Scrip Articles

Auckland International Airport Limited – 2023 Annual Meeting Report

Annual Meeting Report, October 17th 2023 Click here for NZSA Assessment and Voting Intentions Metric 2021 2022 2023 Change Revenue $281m $300m $626m 108% EBITDAFI $172m $145m $397m 175% Operating Margin 48% 63%   Investment Property value change 527m $204 -$140m n/a NPAT $464m $192m $43m -77% EPS1 $0.315 $0.13 $0.03 -77% PE Ratio 24…
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Kiwi Property Group Limited (Bonds) – 2023 Special Meeting Report

Bondholders Special Meeting Report, October 20th 2023 Click here for NZSA Assessment and Voting Intentions This meeting was held to vote on a special resolution to approve an amendment to the gearing ratio set out in the Master Trust Deed by increasing the ratio from 45% to 50%. To sweeten the deal bond holders who…
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Tourism Holdings Limited – 2023 Annual Meeting Report

Annual Meeting Report, October 19th 2023 Click here for NZSA Assessment and Voting Intentions Metric 2020 2021 2022 2023 Change Revenue $401m $359m $346m $664m 92% Gross Profit $275m $173m $195m $406m 108% Gross Profit Margin 69% 48% 56% 61% 9% NPAT $27.4m -$14.5m -$2.1m $49.9m n/a EPS1 $0.185 -$0.09 -$0.01 $0.233 n/a PE Ratio…
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Skyline Limited – 2023 Annual Meeting Report

Annual Meeting Report, October 11th 2023 Click here for NZSA Assessment and Voting Intentions Metric 2021 2022 2023 Change Revenue $103.3m $117.5m $175.6m 49% EBITDA $85.3m $49.1m $87.8m 79% NPAT $56.7m $30.7m $54.8m 78% EPS1 $1.66 $0.901 $1.60 78% PE Ratio 11 20 12 Capitalisation $597m $614m $631m 3% Current Ratio 3.32 2.64 1.50 -43%…
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Gentrack Limited – 2023 Special Meeting Report

Special Meeting Report, October 10th 2023 Click here for NZSA Assessment and Voting Intentions There were two key insights from this Special Meeting to approve the implementation of an extravagant long-term incentive scheme for Gentrack CEO and other members of the executive team. The first was to highlight the downside of a virtual-only meeting when…
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The sad tale of Wellington Combined Taxis

NZSA Disclaimer Wellington Combined is not a ‘public’ company in the typical sense of the word. It isn’t listed on any regulated exchange and it is not an investment that can be accessed by retail investors. The company’s constitution notes that each shareholder must hold an “operating contract” with Wellington Combined Taxi – essentially, a…
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Meridian Energy Limited – 2023 Annual Meeting Report

Annual Meeting Report, October 12th 2023 Click here for NZSA Assessment and Voting Intentions Metric 2021 2022 2023 Change Revenue $3,963m  $3,703m $3,222 -13% Operating Expenses $3,271m $2,994m $2,397 -20% EBITDAF $692m $709m $825m 16% NPAT $428m $664m $95m -86% EPS1 $0.167 $0.257 $0.037 -79% PE Ratio 32 29 141 Capitalisation $13.3b $13b $13.4b 4%…
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Barramundi Limited – 2023 Annual Meeting Report

Annual Meeting Report, October 13th 2023 Click here for NZSA Assessment and Voting Intentions Metric 2021 2022 2023 Change Revenue $57.5m -$32.6m $43.6m n/a Change in fair value $53.9m -$36.4m $39.6m n/a NPAT $52.3m -$34.6m $38.3m n/a EPS1 $0.245 -$0.129 $0.139 n/a PE Ratio 4 n/a 5 Capitalisation $218m $209m $199m -4% Premium/disc to NTA…
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Genesis Energy Limited – 2023 Annual Meeting Report

Annual Meeting Report, October 13th 2023 Click here for NZSA Assessment and Voting Intentions Metric 2021 2022 2023 Change Revenue $3,221m $2,834m $2,374m -16% Operating Expenses $2,863m $2,394m $1,860m -22% EBITDA $358m $440m $514m 17% NPAT $34m $222m $196m -12% EPS1 $0.032 $0.211 $0.184 -13% PE Ratio 101 14 13 Capitalisation $3.5b $3.1b $2.6b -17%…
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Auckland Branch – a visit to Steel and Tube

One of the things Stuart and I look out for on a company visit is the quality of the management. On a company visit you are physically in their space. You are up close to them, listening to what they have to say, listening to how they answer your questions. Seeing how passionate they are…
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