FNZC likes NZX's funds management business, lowers target price

Tue, 30 Oct 2018

By Pattrick Smellie Oct. 30 (BusinessDesk) - Broking house First NZ Capital sees NZX's funds management as one of its engines of growth, but has lowered its target share price until there's evidence that recent restructuring of the core market business is bearing fruit. In a note to clients from analyst Greg Main, FNZC reduced its forecasts for NZX earnings before interest, tax, depreciation and amortisation by 3 percent and 4 percent for the 2018 and 2019 financial years respectively after the stock market operator reported lower than ex...

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