SPARK NEW ZEALAND LIMITED (SPK)
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SPK - SPARK NEW ZEALAND LIMITED

FNArena Sector : Telecommunication

Year End: June

GICS Industry Group : Telecommunication Services

Debt/EBITDA: 2.19

Index: ASX300 | ALL-ORDS

Spark New Zealand, formerly Telecom New Zealand, provides fixed line, mobile and internet services to New Zealand customers. It has been listed on the ASX and NZX since 1991.

LAST PRICE	CHANGE +/-	CHANGE %	VOLUME
$1.875 27 Mar 2025	-0.020 OPEN $1.89	-1.06% HIGH $1.90	1,638,064 LOW $1.87

LAST PRICE

CHANGE +/-

CHANGE %

VOLUME

$1.875

27 Mar
2025

-0.020

OPEN

$1.89

-1.06%

HIGH

$1.90

1,638,064

LOW

$1.87

OTHER COMPANIES IN THE SAME SECTOR
5GG . 5GN . ABB . CNU . ESK . FSG . HTA . MAQ . SLC . ST1 . TLS . TPG . TPG . TUA .

FNARENA'S MARKET CONSENSUS FORECASTS

12 Month Avg FX Values

Present FX Values

Original Currency

Title	FY25 Forecast	FY26 Forecast
EPS (cps)	14.2	xxx
DPS (cps)	22.8	xxx
EPS Growth	N/A	xxx
DPS Growth	N/A	xxx
PE Ratio	13.3	xxx
Dividend Yield	12.0%	xxx
Div Pay Ratio(%)	160.6%	xxx

Title	FY23 Actual	FY24 Actual	FY25 Forecast	FY26 Forecast
EPS (cps)	xxx	17.3	15.6	xxx
DPS (cps)	xxx	27.5	25.0	xxx
EPS Growth	xxx	- 71.5%	- 10.0%	xxx
DPS Growth	xxx	1.9%	- 9.1%	xxx
Div Pay Ratio(%)	xxx	159.0%	160.6%	xxx

This company reports in NZD.
All estimates have been converted into AUD by FNArena at present FX values.

Dividend yield today if purchased 3 years ago: 5.94%

DIVIDEND YIELD CALCULATOR

Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages

Last ex-div: 12/09 - (franking ex-di

HISTORICAL DATA ARE ALL IN AUD

Copyright © 2025 FactSet UK Limited. All rights reserved

Title	2019	2020	2021	2022	2023	2024
EPS Basic	xxx	xxx	xxx	xxx	xxx	16.0
DPS All	xxx	xxx	xxx	xxx	xxx	29.9
Sales/Revenue	xxx	xxx	xxx	xxx	xxx	3,477.4 M
Book Value Per Share	xxx	xxx	xxx	xxx	xxx	80.0
Net Operating Cash Flow	xxx	xxx	xxx	xxx	xxx	697.5 M
Net Profit Margin	xxx	xxx	xxx	xxx	xxx	8.41 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title	2019	2020	2021	2022	2023	2024
Return on Capital Employed	xxx	xxx	xxx	xxx	xxx	18.07 %
Return on Invested Capital	xxx	xxx	xxx	xxx	xxx	9.25 %
Return on Assets	xxx	xxx	xxx	xxx	xxx	7.00 %
Return on Equity	xxx	xxx	xxx	xxx	xxx	18.07 %
Return on Total Capital	xxx	xxx	xxx	xxx	xxx	13.97 %
Free Cash Flow ex dividends	xxx	xxx	xxx	xxx	xxx	-305.3 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title	2019	2020	2021	2022	2023	2024
Short-Term Debt	xxx	xxx	xxx	xxx	xxx	465 M
Long Term Debt	xxx	xxx	xxx	xxx	xxx	1,689 M
Total Debt	xxx	xxx	xxx	xxx	xxx	2,154 M
Goodwill - Gross	xxx	xxx	xxx	xxx	xxx	266 M
Cash & Equivalents - Generic	xxx	xxx	xxx	xxx	xxx	54 M
Price To Book Value	xxx	xxx	xxx	xxx	xxx	4.75

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title	2019	2020	2021	2022	2023	2024
Capex	xxx	xxx	xxx	xxx	xxx	545.8 M
Capex % of Sales	xxx	xxx	xxx	xxx	xxx	15.70 %
Cost of Goods Sold	xxx	xxx	xxx	xxx	xxx	2,753 M
Selling, General & Admin. Exp & Other	xxx	xxx	xxx	xxx	xxx	230 M
Research & Development	xxx	xxx	xxx	xxx	xxx	-
Investments - Total	xxx	xxx	xxx	xxx	xxx	211 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
EXTRA COVERAGE

EXPERT VIEWS

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Sentiment Indicator

0.7

No. Of Recommendations

BROKER	DATE	RATING	RECOMMENDATION	TARGET PRICE	% TO REACH TARGET	COMMENTARY
Macquarie	xx/xx/xxxx	1	xxxxxxxxxx	-	xx.xx%	Broker commentary and detailed analysis is available for Full Members Only. Login above or Get a Free Trial
UBS	24/02/2025	1	Buy	-	-	Spark New Zealand reported 1H25 EBITDA of NZ$448m, -9% below UBS' estimate, due to higher labour, network support, and IT costs. Management is targeting over -NZ$100m in cost savings and has announced potential non-core asset sales and data centre partnerships. The broker sees valuation support emerging but notes near-term headwinds from cost pressures and dividend policy uncertainty. Financial forecasts have been cut, with FY25, FY26, and FY27 EPS estimates reduced by -20%, -24%, and -1%, respectively, reflecting lower EBITDA guidance and increased depreciation. UBS analysts have maintained a Buy rating on Spark New Zealand, lowering the price target to NZ$4.25 from NZ$4.55. FORECAST UBS forecasts a full year FY25 dividend of 22.76 cents and EPS of 13.65 cents. UBS forecasts a full year FY26 dividend of 20.94 cents and EPS of 12.74 cents.
Morgan Stanley	xx/xx/xxxx	3	xxxxx-xxxxxx	-	xx.xx%	Broker commentary and detailed analysis is available for Full Members Only. Login above or Get a Free Trial

BROKER

DATE

RATING

RECOMMENDATION

TARGET PRICE

% TO REACH TARGET

COMMENTARY

Macquarie

xx/xx/xxxx

xxxxxxxxxx

xx.xx%

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UBS

24/02/2025

Buy

Spark New Zealand reported 1H25 EBITDA of NZ$448m, -9% below UBS' estimate, due to higher labour, network support, and IT costs.

Management is targeting over -NZ$100m in cost savings and has announced potential non-core asset sales and data centre partnerships.

The broker sees valuation support emerging but notes near-term headwinds from cost pressures and dividend policy uncertainty.

Financial forecasts have been cut, with FY25, FY26, and FY27 EPS estimates reduced by -20%, -24%, and -1%, respectively, reflecting lower EBITDA guidance and increased depreciation.

UBS analysts have maintained a Buy rating on Spark New Zealand, lowering the price target to NZ$4.25 from NZ$4.55.

FORECAST
UBS forecasts a full year FY25 dividend of 22.76 cents and EPS of 13.65 cents.
UBS forecasts a full year FY26 dividend of 20.94 cents and EPS of 12.74 cents.

Morgan Stanley

xx/xx/xxxx

xxxxx-xxxxxx

xx.xx%

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EXTRA COVERAGE

Display All Commentary

No. Of Recommendations

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER	DATE	RATING	RECOMMENDATION	TARGET PRICE	% TO REACH TARGET	COMMENTARY
Goldman Sachs	xx/xx/xxxx	3	xxxxxxx	-	xx.xx%	Broker commentary and detailed analysis is available for Full Members Only. Login above or Get a Free Trial
Jarden	03/03/2025	2	Overweight	-	-	Spark New Zealand once again cut FY25 EBITDA guidance, this time to NZ$1,040-1,100m from NZ$1,120m-NZ$1,180m. Jarden notes this is the fourth downgrade in a row, and its previously cautious forecast of NZ$1,116m now seems as not cautious enough. The broker reckons the company has not addressed a significant deterioration in the IT business performance, and prefers to forecast FY25 EBITDA at the bottom of the guidance range at NZ$1,046m. Target price declines to NZ$3.10 from NZ$3.80. Overweight rating maintained. FORECAST Jarden forecasts a full year FY25 dividend of 22.76 cents and EPS of 11.01 cents. Jarden forecasts a full year FY26 dividend of 18.20 cents and EPS of 13.74 cents.

BROKER

DATE

RATING

RECOMMENDATION

TARGET PRICE

% TO REACH TARGET

COMMENTARY

Goldman Sachs

xx/xx/xxxx

xxxxxxx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
Login above or Get a Free Trial

Jarden

03/03/2025

Overweight

Spark New Zealand once again cut FY25 EBITDA guidance, this time to NZ$1,040-1,100m from NZ$1,120m-NZ$1,180m.

Jarden notes this is the fourth downgrade in a row, and its previously cautious forecast of NZ$1,116m now seems as not cautious enough.

The broker reckons the company has not addressed a significant deterioration in the IT business performance, and prefers to forecast FY25 EBITDA at the bottom of the guidance range at NZ$1,046m.

Target price declines to NZ$3.10 from NZ$3.80. Overweight rating maintained.

FORECAST
Jarden forecasts a full year FY25 dividend of 22.76 cents and EPS of 11.01 cents.
Jarden forecasts a full year FY26 dividend of 18.20 cents and EPS of 13.74 cents.

Access Extra Coverage Research History >

SPK STOCK CHART

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Dividend Yield Today On Last Actual Payout :	13.23
Estimated Dividend Growth (Average Of Past Three Years)	%
Amount Invested	$
Tell Me The Dividend After This Many Years

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SPARK NEW ZEALAND LIMITED (SPK)
Share Price Analysis and Chart