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Composite 0-100 score identifying NZX companies that may be susceptible to activist campaigns, based on 8 governance and financial factors
Average score per factor across all analysed companies. Higher averages may indicate systemic patterns.
Sorted by composite vulnerability score (highest first). Scores are indicative only and do not constitute investment advice.
| Ticker | Company | Sector | Score | Rating | Gov | Own | Pay | Ent | Cov | Top Factors |
|---|---|---|---|---|---|---|---|---|---|---|
| CVT | Comvita Limited | Industrials | 56 | Elevated | 58 | 90 | 65 |
The Activist Vulnerability Score aggregates 8 factors into a single 0-100 composite score. Higher scores may indicate a greater number of characteristics associated with activist targeting, based on available data. The score is an analytical tool and does not predict or encourage activist activity.
See also: Corporate Risk Score — composite litigation, regulatory, governance risk. · Dissent Tracker — AGM voting dissent analysis. · CEO Pay vs Returns — CEO compensation vs shareholder returns. · Ownership Intelligence — top 20 shareholder analysis.
Identifies NZX companies potentially vulnerable to activist campaigns based on governance risk, capital allocation, and financial weakness signals.
Companies with multiple governance indicators below common thresholds. Flags include: low board independence (<50%), no female directors, resolutions not passed, directors with 12+ year tenure (NZX independence threshold), and low GRS scores (<50).
A data-driven ranking of all NZX companies by their Governance Risk Score (v2.0)
Data sourced from NZX governance data, shareholder registers, AGM voting records, financial statements, and political connection data. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz.
For informational purposes only. Not investment advice.
| 0 |
| 100% |
| Director Failure Rate: Average board failure rate of 238.1% may indicate governance concerns based on director track records; Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake |
| SKC | SkyCity Entertainment Group Limited | Consumer Discretionary | 52 | Elevated | 48 | 90 | 85 | 0 | 100% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake; Capital Allocation: ROIC of -7.3% may suggest suboptimal capital allocation relative to estimated cost of capital |
| RGI | Rua Gold Inc | Materials | 51 | Elevated | 83 | -- | -- | -- | 50% | Capital Allocation: ROIC of -139.8% may suggest suboptimal capital allocation relative to estimated cost of capital; Governance Risk: Governance score of 17.14 may indicate structural weaknesses that could attract activist attention |
| ERD | EROAD | Industrials | 50 | Elevated | 51 | 90 | 70 | 0 | 100% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake; Capital Allocation: ROIC of -0.1% may suggest suboptimal capital allocation relative to estimated cost of capital |
| VGL | Vista Group International Limited | Information Technology | 49 | Elevated | 54 | 90 | 55 | 40 | 100% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake; Capital Allocation: ROIC of 1.8% may suggest suboptimal capital allocation relative to estimated cost of capital |
| LOC | Locate Technologies Limited | Information Technology | 48 | Elevated | 74 | -- | -- | -- | 50% | Capital Allocation: ROIC of -0.1% may suggest suboptimal capital allocation relative to estimated cost of capital; Governance Risk: Governance score of 25.71 may indicate structural weaknesses that could attract activist attention |
| SVR | Savor Limited | Consumer Staples | 48 | Elevated | 32 | 90 | 60 | 0 | 100% | Director Failure Rate: Average board failure rate of 500.0% may indicate governance concerns based on director track records; Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake |
| MEX | Minerals Exploration Limited | Materials | 46 | Elevated | 50 | 90 | 60 | 0 | 88% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake; Capital Allocation: ROIC of -30.3% may suggest suboptimal capital allocation relative to estimated cost of capital |
| VHP | Vital Healthcare Property Trust | Real Estate | 46 | Elevated | 61 | 90 | 45 | 0 | 88% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake; Capital Allocation: ROIC of -1.7% may suggest suboptimal capital allocation relative to estimated cost of capital |
| SKO | Serko Limited | Industrials | 45 | Elevated | 29 | 90 | 70 | 55 | 100% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake; Capital Allocation: ROIC of -24.2% may suggest suboptimal capital allocation relative to estimated cost of capital |
| ARB | ArborGen Holdings Limited | Industrials | 44 | Elevated | 40 | 90 | 70 | 0 | 100% | Ownership Concentration: Dispersed ownership (HHI 1) may make it easier for an activist to build a meaningful stake; Capital Allocation: ROIC of -0.1% may suggest suboptimal capital allocation relative to estimated cost of capital |
| RAK | Rakon Limited | Information Technology | 44 | Elevated | 57 | 90 | 10 | 0 | 100% | Shareholder Dissent: Average AGM dissent of 32.0% across 11 resolutions may indicate shareholder discontent; Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake |
| RYM | Ryman Healthcare Limited | Healthcare | 44 | Elevated | 22 | 90 | 85 | 10 | 100% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake; Capital Allocation: ROIC of -7.4% may suggest suboptimal capital allocation relative to estimated cost of capital |
| APL | Asset Plus | Real Estate | 43 | Elevated | 25 | 90 | 60 | 55 | 100% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake; Capital Allocation: ROIC of -4.8% may suggest suboptimal capital allocation relative to estimated cost of capital |
| ENS | Enprise Group Limited | Information Technology | 43 | Elevated | 43 | 90 | 60 | 10 | 100% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake; Capital Allocation: ROIC of -41.0% may suggest suboptimal capital allocation relative to estimated cost of capital |
| STU | Steel & Tube Holdings Limited | Materials | 43 | Elevated | 21 | 90 | 70 | 40 | 100% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake; Capital Allocation: ROIC of -4.7% may suggest suboptimal capital allocation relative to estimated cost of capital |
| FCG | Fonterra Co-operative Group Limited | Consumer Staples | 42 | Elevated | 32 | 90 | 100 | 0 | 88% | Pay Performance: CEO compensation of $6.1M alongside -28.3% one-year return may suggest pay-performance misalignment; Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake |
| TWL | TradeWindow Holdings Limited | Industrials | 42 | Elevated | 30 | 90 | 60 | 40 | 100% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake; Capital Allocation: ROIC of -0.0% may suggest suboptimal capital allocation relative to estimated cost of capital |
| AGL | Accordant Group Limited | Utilities | 41 | Elevated | 28 | 90 | 60 | 40 | 100% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake; Capital Allocation: ROIC of -6.0% may suggest suboptimal capital allocation relative to estimated cost of capital |
| AIR | Air New Zealand | Industrials | 41 | Elevated | 25 | 90 | 85 | 0 | 100% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake; Pay Performance: CEO compensation of $2.8M alongside -25.0% one-year return may suggest pay-performance misalignment |
| ANZ | ANZ Group Holdings Limited | Financials | 41 | Elevated | 32 | 90 | 50 | 0 | 100% | Shareholder Dissent: Average AGM dissent of 37.4% across 20 resolutions may indicate shareholder discontent; Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake |
| AOF | AoFrio Limited | Financials | 41 | Elevated | 25 | 90 | 60 | 40 | 100% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake; Capital Allocation: ROIC of -12.7% may suggest suboptimal capital allocation relative to estimated cost of capital |
| IFT | Infratil Limited | Utilities | 41 | Elevated | 31 | 90 | -- | 40 | 88% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake; Capital Allocation: ROIC of -3.2% may suggest suboptimal capital allocation relative to estimated cost of capital |
| SML | Synlait Milk Limited | Consumer Staples | 41 | Elevated | 37 | 90 | 60 | 0 | 100% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake; Capital Allocation: ROIC of -3.8% may suggest suboptimal capital allocation relative to estimated cost of capital |
| BAI | Being AI | Healthcare | 40 | Elevated | 39 | 90 | 60 | 0 | 100% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake; Capital Allocation: ROIC of -2.4% may suggest suboptimal capital allocation relative to estimated cost of capital |
| BPG | Black Pearl Group Limited | Information Technology | 40 | Elevated | 32 | 90 | 60 | 0 | 100% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake; Capital Allocation: ROIC of -106.3% may suggest suboptimal capital allocation relative to estimated cost of capital |
| DGL | Delegat Group Limited | Consumer Staples | 40 | Elevated | 50 | 90 | 35 | 0 | 88% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake; Governance Risk: Governance score of 50.34 suggests moderate governance practices |
| EBO | EBOS Group Limited | Healthcare | 40 | Elevated | 23 | 90 | 100 | 0 | 100% | Pay Performance: CEO compensation of $6.4M alongside -24.3% one-year return may suggest pay-performance misalignment; Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake |
| FSF | Fonterra Shareholders' Fund | Consumer Staples | 40 | Elevated | 40 | 90 | 85 | 10 | 88% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake; Pay Performance: CEO compensation of $8.3M alongside -14.0% one-year return may suggest pay-performance misalignment |
| SMI | Santana Minerals Ltd | Materials | 40 | Elevated | 34 | 90 | 60 | 0 | 100% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake; Capital Allocation: ROIC of -3.3% may suggest suboptimal capital allocation relative to estimated cost of capital |
| WCO | WasteCo Group Limited | Industrials | 40 | Elevated | 33 | 90 | 60 | 0 | 100% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake; Capital Allocation: ROIC of -8.5% may suggest suboptimal capital allocation relative to estimated cost of capital |
| BIF | Booster Innovation Fund | Financials | 39 | Moderate | 72 | -- | -- | 0 | 63% | Capital Allocation: ROIC of -8.5% may suggest suboptimal capital allocation relative to estimated cost of capital; Governance Risk: Governance score of 28.28 may indicate structural weaknesses that could attract activist attention |
| MEE | Me Today Limited | Consumer Staples | 39 | Moderate | 26 | 90 | 60 | 0 | 100% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake; Capital Allocation: ROE of -60.4% may suggest suboptimal capital allocation relative to estimated cost of capital |
| NTL | New Talisman Gold Mines Ltd | Industrials | 39 | Moderate | 47 | 90 | 60 | 0 | 100% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake; Shareholder Dissent: Average AGM dissent of 19.3% across 9 resolutions may indicate shareholder discontent |
| TRU | TRUSCREEN GROUP LIMITED | Industrials | 39 | Moderate | 31 | 90 | 60 | 0 | 100% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake; Capital Allocation: ROIC of -222.5% may suggest suboptimal capital allocation relative to estimated cost of capital |
| CCC | Cooks Coffee Company Limited | Consumer Staples | 38 | Moderate | 34 | 90 | 60 | 0 | 100% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake; Capital Allocation: ROE of -17.7% may suggest suboptimal capital allocation relative to estimated cost of capital |
| HFL | Henderson Far East Income Limited | Financials | 38 | Moderate | 57 | 90 | -- | 0 | 63% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake; Governance Risk: Governance score of 43.45 suggests moderate governance practices |
| PCT | Precinct Properties New Zealand Limited | Real Estate | 38 | Moderate | 21 | 90 | 70 | 0 | 100% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake; Capital Allocation: ROIC of -1.1% may suggest suboptimal capital allocation relative to estimated cost of capital |
| PLP | Private Land and Property Fund | Real Estate | 38 | Moderate | 68 | -- | -- | 0 | 63% | Capital Allocation: ROIC of -0.8% may suggest suboptimal capital allocation relative to estimated cost of capital; Governance Risk: Governance score of 32.41 may indicate structural weaknesses that could attract activist attention |
| ALF | Allied Farmers Limited | Financials | 37 | Moderate | 23 | 90 | 60 | 55 | 100% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake; Pay Performance: CEO compensation of $0.7M alongside -22.8% one-year return may suggest pay-performance misalignment |
| ATM | The a2 Milk Company Limited | Consumer Staples | 37 | Moderate | 25 | 90 | 85 | 0 | 100% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake; Pay Performance: CEO compensation of $8.3M alongside -11.4% one-year return may suggest pay-performance misalignment |
| RTO | RTO Limited | Information Technology | 37 | Moderate | 36 | 90 | 45 | 10 | 100% | Ownership Concentration: Dispersed ownership (HHI 1) may make it easier for an activist to build a meaningful stake; Capital Allocation: ROIC of -0.1% may suggest suboptimal capital allocation relative to estimated cost of capital |
| TRA | Turners Automotive Group | Consumer Discretionary | 37 | Moderate | 41 | 90 | 25 | 55 | 100% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake; Board Entrenchment: Average board tenure of 10.1 years with no recent appointments may suggest limited board refreshment |
| VSL | Vulcan Steel Limited | Materials | 37 | Moderate | 36 | 90 | 100 | 0 | 100% | Pay Performance: CEO compensation of $3.9M alongside -28.3% one-year return may suggest pay-performance misalignment; Ownership Concentration: Dispersed ownership (HHI 1) may make it easier for an activist to build a meaningful stake |
| WHS | The Warehouse Group Limited | Consumer Discretionary | 37 | Moderate | 23 | 90 | 60 | 0 | 100% | Ownership Concentration: Dispersed ownership (HHI 2) may make it easier for an activist to build a meaningful stake; Capital Allocation: ROIC of -0.8% may suggest suboptimal capital allocation relative to estimated cost of capital |
| CHI | Channel Infrastructure NZ Limited | Energy | 36 | Moderate | 20 | 90 | 10 | 0 | 100% | Shareholder Dissent: Average AGM dissent of 25.2% across 16 resolutions may indicate shareholder discontent; Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake |
| GNZ | Goodman NZ | Real Estate | 36 | Moderate | 36 | 90 | 35 | 10 | 100% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake; Capital Allocation: ROIC of 0.0% may suggest suboptimal capital allocation relative to estimated cost of capital |
| NZL | New Zealand Rural Land Company Limited | Real Estate | 36 | Moderate | 39 | 90 | 55 | 0 | 100% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake; Pay Performance: CEO compensation of $1.8M with -12.6% return indicates moderate alignment |
| SDL | Solution Dynamics Limited | Consumer Discretionary | 36 | Moderate | 45 | 90 | 45 | 40 | 100% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake |
| FWL | Foley Wines Limited | Consumer Staples | 35 | Moderate | 36 | 90 | 60 | 10 | 88% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake; Pay Performance: CEO compensation of $0.2M alongside -25.4% one-year return may suggest pay-performance misalignment |
| GTK | Gentrack Group Limited | Information Technology | 35 | Moderate | 30 | 90 | 70 | 0 | 100% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake; Pay Performance: CEO compensation of $1.7M alongside -57.2% one-year return may suggest pay-performance misalignment |
| IPL | Investore Property Limited | Real Estate | 35 | Moderate | 33 | 90 | -- | 10 | 88% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake; Capital Allocation: ROIC of 3.9% may suggest suboptimal capital allocation relative to estimated cost of capital |
| KPG | Kiwi Property | Real Estate | 35 | Moderate | 14 | 90 | 35 | 40 | 100% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake; Capital Allocation: ROIC of 0.5% may suggest suboptimal capital allocation relative to estimated cost of capital |
| MEL | Meridian Energy Limited | Utilities | 35 | Moderate | 34 | 90 | 50 | 0 | 100% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake; Pay Performance: CEO compensation of $2.5M with -4.2% return indicates moderate alignment |
| MFT | Mainfreight Limited | Industrials | 35 | Moderate | 24 | 90 | 40 | 60 | 100% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake; Board Entrenchment: Average board tenure of 19.0 years may suggest limited board refreshment |
| PGW | PGG Wrightson Limited | Industrials | 35 | Moderate | 58 | 90 | 20 | 0 | 75% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake; Governance Risk: Governance score of 42.07 suggests moderate governance practices |
| RUA | Rua Bioscience Limited | Healthcare | 35 | Moderate | 25 | 90 | 45 | 0 | 100% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake; Capital Allocation: ROIC of -71.6% may suggest suboptimal capital allocation relative to estimated cost of capital |
| WBC | Westpac Banking Corporation | Financials | 35 | Moderate | 43 | 90 | 25 | 0 | 100% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake; Shareholder Dissent: Average AGM dissent of 17.5% across 21 resolutions may indicate shareholder discontent |
| BIT | The Bankers Investment Trust PLC | Financials | 34 | Moderate | 26 | 90 | -- | 10 | 88% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake; Capital Allocation: ROIC of -4.9% may suggest suboptimal capital allocation relative to estimated cost of capital |
| AFC | AFC Group Holdings Limited | Financials | 33 | Moderate | 33 | 90 | 10 | 40 | 100% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake; Capital Allocation: ROIC of 0.0% may suggest suboptimal capital allocation relative to estimated cost of capital |
| CMO | The Colonial Motor Company Limited | Consumer Discretionary | 33 | Moderate | 39 | 90 | 25 | 25 | 100% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake |
| FBU | Fletcher Building | Materials | 33 | Moderate | 12 | 90 | 20 | 0 | 100% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake; Capital Allocation: ROIC of -9.1% may suggest suboptimal capital allocation relative to estimated cost of capital |
| KFL | Kingfish Limited | Financials | 33 | Moderate | 25 | 90 | -- | 10 | 88% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake; Capital Allocation: ROIC of 0.5% may suggest suboptimal capital allocation relative to estimated cost of capital |
| NZK | New Zealand King Salmon Investments Limited | Consumer Staples | 33 | Moderate | 39 | 90 | 0 | 40 | 100% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake; Capital Allocation: ROIC of 1.3% may suggest suboptimal capital allocation relative to estimated cost of capital |
| NZM | NZME Limited | Communication Services | 33 | Moderate | 43 | 90 | 10 | 0 | 100% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake; Shareholder Dissent: Average AGM dissent of 11.3% across 14 resolutions may indicate shareholder discontent |
| PFI | Property for Industry Limited | Real Estate | 33 | Moderate | 23 | 90 | 35 | 25 | 100% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake; Capital Allocation: ROIC of 2.1% may suggest suboptimal capital allocation relative to estimated cost of capital |
| PYS | PaySauce Limited | Information Technology | 33 | Moderate | 33 | 90 | 25 | 0 | 100% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake; Capital Allocation: ROIC of 0.0% may suggest suboptimal capital allocation relative to estimated cost of capital |
| SPG | Stride Property Limited | Real Estate | 33 | Moderate | 14 | 90 | 55 | 10 | 100% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake; Capital Allocation: ROIC of 1.6% may suggest suboptimal capital allocation relative to estimated cost of capital |
| SPK | Spark New Zealand Limited | Communication Services | 33 | Moderate | 26 | 90 | 70 | 0 | 100% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake; Pay Performance: CEO compensation of $1.3M alongside -20.2% one-year return may suggest pay-performance misalignment |
| TCM | Taiko Critical Minerals Limited | Materials | 33 | Moderate | 83 | -- | -- | 0 | 50% | Governance Risk: Governance score of 17.14 may indicate structural weaknesses that could attract activist attention |
| WIN | Winton Land Limited | Real Estate | 33 | Moderate | 29 | 90 | 85 | 0 | 100% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake; Pay Performance: CEO compensation of $2.0M alongside -35.2% one-year return may suggest pay-performance misalignment |
| CEN | Contact Energy Limited | Utilities | 32 | Moderate | 33 | 90 | 50 | 0 | 100% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake; Pay Performance: CEO compensation of $2.8M with -1.1% return indicates moderate alignment |
| CRP | Chatham Rock Phosphate Limited | Industrials | 32 | Moderate | 58 | -- | 60 | 0 | 63% | Pay Performance: CEO compensation of $0.1M alongside -23.7% one-year return may suggest pay-performance misalignment; Governance Risk: Governance score of 42.07 suggests moderate governance practices |
| DOW | Downer EDI Limited | Industrials | 32 | Moderate | 30 | 90 | 35 | 0 | 100% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake; Capital Allocation: ROIC of 3.0% may suggest suboptimal capital allocation relative to estimated cost of capital |
| MHJ | Michael Hill International Limited | Consumer Discretionary | 32 | Moderate | 32 | 90 | 20 | 10 | 100% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake; Capital Allocation: ROIC of 2.1% may suggest suboptimal capital allocation relative to estimated cost of capital |
| RBD | Restaurant Brands New Zealand Limited | Consumer Discretionary | 32 | Moderate | 27 | 90 | 10 | 40 | 100% | Ownership Concentration: Dispersed ownership (HHI 1) may make it easier for an activist to build a meaningful stake; Capital Allocation: ROIC of 2.3% may suggest suboptimal capital allocation relative to estimated cost of capital |
| SUM | Summerset Group Holdings Limited | Healthcare | 32 | Moderate | 22 | 90 | 70 | 10 | 100% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake; Pay Performance: CEO compensation of $1.5M alongside -25.2% one-year return may suggest pay-performance misalignment |
| AFI | Australian Foundation Investment Company Limited | Financials | 31 | Moderate | 17 | 90 | 10 | 40 | 100% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake; Capital Allocation: ROIC of 3.7% may suggest suboptimal capital allocation relative to estimated cost of capital |
| ARG | Argosy Property Limited | Real Estate | 31 | Moderate | 28 | 90 | 55 | 10 | 100% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake; Pay Performance: CEO compensation of $1.6M with -17.0% return indicates moderate alignment |
| BGP | Briscoe Group Limited | Consumer Discretionary | 31 | Moderate | 29 | 90 | 55 | 25 | 100% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake; Pay Performance: CEO compensation of $1.8M with -10.7% return indicates moderate alignment |
| CNU | Chorus Limited | Communication Services | 31 | Moderate | 19 | 90 | 25 | 0 | 100% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake; Capital Allocation: ROIC of 0.1% may suggest suboptimal capital allocation relative to estimated cost of capital |
| GNE | Genesis Energy Limited | Utilities | 31 | Moderate | 19 | 90 | 25 | 0 | 100% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake; Capital Allocation: ROIC of 2.4% may suggest suboptimal capital allocation relative to estimated cost of capital |
| HLG | Hallenstein Glasson Holdings Limited | Consumer Discretionary | 31 | Moderate | 34 | 90 | 10 | 60 | 100% | Ownership Concentration: Dispersed ownership (HHI 6) may make it easier for an activist to build a meaningful stake; Board Entrenchment: Average board tenure of 17.1 years may suggest limited board refreshment |
| IKE | ikeGPS Group Limited | Materials | 31 | Moderate | 34 | 90 | 10 | 0 | 100% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake; Capital Allocation: ROIC of -20.0% may suggest suboptimal capital allocation relative to estimated cost of capital |
| IPR | Iperion Limited | Real Estate | 31 | Moderate | 37 | 90 | 10 | 0 | 100% | Ownership Concentration: Dispersed ownership (HHI 1) may make it easier for an activist to build a meaningful stake; Capital Allocation: ROE of -131.0% may suggest suboptimal capital allocation relative to estimated cost of capital |
| MCK | Millennium & Copthorne Hotels New Zealand Limited | Consumer Discretionary | 31 | Moderate | 31 | 90 | 0 | 40 | 100% | Ownership Concentration: Dispersed ownership (HHI 1) may make it easier for an activist to build a meaningful stake |
| MPG | Metro Performance Glass | Real Estate | 31 | Moderate | 30 | 90 | 0 | 0 | 100% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake; Capital Allocation: ROIC of -14.0% may suggest suboptimal capital allocation relative to estimated cost of capital |
| OCA | Oceania Healthcare Limited | Healthcare | 31 | Moderate | 19 | 90 | 50 | 0 | 100% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake; Pay Performance: CEO compensation of $2.5M with -2.6% return indicates moderate alignment |
| SKT | Sky Network Television Limited | Communication Services | 31 | Moderate | 24 | 90 | 35 | 0 | 100% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake |
| TGG | T&G Global Limited | Consumer Staples | 31 | Moderate | 28 | 90 | 0 | 25 | 100% | Ownership Concentration: Dispersed ownership (HHI 1) may make it easier for an activist to build a meaningful stake; Capital Allocation: ROIC of -2.0% may suggest suboptimal capital allocation relative to estimated cost of capital |
| TWR | Tower Limited | Financials | 31 | Moderate | 30 | 90 | 35 | 0 | 100% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake |
| VCT | Vector Limited | Utilities | 31 | Moderate | 35 | 90 | 10 | 10 | 100% | Ownership Concentration: Dispersed ownership (HHI 1) may make it easier for an activist to build a meaningful stake; Capital Allocation: ROIC of 2.0% may suggest suboptimal capital allocation relative to estimated cost of capital |
| KMD | KMD Brands Limited | Consumer Discretionary | 30 | Moderate | 21 | 90 | 10 | 10 | 100% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake; Capital Allocation: ROIC of -7.2% may suggest suboptimal capital allocation relative to estimated cost of capital |
| AIA | Auckland International Airport Limited | Industrials | 29 | Moderate | 12 | 90 | 25 | 0 | 100% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake; Capital Allocation: ROIC of 3.4% may suggest suboptimal capital allocation relative to estimated cost of capital |
| CO2 | Carbon Fund | Financials | 29 | Moderate | 73 | -- | -- | 0 | 50% | Governance Risk: Governance score of 27.14 may indicate structural weaknesses that could attract activist attention |
| FPH | Fisher & Paykel Healthcare Corporation Limited | Healthcare | 29 | Moderate | 25 | 90 | 40 | 0 | 100% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake |
| LIC | Livestock Improvement Corporation Limited | Financials | 29 | Moderate | 38 | 90 | 0 | 0 | 100% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake; Shareholder Dissent: Average AGM dissent of 12.4% across 22 resolutions may indicate shareholder discontent |
| NZX | NZX Limited | Financials | 29 | Moderate | 13 | 90 | 35 | 40 | 100% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake |
| SCT | Scott Technology Limited | Industrials | 29 | Moderate | 25 | 90 | 45 | 10 | 88% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake |
| TEM | Templeton Emerging Markets Investment Trust PLC | Financials | 29 | Moderate | 26 | 90 | -- | 10 | 88% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake |
| BFG | Burger Fuel Group Limited | Consumer Discretionary | 28 | Moderate | 28 | 90 | 25 | 10 | 100% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake |
| HGH | Heartland Group Holdings Limited | Financials | 28 | Moderate | 30 | 90 | 0 | 0 | 100% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake |
| MCY | Mercury NZ Limited | Utilities | 28 | Moderate | 14 | 90 | 10 | 0 | 100% | Ownership Concentration: Dispersed ownership (HHI 1) may make it easier for an activist to build a meaningful stake; Capital Allocation: ROIC of 0.0% may suggest suboptimal capital allocation relative to estimated cost of capital |
| SCL | Scales Corporation Limited | Industrials | 28 | Moderate | 26 | 90 | 0 | 10 | 100% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake; Capital Allocation: ROIC of 1.3% may suggest suboptimal capital allocation relative to estimated cost of capital |
| THL | Tourism Holdings Limited | Consumer Discretionary | 28 | Moderate | 24 | 90 | 0 | 10 | 100% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake; Capital Allocation: ROIC of 3.7% may suggest suboptimal capital allocation relative to estimated cost of capital |
| POT | Port of Tauranga Limited | Industrials | 27 | Moderate | 34 | 90 | 10 | 0 | 100% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake |
| SKL | Skellerup Holdings Limited | Industrials | 27 | Moderate | 24 | 90 | 10 | 40 | 100% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake |
| TAH | Third Age Health Services Limited | Consumer Discretionary | 27 | Moderate | 30 | 90 | 10 | 0 | 100% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake; Shareholder Dissent: Average AGM dissent of 10.2% across 8 resolutions may indicate shareholder discontent |
| UVA | Uvre Limited | Materials | 27 | Moderate | 67 | -- | -- | 0 | 50% | Governance Risk: Governance score of 32.86 may indicate structural weaknesses that could attract activist attention |
| BLT | BLIS Technologies Limited | Consumer Staples | 26 | Moderate | 23 | 90 | 10 | 0 | 100% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake |
| FCT | F&C INVESTMENT TRUST PLC | Financials | 26 | Moderate | 37 | -- | -- | 0 | 75% | Capital Allocation: ROIC of -0.2% may suggest suboptimal capital allocation relative to estimated cost of capital |
| FRW | Freightways Group Limited | Industrials | 26 | Moderate | 27 | 90 | 20 | 25 | 100% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake |
| MKR | Manuka Resources Limited | Materials | 26 | Moderate | 26 | 90 | 0 | 40 | 88% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake |
| RAD | Radius Residential Care Limited | Healthcare | 26 | Moderate | 26 | 90 | 20 | 0 | 100% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake |
| BRM | Barramundi Limited | Financials | 25 | Moderate | 23 | 90 | -- | 10 | 88% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake |
| SAN | Sanford Limited | Consumer Staples | 25 | Moderate | 21 | 90 | 10 | 0 | 100% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake |
| AFT | AFT Pharmaceuticals Limited | Healthcare | 24 | Moderate | 23 | 90 | 10 | 25 | 100% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake |
| GXH | Green Cross Health Limited | Healthcare | 24 | Moderate | 32 | 90 | 0 | 10 | 100% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake |
| MFB | My Food Bag Group Limited | Financials | 24 | Moderate | 21 | 90 | 10 | 0 | 100% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake |
| MLN | Marlin Global Limited | Financials | 24 | Moderate | 23 | 90 | -- | 0 | 88% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake |
| MOV | MOVE Logistics Group Limited | Industrials | 23 | Moderate | 33 | 90 | 0 | 0 | 88% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake |
| PEB | Pacific Edge Limited | Healthcare | 23 | Moderate | 20 | 90 | 10 | 0 | 88% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake |
| PHL | Promisia Healthcare Limited | Healthcare | 23 | Moderate | 14 | 90 | 0 | 0 | 100% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake; Capital Allocation: ROIC of 0.6% may suggest suboptimal capital allocation relative to estimated cost of capital |
| SPN | South Port New Zealand Limited | Industrials | 23 | Moderate | 21 | 90 | 25 | 0 | 100% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake |
| 2CC | 2 Cheap Cars Group Limited | Financials | 22 | Moderate | 41 | 90 | 0 | 0 | 100% | Ownership Concentration: Dispersed ownership (HHI 2) may make it easier for an activist to build a meaningful stake |
| CDI | CDL Investments New Zealand Limited | Real Estate | 22 | Moderate | 23 | -- | 45 | 0 | 88% | Capital Allocation: ROIC of 3.5% may suggest suboptimal capital allocation relative to estimated cost of capital |
| NPH | Napier Port Holdings Limited | Industrials | 22 | Moderate | 21 | 90 | 0 | 0 | 100% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake |
| BRW | Bremworth Limited | Consumer Discretionary | 21 | Moderate | 28 | 90 | 10 | 0 | 100% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake |
| GEN | General Capital Limited | Financials | 21 | Moderate | 27 | 90 | 0 | 0 | 100% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake |
| SEK | Seeka Limited | Consumer Staples | 21 | Moderate | 23 | 90 | 0 | 0 | 100% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake |
| VNT | Ventia Services Group Limited | Industrials | 8 | Low | 20 | -- | 0 | 0 | 88% | No significant vulnerability signals |
Scores are normalized to account for missing data. Confidence level reflects the number of factors with available data: high (7-8 factors), medium (5-6), low (3-4), insufficient (<3). Where data is unavailable for a factor, that factor is excluded and the remaining factors are re-weighted proportionally.