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

Raining on Expectations

14 JUNE 2021 BY JEREMY SIMPSON, CFA AND MATT NOLAND

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. As a result, TWR has downgraded its FY21 earnings guidance but reiterated existing dividend guidance of between 5.0cps to 5.5cps. Our forecasts have not changed materially and we remain with a spot valuation of NZ$0.95.

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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.

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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.

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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.

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MST Access Research

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