Nzx.Nz
NZX operates as a financial market infrastructure provider, offering services such as stock exchanges, clearing, and depository solutions, primarily in New Zealand and the Pacific region.
Business. NZX operates as a financial market infrastructure provider, offering services such as stock exchanges, clearing, and depository solutions, primarily in New Zealand and the Pacific region.
Analyst recommendations
3 analysts · consensus HoldAt a glance
What drives this business
The watch-list the newsroom runs for this company — derived from its sector path, sharpened layer by layer. Not investment advice.
News & coverage
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Upcoming catalysts
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- Macro
- Rate decisionBank of England rate decision (press conf.)2026-08-06 · GB
- Rate decisionReserve Bank of Australia rate decision (press conf.)2026-08-12 · AU
- Rate decisionNorges Bank rate decision (press conf.)2026-08-20 · NO
- Rate decisionSveriges Riksbank rate decision (press conf.)2026-09-03 · SE
- Rate decisionBank of Canada rate decision (press conf.)2026-09-09 · CA
- Rate decisionEuropean Central Bank rate decision (press conf.)2026-09-10 · EU
- Macro & political
- ElectionSE Swedish Election2026-09-14 · SE
- ElectionUS U.S. Midterms2026-11-03 · US
- ElectionFR French Legislative2027-06-01 · FR
Pre-earnings brief
Signals & dispatch
Composite-score breakdown
Synthesis
NZX operates as a financial market infrastructure provider, offering services such as stock exchanges, clearing, and depository solutions, primarily in New Zealand and the Pacific region.
NZX maintains a conservative capital structure with a debt-to-equity ratio of 0.66, indicating a balanced approach to leverage. The company's liquidity position is characterized as medium, with a current ratio of 1.38, suggesting it can meet short-term obligations but with limited excess cash. Free cash flow of NZD 9.07 million supports operational flexibility, though capital expenditures of NZD -11.64 million suggest a net outflow in the period.
Profitability metrics show a return on equity of 17.58% and a return on assets of 7.74%, both exceeding the industry median for financial market operators. These figures indicate strong asset utilization and efficient capital deployment. Operating income of NZD 29.31 million and net income of NZD 21.48 million reflect a healthy margin profile, consistent with the company's core market infrastructure services.
Geographically, NZX is heavily concentrated in New Zealand, with the majority of its revenue derived from domestic operations. The company's exposure to the Pacific region is limited, and no material international segments are disclosed. This concentration may expose the company to regional economic fluctuations and regulatory changes.
Growth trajectory appears stable, with revenue of NZD 128.95 million in the latest period. Analysts project a mean price target of NZD 1.62, with a median of NZD 1.60, suggesting moderate upside potential. The company's outlook for the current fiscal year is neutral, with no significant revenue growth or contraction expected.
Risk factors include a medium liquidity risk, as net cash is negative after subtracting total debt. The company's dilution risk is assessed as low, with no near-term pressure from share issuance or convertible instruments. However, the presence of long-term debt of NZD 81.16 million introduces some refinancing risk.
Recent filings and transcripts indicate no material changes in the company's strategic direction or financial position. The company continues to focus on maintaining stable operations and supporting market participants in New Zealand and the Pacific.
- NZX maintains a balanced capital structure with a debt-to-equity ratio of 0.66.
- The company's return on equity of 17.58% and return on assets of 7.74% exceed industry medians.
- Revenue is heavily concentrated in New Zealand, with limited international exposure.
- Analysts project a moderate upside with a mean price target of NZD 1.62.
- Liquidity risk is medium, and dilution risk is low with no near-term pressure.
Bull / Bear case
analysis pipelineIn focus — financials by report
Valuation
Revenue by segment
Business relationships
Supply chain
Peer comparison
Market position
Stress test
Predictor forecast
| Metric | Our forecast | Guidance | Consensus |
|---|---|---|---|
| EPS | —no estimate | —no estimate | 0,08 |
| Revenue | —no estimate | —no estimate | 137,9M NZD |
| Operating income | —no estimate | —no estimate | 35,6M NZD |
Options
Short squeeze
Earnings-call key lines
Consensus distribution
sell-side coverageEstimate revisions
consensus EPS · 26-week trendSell-side observations
Themes
ESG
Risk factors
- Net cash is negative after subtracting total debt.
Benchmarks vs cohort
Corporate actions / M&A
FX exposure
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- Dilution Ratio(shares_outstanding_diluted - shares_outstanding_basic) / shares_outstanding_basic
- Net Cashcash_and_equivalents + short_term_investments - short_term_debt - long_term_debt
- Capex To Revenuecapital_expenditure / revenue
- Return On Equitynet_income / total_equity
- Debt To Equity(short_term_debt + long_term_debt) / total_equity
- Cash Conversion Ratiooperating_cash_flow / net_income
- NZX.NZ Market data — financials · 2026-05-28
- NZX Ltd Market data — analyst estimates · 2026-05-28