SPK appears to be considering; while this could provide balance sheet headroom, we do not believe it would unlock capital returns on its own given SPK has meaningful (&gt;NZ$300m) spectrum renewals to fund over the next decade.</li>
</ul>


We believe Spark NZ (SPK) needs to present a clearer plan for its balance sheet at its upcoming FY26 result.
Given our subdued EBITDAI growth outlook and limited free cash flow retention, we struggle to see SPK deleveraging organically.
Asset sales, notably a sale of its Digital Services segment, are one option SPK appears to be considering; while this could provide balance sheet headroom, we do not believe it would unlock capital returns on its own given SPK has meaningful (&gt;NZ$300m) spectrum renewals to fund over the next decade.


Australia

Telstra Corporation Limited is a full service domestic and international telecommunications provider for Australia.  The Company provides telephone exchange lines to homes and businesses, supplying local, long distance and international telephone calls and supplying mobile telecommunications services. Telstra also provides data, internet, on-line services and directory services.

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Telstra Corp (TLS AU)

Spark NZ Disconnected From Its Rating

We believe Spark NZ (SPK) needs to present a clearer plan for its balance sheet at its upcoming FY26 result. Given our subdued EBITDAI growth...

Forsyth Barr

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