Yielding to Spark’s Dependability

The 1% rise in Spark New Zealand’s fiscal 2021 EBITDAI to NZD 1,124 million was another in-line result relative to our estimate, as was the guidance range of NZD 1,130 million to NZD 1,160 million for fiscal 2022 (versus our unchanged NZD 1,146 million forecast). This consistency, backed by a steady NZD 433 million in free cash flow, showcases the defensive character of Spark, a telecom utility that has delivered dividend of NZD 0.25 per share every year since fiscal 2016, come rain, hail or COVID-19.