SP dropping below $2.00 hurts, page-51

The WAM Leaders (WLE) portfolio is also taking a hit to their performance due partly to the incompetence of SPK management.
They summarise SPKs potential from the Feb 2025 investment update:

Spark New Zealand is a telecommunications operator in New Zealand providing a diversified range of
services including fixed, mobile, and broadband to consumers and businesses. Its earnings results
reflected a softer-than-expected operating environment, with continued weakness in enterprise and
government spending amid a challenging macroeconomic backdrop in New Zealand. These pressures
were compounded by higher than anticipated operating costs, impacting overall performance. Despite
these headwinds, we continue to hold Spark as we believe current market conditions are largely
reflected in the share price. The company remains well-positioned to benefit from its cost reduction
program and a stabilising New Zealand economy, where we anticipate operating leverage from a
cyclical recovery. Spark also remains catalyst rich, with potential upside from its asset sales, further
certainty on data centre funding and updates on its cost-efficiency targets.