Forsyth Barr MST Access Research
Forsyth Barr MST Access Research delivers institutional quality research to investors and fund managers on small and microcap companies, leveraging intelligence and insight from the capabilities of both Forsyth Barr and MST Access. The research provided is issuer-sponsored.
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Tower Limited
Robust 1Q25 Trading Update at ASM
12 FEBRUARY 2025 BY JAMES LINDSAY AND WILL TWISS
Tower (TWR) provided a robust 1Q25 trading update, which included further detail on favourable business-as-usual (BAU) claims performance and solid customer growth. We see the latter as the key positive takeaway from the ASM update. TWR added a net +8k NZ policies during the period, predominantly lower-risk house and contents policies. Targeted growth in lower-risk customers highlights the effectiveness of TWR's risk-based pricing initiatives and provides confidence gross written premium (GWP) growth can be sustained as the insurance rate cycle cools. TWR has retained its targets for FY27, including GWP growth of +10% to +15%. Our GWP growth estimate for FY27 of +10% remains at the lower end of this range due to our more conservative assumptions on pricing at this point in the insurance cycle. We make no changes to our forecasts or blended spot valuation of NZ$1.90.

10 February 2025 | ikeGPS - M&A Offer Undervalues Growth Potential

07 February 2025 | Tower Limited - New Year, New Upgrade

29 January 2025 | ikeGPS - 3Q25 Remains Powered-On

29 November 2024 | Tower Limited - Exceptional FY24, Guidance Raised for FY25

28 November 2024 | Rakon Limited - Amid Weak Core Markets, AI Sales Start Soon

26 November 2024 | Radius Residential Care - Caring for the Core Metrics in a Solid 1H25

22 November 2024 | ikeGPS - Pole-Powered Growth in 1H25

21 November 2024 | Scott Technology - Two of Three Segments Shining—ASM Review

12 November 2024 | NZME Limited - FY24 Guidance Downgraded, Plus Web Insights

25 October 2024 | ikeGPS - 1H25 ARR Grows as Enterprise Wins Return

18 October 2024 | Scott Technology - Needing More Meat on the Table

17 October 2024 | Harmoney - Hitting the Right Notes — 1Q25 Trading Update

14 October 2024 | Tower Limited - Sunnier Days and Good Management Deliver

30 September 2024 | ikeGPS - ASM Commentary Lowers FY25 Growth Target

24 November 2022 | Tower Limited - FY22 Guidance Beaten But One-offs Impact

30 November 2022 | ikeGPS - Solid Momentum Shown in 1H23

12 January 2023 | Tower Limited - New Zealand General Insurance Digest

18 January 2023 | Trade Window Holdings - Capital Raising — Up to NZ$20m Being Sought

8 February 2023 | ikeGSP - Powering Up During 3Q23
increase on the prior period.

28 February 2023 | Trade Window Holdings - Capital Raising Falls Short of Expectations but Discussions Continue

2 March 2023 | Trade Window Holdings - Coverage Discontinued

8 March 2023 | Rakon Limited - Looking Beyond a Solid FY23 Guidance Update

13 April 2023 | Scott Technology - 1H23 Results Reinforce ‘Scott 2025’ Strategy

9 May 2023 | Tower Limited - Wild Weather Weighs but Growth Continues

25 May 2023 | Rakon Limited - Robust FY23 Completed

12 December 2023 | Rakon Limited - NZ$1.70 Per Share Offer Received

22 February 2024 | Tower Limited - ASM Positively Surprises

22 February 2024 | NZME Limited - Turning the Page on a Challenging FY23

29 February 2024 | NZME Limited Ad - Market Weakness Drives Newshub Closure

25 March 2024 | Scott Technology - Leadership Transition Amid Continued Growth

17 April 2024 | Scott Technology - Mixed 1H24 Amidst Transition

18 April 2024 | Tower Limited - It's Raining Upgrades

19 April 2024 | ikeGPS - Sales Cycle Turning Positive — 4Q24

24 April 2024 | Rakon Limited - 5G Weakness Persisting, Inventory Stabilising?

8 May 2024 | Scott Technology - Meat Sector Cyclicality Grinds On

22 May 2024 | Turners Automotive Group Ltd - Switching Gears for FY28

30 May 2024 | Rakon Limited - FY24 Result Cyclicality, Opportunities Grow

12 June 2024 | Tower Limited - Calm Claims Help Elevate Profit Projections

16 July 2024 | ikeGPS | Margin Strengthens in 1Q25

31 July 2024 | NZME Limited - Editing Expectations

07 August 2024 | Radius Residential Care - Positive 1Q25 Trading Update

09 August 2024 | Tower Limited - Guidance Upgrades Galore

26 August 2024 | Harmoney - FY24 — Good Progress in a Tough Market

29 August 2024 | Rakon - 5G Challenges Roll On, Opportunities Remain

24 September 2024 | Tower Limited - Positive FY25 Reinsurance Outcome

15 March 2021 | A Tower of Strength

18 May 2021 | Hopes for FY21 Growth Go Up in Smoke

27 May 2021 | Tower 1H21 Result

14 June 2021 | Raining on Expectations

2 November 2021 | Tidying up the Pacific

11 November 2021 | Reassessing Flood and Climate Change Risks

25 November 2021 | FY21 Simplifying the Story

24 January 2022 | Hunga Tonga — Hunga Ha'apai

3 February 2022 | Steady as She Goes - But Growing

27 May 2022 | FY22 Record Result Awaits New Capacity

10 June 2022 | The Front Line of Trade

14 September 2022 | ikeGPS Group Ltd

3 October 2022 | ikeGPS - Solid AGM Update Driven By Customer & USD Tailwinds

19 October 2022 | ikeGPS - Exceptional Momentum Continues in 1H23

21 November 2022 | Trade Window Holdings - 1H23 — Awaiting Offshore Growth Drivers

25 November 2022 | Rakon Limited - Post Strong 1H23 Result, Outlook Softens

16 January 2023 | Trade Window Holdings - Updated Guidance and Longer Term Outlook

20 January 2023 | Scott Technology - Transforming Industry via Smart Automation

20 February 2023 | Tower Limited - FY23 Estimates Flooded, but the Inflationary Environment Continues in Higher GWP Growth

1 March 2023 | Tower Limited - 1Q23 and ASM Updates

8 March 2023 | Turners Automotive Group Ltd - Fueling Growth Despite Headwinds

5 April 2023 | Tower Limited Edition 3 — NZ General Insurance Digest

5 May 2023 | ikeGPS - Solid 4Q23 Update as FY23 Electrifies

24 May 2023 | Turners Automotive Group Ltd - Brand Momentum Drives Market Share Growth

31 May 2023 | ikeGPS Operating Leverage Emerges on Stellar Topline

18 July 2023 | Rakon Limited - Demand and Inventory Led Softness Continues

20 July 2023 | Tower Limited - Claims Inflation Steals Wild Weather's Thunder

27 July 2023 | ikeGPS - Transactions Stumble while Subscriptions Surge

4 August 2023 | MHM Automation - Automation and Materials Handling Go Global

24 August 2023 | Turners Automotive Group Ltd - Core Auto Retailing Continues to Drive Results

31 August 2023 | MHM Automation - Unpacking the Wyma Acquisition and MHM's Solid Organic Growth Story

29 September 2023 | Tower Limited - Successful FY24 Reinsurance Placement

2 October 2023 | ikeGPS - Key Customer Transactional Delays Continue

11 October 2023 | Turners Automotive Group Ltd Speeding to Record Profits in 1H24

17 October 2023 | Tower Limited - FY23 Updated for Final Large Event Costs

19 October 2023 | Scott Technology - FY23 Result — Core Growth

26 October 2023 | ikeGPS 1H24 Trading Update — Transactional Delays

30 October 2023 | Rakon Limited - Telecoms Weakness Persists

6 November 2023 | Scott Technology - MHM Takeover Crystallises Value

6 November 2023 | MHM Automation - Scheme Implementation Agreement Signed

9 November 2023 | NZME Limited - Navigating Media's Digital Wave

15 November 2023 | Tower Limited - Customer Remediation Process Update

24 November 2023 | Rakon Limited - 1H24 — Sector Weakness Deepens
considerably.

24 November 2023 | Tower Limited - Goodbye FY23 Floods, Hello FY24
and large events claims costs.

23 November 2023 | Turners Automotive Group Ltd - Steering Through 1H24 Drives Growth
growth in revenue and profitability.

30 November 2023 | ikeGPS 1H24 Transactional Revenue Weakness

16 November 2023 | NZME Limited - Investor Day Highlights—2023

22 December 2023 | ikeGPS Top US Utility Signs on in PoleForeman Deal

9 February 2024 | ikeGPS Subscriptions Power On as Transactions Dim

26 January 2024 | Rakon Limited MercuryX™ and the AI Hardware Revolution
satellite applications...

13 February 2024 | Turners Automotive Group Ltd - Motoring Towards Another Record Result

15 February 2024 | Tower Limited - Clear Sky at Night, Tower's Delight

20 February 2024 | Harmoney - The Sweet Sound of Operational Leverage

22 February 2024 | MHM Automation - Cessation of Coverage on Pending Delisting

26 February 2024 | Harmoney - Tuning up the Efficiency in 1H24

14 March 2024 | Scott Technology - Rocklabs' New Auckland Site Grand Opening

12 April 2024 | Tower Limited - Benign is Divine

1 May 2024 | Harmoney - Stellare® 2.0 Efficiency Offsets Slower Growth

16 May 2024 | Rakon Limited - Launching into the LEO NewSpace Market

29 May 2024 | Tower Limited - Event-Less 1H24 Sees Earnings Jump

31 May 2024 | ikeGPS FY24 Result Held Back, On Pole for FY25

30 June 2024 | Radius Residential Care - Aged Care Focus Drives Superior Returns

20 June 2024 | Radius Residential Care | Aged Care Focus Drives Superior Returns

29 July 2024 | ikeGPS - Transactions Back on the Map
the next 36 months.

28 August 2024 | NZME Limited - Displaying Progress With 1H24 Result

09 September 2024 | Tower Limited - Strategic Progress on Multiple Fronts

23 September 2021 | New Guidance on the Journey

17 December 2021 | Stars Align

3 February 2022 | Sector and 5G Market Updated

11 February 2022 | Shooting for the Stars

27 May 2022 | 1H22 Growth Upset by Large Events

12 August 2022 | 2022 ASM - Initial FY23 Guidance Impresses

3 October 2022 | Tower Limited - FY23 Reinsurance Programme Update

5 October 2022 | Tower Limited - New Zealand General Insurance Digest

31 October 2022 | Trade Window Holdings - US Footprint and Key Partner Announced

8 February 2023 | Turners Automotive Group Ltd - Driving in the Right Direction

20 June 2023 | Rakon Limited - New Indian Plant Opens Opportunities

4 July 2023 | Tower Limited - Tidy Up Continues With Solomon Islands Sale
Copyright Forsyth Barr Limited. You may not redistribute, copy, revise, amend, create a derivative work from, extract data from, or otherwise commercially exploit these publications in any way. These publications have been prepared in good faith based on information obtained from sources believed to be reliable and accurate.
These publications are general in nature and should not be regarded as personalised investment advice. For personalised financial advice contact your Forsyth Barr Investment Adviser.