New Zealand Undervalued over 20% based on DCF

Meridian Energy

Market Cap: NZ$14.4b

Engages in the generation and retailing of electricity to residential, business, and industrial customers in New Zealand, Australia, and the United Kingdom.

Contact Energy

Market Cap: NZ$10.0b

Generates and sells electricity and natural gas in New Zealand.

a2 Milk

Market Cap: NZ$8.3b

Sells A2-type protein type branded milk and related products in Australia, New Zealand, China, rest of Asia, and the United States.

Mainfreight

Market Cap: NZ$5.9b

Provides supply chain logistics services in New Zealand, Australia, the Americas, Europe, and Asia.

Vector

Market Cap: NZ$4.8b

Engages in electricity and gas distribution, telecommunication and new energy solutions businesses in New Zealand.

Spark New Zealand

Market Cap: NZ$3.9b

Provides telecommunications and digital services in New Zealand.

Goodman Property Trust

Market Cap: NZ$2.9b

A managed investment scheme, listed on the NZX.

Freightways Group

Market Cap: NZ$2.2b

Provides express package and business mail, and information management services in New Zealand, Australia, and internationally.

Precinct Properties NZ & Precinct Properties Investments

Market Cap: NZ$1.9b

Precinct Properties NZ Ltd & Precinct Properties Investments Ltd is the largest owner, manager and developer of premium city center real estate in Auckland and Wellington.

Skellerup Holdings

Market Cap: NZ$1.0b

Designs, manufactures, and distributes engineered products for various specialist industrial and agricultural applications.

Briscoe Group

Market Cap: NZ$1.0b

Engages in retailing homeware and sporting products in New Zealand.

Argosy Property

Market Cap: NZ$956.5m

Argosy Property Limited (APL or the Company) is an FMC Reporting Entity under the Financial Markets Conduct Act 2013 and the Financial Reporting Act 2013.

Gentrack Group

Market Cap: NZ$738.8m

Engages in the development, integration, and support of enterprise billing and customer management software solutions for the energy and water utility, and airport industries.

Napier Port Holdings

Market Cap: NZ$688.7m

Provides various port services in New Zealand.

Sanford

Market Cap: NZ$673.2m

Engages in the farming, harvesting, processing, storage, and marketing of seafood products.

Stride Property Group

Market Cap: NZ$604.2m

Stride Stapled Group is a real estate investment firm specializing in co-investments and investments in commercial, retail, and industrial real estate properties.

Tourism Holdings

Market Cap: NZ$464.5m

Operates as a tourism company worldwide.

Vista Group International

Market Cap: NZ$391.7m

Provides software and technology solutions to the film industry sectors in New Zealand and internationally.

Scott Technology

Market Cap: NZ$201.8m

Engages in the design, manufacture, sale, and servicing of automated and robotic production lines and processes for various industries in New Zealand and internationally.

Marlin Global

Market Cap: NZ$198.4m

Operates as an investment company.

Asset Plus

Market Cap: NZ$66.4m

NPT Limited operates as a property company.

2 Cheap Cars Group

Market Cap: NZ$27.3m

Engages in used automotive vehicle retail and vehicle finance businesses in New Zealand.

General Capital

Market Cap: NZ$25.7m

Provides financial services in New Zealand.

Burger Fuel Group

Market Cap: NZ$10.7m

Operates as a franchisor of gourmet burger and chicken restaurants in New Zealand and internationally.

Solution Dynamics

Market Cap: NZ$8.3m

Provides customer communication solutions in New Zealand, Australia, the United States, and Europe.