White gold

White gold The market value of Fonterra’s equity is $10.6 billion.  Fonterra’s NPAT in FY17 was $745 million.  That gives the company a P/E multiple of 14. The market value of The a2 Milk Company’s equity is now $6.1 billion – almost 60% of Fonterra’s. a2 Milk’s NPAT in FY17 was $91 [...]

2020-09-15T22:11:31+00:00September 15th, 2020|Agribusiness, Investment Strategy|Comments Off on White gold

Iwi Investment

Iwi Investment Over the last twenty years, around 70 iwi have reached Treaty settlements with the Crown. The settlements total around $2.4b. In our third annual Iwi Investment Report, TDB estimate iwi have now grown their total assets to around $7.8b. The eight iwi covered in our report – which account for [...]

2020-09-15T22:09:39+00:00September 14th, 2020|Investment Strategy, Maori Economy, Treasury and Risk Management|Comments Off on Iwi Investment

Small dairy players on the rise

Smaller dairy players on the rise Which dairy companies are performing the best? The second edition of the TDB Dairy Companies Review points to strong performance from a number of Fonterra’s smaller rival firms with Fonterra losing market share as a consequence – now down to 82% from 96% back in 2001. [...]

2020-09-15T22:21:38+00:00September 14th, 2020|Agribusiness, Investment Strategy|Comments Off on Small dairy players on the rise

Growth continues for New Zealand’s iwi

Growth continues for New Zealand's iwi The combined wealth of New Zealand’s iwi is now around $9 billion. The 75 post-settlement iwi continue to take a variety of approaches to managing their asset bases, with total growth of around $1.2 billion over the past year. What does this growth look like, what [...]

2020-03-04T04:50:06+00:00March 3rd, 2020|Investment Strategy, Maori Economy|Comments Off on Growth continues for New Zealand’s iwi

National cost-benefit analysis

National cost-benefit analysis National Cost-Benefit Analysis (NCBA) is a well-established and internationally recognised means for assisting social decision making. NCBA has been used by the World Bank since at least the 1950s and is often used by TDB Advisory in the present day. Cost-benefit analysis is applicable and useful in a truly [...]

2020-09-15T21:42:04+00:00March 2nd, 2020|Health, Investment Strategy|Comments Off on National cost-benefit analysis

Insight into iwi investment in 2019

Insight into iwi investment in 2019 Every year,  TDB reviews the corporate structures, investment strategies and investment performance of selected iwi across New Zealand. Our 2019 Iwi Investment report looks at eight of the largest iwi: Ngāi Tahu; Ngāpuhi; Ngāti Awa; Ngāti Porou; Ngāti Whātua Ōrākei; Raukawa; Tūhoe and Waikato-Tainui, which have [...]

2020-09-15T21:28:35+00:00February 27th, 2020|Investment Strategy, Maori Economy|Comments Off on Insight into iwi investment in 2019

The Mixed Ownership Model – did it work?

The Mixed-Ownership Model - did it work? In a recent article in the NBR entitled “SOEs’ selldown rewarded investors, not taxpayers”, Brent Sheather discussed the results of the selldown by the Crown of 49% of its shares in Meridian Energy, Genesis Energy and Mercury (the “Mixed Ownership Model”). Sheather noted the large [...]

2020-09-15T21:51:31+00:00September 1st, 2019|Government, Investment Strategy|Comments Off on The Mixed Ownership Model – did it work?
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