How are the Government’s Commercial Businesses Faring?

How are the Government’s Commercial Businesses Faring? Currently, the government owns or part-owns eighteen large commercial businesses with combined assets totalling $78 billion. These businesses include three electricity generator/retailers, an airline, a post/courier company, a bank and minority stakes in three airports amongst other enterprises. Together these commercial enterprises account for 10% [...]

TDB Advisory Scholarship

TDB Advisory Scholarship TDB Advisory is pleased to introduce the TDB Advisory Scholarship. The TDB Advisory Scholarship is s for top performing students of Māori or Pasifika descent entering into an Honour’s or Master’s programme in Economics or Finance at Te Herenga Waka—Victoria University of Wellington. The scholarship includes  $5,000 to support [...]

Iwi investment in 2021

Iwi investment 2021 Our seventh annual Iwi Investment Report reviewed a strong year for iwi. The iwi covered in this report are: Ngāi Tahu, Ngāpuhi, Ngāti Awa, Ngāti Pāhauwera, Ngati Porou, Ngāti Whātua Ōrākei, Raukawa, Tūhoe and Waikato-Tainui. These nine iwi now have combined assets of approximately $6.3 billion. Of these iwi: [...]

Iwi investment

Iwi Investment Our latest Iwi Investment Report reviews a challenging year, with iwi assets impacted by COVID-19. Hibernating tourism businesses, empty hotels, exports sitting in the harbour and volatile financial markets each left their mark. Of the nine iwi in our report (including Ngāti Pāhauwera for the first time): three large iwi [...]

a2: White gold

a2: 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 [...]

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 [...]

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. [...]

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 [...]

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 [...]