New Zealand Professional Investment Services Firm

Forsyth Barr

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.

New Zealand Professional Investment Services Firm, Forsyth Barr

Equity Bottom-Up

<ul><li>Recent data points have illustrated the challenging position Spark NZ (SPK) is in and the absence of any improvement in key trends.</li><li>SPK: (1) continues to lose market share in the mobile market—its share fell -40 bps sequentially in the December 2024 quarter; (2) 2degrees' growth focus has been confirmed, with its FY24 accounts showing strong revenue growth driven primarily by connection growth rather than ARPU; (3) Mobile Virtual Network Operator​​​​​​​s (MVNOs) appear to be gaining some traction in NZ.</li><li>Four electric utilities are now offering mobile services, with some anecdotes of early success; and (4) SPK's website visits fell through 2024, contrary to its telco peers. SPK's guidance assumes flat mobile service revenue in FY25 versus FY24. </li></ul>

Recent data points have illustrated the challenging position Spark NZ (SPK) is in and the absence of any improvement in key trends.SPK: (1) continues to lose market share in the mobile market—its share fell -40 bps sequentially in the December 2024 quarter; (2) 2degrees' growth focus has been confirmed, with its FY24 accounts showing strong revenue growth driven primarily by connection growth rather than ARPU; (3) Mobile Virtual Network Operator​​​​​​​s (MVNOs) appear to be gaining some traction in NZ.Four electric utilities are now offering mobile services, with some anecdotes of early success; and (4) SPK's website visits fell through 2024, contrary to its telco peers. SPK's guidance assumes flat mobile service revenue in FY25 versus FY24. 

Spark NZ - No Spark in the Mobile Market Yet

Spark New Zealand

Spark NZ - No Spark in the Mobile Market Yet