OPPORTUNITIES (1) BECOME THE #1 REGIONAL EXCHANGE OPERATOR IN THE WORLD ■
NZX is in an enviable position with a core markets business that has three business reporting units all with operating margins of 70% and above.
We believe if Management is able to truly focus on its core markets business, and work to achieve the following financial target/metrics that we have set out below, we believe that NZX would be able to deliver consistent double digit returns for its shareholders (over the market cycle).
TSR 0%-1% ORGANIC EXPENSE GROWTH
1%-2% 50% EBITDA MARGIN (BY 2020) ■■
Divest non-core businesses
$0.4M REVENUE/EMPLOYEE (BY 2020) ■■
ORGANIC REVENUE GROWTH ■■
Focus on high quality revenue and earnings
DOUBLE DIGIT TOTAL SHAREHOLDER RETURN