Forsyth Barr MST Access Research
Forsyth Barr MST Access Research delivers institutional quality research to investors and fund managers on small and microcap companies, leveraging intelligence and insight from the capabilities of both Forsyth Barr and MST Access. The research provided is issuer-sponsored.
Latest report
Tower
A Tower of Strength
15 MARCH 2021 BY ZOIE REGAN
We initiate coverage of Tower (TWR), a New Zealand based pure-play general insurer, focussed predominately on personal lines insurance throughout New Zealand and the Pacific Islands. TWR has approximately 300k customers, NZ$385m gross written premiums (GWP) and has a 9% share of New Zealand personal lines market. After many tough years for shareholders, we believe today TWR is on the cusp of delivering increasing returns on equity through a combination of improving operational performance and improving capital management. We estimate TWR has a 7.8% 12 month forward cash dividend yield and despite recent strength in the share price we see further upside based on our NZ$0.96 spot valuation.
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