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

New Guidance on the Journey

23 SEPTEMBER 2021 BY JAMES LINDSAY

Given recent weather events, constraints due to COVID-19 and inflationary pressures there was always the risk Tower (TWR) would need to re-visit its earnings guidance for the upcoming FY21 result. Management has now done so, suggesting the change was driven by (1) an elevated number of individual fires in recent weeks and months; (2) further information on the impacts of supply chain constraints from COVID-19; and (3) ongoing industry-wide inflation impacts on both home and motor.

VIEW FULL REPORT

Forsyth Barr MST Access ResizedImageWzYwMCwyODNd

14 June 2021 | Raining on Expectations

Tower (TWR) has provided estimates of the impact of the recent Canterbury floods which has lifted its annual assumption for ‘large events’ to the maximum annual level of NZ$14.0m versus NZ$9.7m previously.

VIEW REPORT

27 May 2021 | Tower 1H21 Result

Tower (TWR) reported a disappointing 1H21 result and we have again downgraded our estimates. We remain encouraged by the strong premium growth from the Tower Direct business and continued efficiency improvements, but now expect some permanent degradation.

VIEW REPORT

18 May 2021 | Hopes for FY21 Growth Go Up in Smoke

Tower (TWR) has downgraded its FY21 guidance for underlying NPAT from >NZ$29.8m to NZ$25–27m (-13% at the midpoint) a little over a week out from its 1H21 result. We have made preliminary adjustments to our forecasts based on the limited details released.

VIEW REPORT

15 March 2021 | A Tower of Strength

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.

VIEW REPORT

MST Access Research

Copyright Forsyth Barr Limited. You may not redistribute, copy, revise, amend, create a derivative work from, extract data from, or otherwise commercially exploit these publications in any way. These publications have been prepared in good faith based on information obtained from sources believed to be reliable and accurate.

These publications are general in nature and should not be regarded as personalised investment advice. For personalised financial advice contact your Forsyth Barr Investment Adviser.