Annual Meeting Report, May 18th 2023 Click here for NZSA Assessment and Voting intentions Metric 2020 2021 2022 Change Revenue $925m $1,114m $1,298m 16% Gross Profit $163m $202m $221m 9% NPAT $30.9m $51.8m $32.1m -38% Gross Profit Margin 18% 18% 17% -6% Inventory Turnover 52.49 46.95 45.45 -3% EPS1 $0.248 $0.416 $0.257 -38% Capitalisation $1,746m…
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Annual Meeting Report, May 11th 2023 Click here for NZSA Assessment and Voting intentions As Chair, Craig Stobo, explained to one shareholder who asked one of only three questions put to this meeting, an on-line only version was the most appropriate medium for the business at hand at this special shareholder meeting. Just 26…
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The recent report by NZ Treasury, which concluded that the wealthiest families paid only 8.9% of their economic income in tax, has received wide publicity – however, there has been little critique or factual knowledge of the current tax system, which is generally fair and easy to administer. According to NZ and Australian tax rules,…
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This time last year, NZSA prepared a summary of shareholder meetings that had occurred during 2021 – and what that implied for both the workload and the time travel requirements of retail investors. We learnt that most meetings occurred in a relatively narrow window between mid-September and late-November, that 35 days had more than one…
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There is something about the dairy sector that seems to make it very difficult for issuers to get their timelines straight when it comes to forecasts. Investors might remember the issues associated with the a2 Milk Company and its revised guidance disclosures way back in 2020. The share price has never quite been the same…
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Annual Meeting Report, April 26th 2023 Click here for NZSA Assessment and Voting intentions Metric 2020 2021 2022 Change Operating Revenue $172.4m $205.3m $238.7m 16% Fair Vale Movement $222.1m $540.9m $268.8m -50% NPAT $230.8m $543.6m $225.4m -49% EPS1 $1.01 $2.36 $1.16 -51% PE Ratio 12 5 8 Capitalisation $2,751m $2,687m $2,019m -25% Current Ratio 0.33…
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Special Meeting Report, April 28th 2023 Click here for NZSA Assessment and Voting intentions This special meeting was held to approve, through eight resolutions each dependant on the others, the acquisition/merger of unlisted cannabis producer, Equalis. Both companies operate in a similar space and were considered, for the purpose of the merger, as equal in…
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Director independence always has the potential to be a fraught topic of conversation, especially when it comes to the Board Members of our listed issuers. NZSA expects a majority of independent directors on a company’s Board, regardless of ownership structure, to ensure effective representation for shareholder interests. After all, an independent director is bound to…
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Special Meeting Report, April 27th 2023 Click here for NZSA Assessment and Voting intentions This meeting was called to consider a revised offer of NZ$1.42 per share from Pegasus Bidco Limited a company that will be ultimately owned by the Sixth Street and BGH Capital Consortium. Sixth Street is the largest shareholder with 20% of…
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Annual Meeting Report, April 26th 2023 Click here for NZSA Assessment and Voting intentions Metric 2020 2021 2022 Change Revenue $335.2m $365.6m $365.6 0% EBITDA $60.9m $52.5m $64.2m 22% NPAT $14.2m $34.4m $22.7m -34% EPS1 $0.072 $0.174 $0.115 -34% PE Ratio 19 5 10 Capitalisation $288m $217m -25% Current Ratio 0.93 0.87 0.92 6% Debt…
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