The New Zealand Exchange (NZX) has announced a strong financial performance for the fiscal year 2024, demonstrating significant growth across its core business segments. The markets segment saw a notable achievement with $15.8 billion raised and listed capital, an 11.6% increase year-over-year, and total value traded reaching $41.5 billion, a 22.9% rise from the previous year. This performance marks the third-highest annual result in the company's history.
In the Smart ETFs segment, previously known as Smartshares, funds under management (FUM) grew to $13.5 billion, a 22.6% increase from the previous half-year. This growth was supported by strategic initiatives, including a rebranding effort and an alliance with BlackRock's iShares, positioning the segment for future expansion.
Wealth Technologies also reported remarkable performance, ending the fiscal year with $16.2 billion in funds under administration, a 40.4% increase from fiscal year 2023. The platform added 12 new clients, totaling 32 active clients, and achieved external client cash flow positivity in December 2024.
Financially, NZX maintained a solid balance sheet with $28.8 million in cash and $127.0 million in net assets. The company declared a fully imputed final dividend of $0.031, bringing the total fiscal year 2024 dividend to $0.061.
Looking ahead, NZX has provided 2025 EBITDA guidance of $49.0 million to $54.0 million, reflecting confidence in its core segment performance. Valuation analyses suggest a share price range between $1.52 and $1.88, with a midpoint of $1.70. Strategic investments in technology, client expansion, and market diversification are expected to sustain NZX's growth and leadership in the financial services ecosystem.
