Checking in on Chorus Limited
One investment that has served us well over the past year is a holding in Chorus Limited (ASX: CNU) – the owner of New Zealand’s copper telecommunications network, and a major player in the construction of New Zealand’s Ultrafast Broadband Project – New Zealand’s equivalent of the NBN. Chorus has always been a slightly unusual holding for us, in that it operates in a highly regulated industry and has experienced some significant regulatory headwinds in recent years. In addition, its near term growth prospects are not as bright as we would normally like to see, and we contemplate a few years of declining customer numbers. So what initially caught our interest in CNU and how should it be valued? (VIEW LINK)
Tim Kelley has retired from Montgomery Investment Management, effective 30 September 2021. Tim’s final project has been drafting our investment guidelines to integrate environmental, social and corporate governance (ESG) considerations into our...