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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

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$0.4M REVENUE/EMPLOYEE (BY 2020) ■■

Improve employee

ORGANIC REVENUE GROWTH ■■

Focus on high quality revenue and earnings

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E leverage

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DOUBLE DIGIT TOTAL SHAREHOLDER RETURN

Profile for Richard

Elevation Capital Research Annual 2018  

Elevation Capital Research Annual 2018