Bell Potter's recent note with PT of $12.70 and sell rating assumes foreign exchange headwinds caused by by rising NZD against USD.
I don't agree with their story line because they assume there is no currency exchange management.
A2m foreign currency risk management is at page 87 of their 2020 Annual Report and is an approach used by many companies. It looks ok to me.
But in any case if you go to page 60 of their Annual report the cost of goods sold for the entire 2020 financial year is NZD 762 million and their cash at bank is converted to NZD 854 million. 80% of the NZD 854 million is actually NZD so they could fund an entire future years cost of goods sold without any conversion of USD to NZD.
For these reasons I will not be using their forecasts.
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- Bell Potter more conjecture assertion and bs! Analysts they are not!
Bell Potter more conjecture assertion and bs! Analysts they are not!, page-65
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