E&P Capital initiates coverage on Spark New Zealand with 'neutral'

Spark New Zealand

08/12/2023 02:30

** Analysts at E&P Capital initiate coverage on telco Spark
New Zealand  SPK.NZ  with A$5.10 price target
    ** Rates the stock "Neutral"
    ** Brokerage says SPK is trading on higher EBITDA multiple
to other telcos in the region and does not see meaningful upside
from current trading levels
    ** Adds an increase in wireless broadband in New Zealand is
expected to be positive for margins on co
    ** Says co's strong cash generation underpins a dividend
yield of greater than 5%
    ** Shares slip as much as 1.2% 
    ** Stock has fallen 3.9% this year as of last close 

 (Reporting by Rishav Chatterjee in Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com;))