First NZ Capital still 'neutral' on Fonterra Shareholders' Fund

Thu, 24 Mar 2016

By Edwin Mitson March 24 (BusinessDesk) - One of New Zealand's largest stockbrokers, First NZ Capital, has retained its 'neutral' recommendation on Fonterra Shareholders' Fund, which gives outside investors access to the dairy cooperatives' revenue stream. In an investor note, First NZ's equity analysts say the company has a long history of poor free cash flow generation and has consistently underperformed when investors' profits are considered against the cost of supplying the co-operative with capital. The authors argue the business is...

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