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Price action is noise

In the short run, the market is a voting machine; in the long run, a weighing machine. Short-term prices reflect sentiment, forced trades, algorithmic flows, and headlines — not the economic reality of the business.

Benjamin Graham, The Intelligent Investor chapter 8.

A high noise ratio shows that price moved more than fundamentals; the separate direction columns show what kind of move occurred.

Rankings as of 21-10-2026 9:50am NZT, based on Annolyse's coverage of 100 NZX companies.

5

Euphoric Mr. Market

16

Panicking Mr. Market

6

Underreacting market

64

Aligned movement

1

Insufficient data

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Showing 92 of 92 companies.

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Price action is noise company ranking
BLTBLIS TechnologiesRevenue growth: 16.0%, above normal range; 3-period mean 12.2%, range 9.7%-14.2%.16.0%75.6%up+62.5%4.7×Euphoric Mr. Market
RAKRakonRevenue growth: 30.2%, above normal range; 3-period mean -19.9%, range -32.0%-2.0%.30.2%98.1%up+176.8%3.2×Euphoric Mr. Market
FCGFonterra Co-operative Group98.8%39.3%up+44.9%0.4×Euphoric Mr. Market
NZKNew Zealand King Salmon Investments317.6%29.7%up+22.0%0.1×Euphoric Mr. Market
CHIChannel Infrastructure NZOCF / EBITDA cash conversion: 79.6%, above normal range; 4-period mean 33.3%, range -24.6%-68.2%.n/m36.6%up+27.3%n/mEuphoric Mr. Market
APLAsset Plus3.8%42.0%down-25.0%11.0×Panicking Mr. Market
PCTPrecinct Properties3.8%30.8%down-25.6%8.1×Panicking Mr. Market
STUSteel & Tube HoldingsEBITDA margin: -10.4%, below normal range; 3-period mean 4.9%, range -0.6%-8.8%.13.9%90.5%down-55.7%6.5×Panicking Mr. Market
KMDKMD Brands20.0%103.6%down-57.4%5.2×Panicking Mr. Market
VSLVulcan Steel8.6%43.6%down-20.7%5.1×Panicking Mr. Market
EBOEBOS Group9.9%46.1%down-30.2%4.6×Panicking Mr. Market
CDICDL Investments New Zealand8.8%38.9%down-21.8%4.4×Panicking Mr. Market
AOFAoFrio21.5%71.8%down-43.3%3.3×Panicking Mr. Market
SKOSerko34.9%103.0%down-63.8%2.9×Panicking Mr. Market
TRUTruscreen Group42.2%85.7%down-47.4%2.0×Panicking Mr. Market
NTLNew Talisman Gold Mines120.8%171.0%down-89.5%1.4×Panicking Mr. Market
SPKSpark New ZealandOCF / EBITDA cash conversion: 80.6%, above normal range; 5-period mean 65.2%, range 46.5%-76.3%.23.0%32.3%down-22.4%1.4×Panicking Mr. Market
AIRAir New Zealand49.2%50.7%down-35.3%1.0×Panicking Mr. Market
CCCCooks Coffee Company83.7%75.7%down-53.5%0.9×Panicking Mr. Market
ENSEnprise Group71.5%44.6%down-26.8%0.6×Panicking Mr. Market
MPGMetro Performance Glass225.0%88.4%down-54.9%0.4×Panicking Mr. Market
SVRSavorEBITDA margin: 14.5%, above normal range; 5-period mean 11.5%, range 9.8%-14.2%.10.3%50.0%flat-4.5%4.9×Underreacting market
TAHThird Age Health Services22.9%54.5%flat+4.3%2.4×Underreacting market
NZMNZME14.9%20.9%flat-3.8%1.4×Underreacting market
IFTInfratil74.0%42.2%flat-2.2%0.6×Underreacting market
TGGT&G Global Limited and subsidiary companiesRevenue growth: 14.5%, unprecedented high; 4-period mean -0.8%, range -4.4%-2.3%.270.4%25.5%flat-0.9%0.1×Underreacting market
AFCAFC Group HoldingsRevenue growth: -78.3%, below normal range; 5-period mean 11.0%, range -47.6%-159.0%.979.7%0.0%flat0.0%0.0×Underreacting market
ATMThe a2 Milk Company4.0%62.3%down-19.4%15.6×Aligned movement
MFTMainfreight2.8%28.1%up+6.0%10.0×Aligned movement
MFBMy Food Bag GroupEBITDA margin: 9.6%, below normal range; 3-period mean 12.6%, range 9.9%-17.6%.5.0%47.1%up+35.6%9.4×Aligned movement
CNUChorus3.0%27.1%down-14.0%9.1×Aligned movement
ARGArgosy Property3.7%28.2%down-19.2%7.6×Aligned movement
DGLDelegat Group4.2%28.6%flat-3.0%6.9×Aligned movement
SEKSeeka3.4%23.1%up+10.4%6.8×Aligned movement
CVTComvita10.7%64.6%up+6.6%6.1×Aligned movement
NZLNew Zealand Rural Land Company4.3%24.5%down-12.6%5.7×Aligned movement
AIAAuckland International Airport3.3%17.5%flat+0.9%5.3×Aligned movement
SCTScott Technology7.0%37.0%flat-0.4%5.3×Aligned movement
OCAOceania HealthcareOCF / EBITDA cash conversion: 190.3%, above normal range; 3-period mean 130.3%, range 81.2%-182.0%.7.4%39.2%down-11.3%5.3×Aligned movement
MOVMOVE Logistics GroupEBITDA margin: 16.4%, above normal range; 3-period mean 10.4%, range 2.7%-14.7%.13.4%68.2%down-7.5%5.1×Aligned movement
GXHGreen Cross Health16.9%85.3%up+109.7%5.0×Aligned movement
SMLSynlait MilkEBITDA margin: -4.5%, unprecedented low; 5-period mean 6.5%, range 3.0%-8.7%.15.2%75.6%down-38.0%5.0×Aligned movement
SUMSummerset Group HoldingsPBT growth: 63.1%, above normal range; 3-period mean -6.6%, range -9.1%--5.0%.15.7%65.3%down-41.4%4.1×Aligned movement
CMOThe Colonial Motor CompanyOperating working-capital movement: NZ$-94.5m, below normal range; 2/3 prior periods had builds averaging NZ$56.6m, and 1 had releases averaging NZ$-7.9m.7.1%28.6%down-7.1%4.0×Aligned movement
SKLSkellerup HoldingsEBITDA margin: 27.3%, above normal range; 3-period mean 26.6%, range 26.1%-26.8%.12.3%46.6%up+44.4%3.8×Aligned movement
LICLivestock Improvement Corporation6.7%22.8%up+15.5%3.4×Aligned movement
CENContact EnergyEBITDA margin: 31.2%, above normal range; 3-period mean 23.5%, range 21.7%-25.4%.5.7%17.5%down-5.7%3.1×Aligned movement
TRATurners Automotive Group9.0%25.9%flat-2.7%2.9×Aligned movement
KPGKiwi Property Group8.6%24.2%down-16.1%2.8×Aligned movement
GTKGentrack Group Limited 6 months to 31 March 202639.0%105.4%down-53.0%2.7×Aligned movement
VGLVista Group InternationalEBITDA margin: 14.4%, above normal range; 4-period mean 10.3%, range 3.6%-14.3%.24.0%60.4%flat+2.6%2.5×Aligned movement
RADRadius Residential CareEBITDA margin: 13.7%, above normal range; 3-period mean 11.8%, range 9.7%-13.4%.14.2%33.3%up+13.2%2.4×Aligned movement
HGHHeartland Group HoldingsRevenue growth: 11.1%, above normal range; 4-period mean 6.8%, range -2.0%-10.2%.11.1%24.6%up+17.7%2.2×Aligned movement
SANSanford17.6%37.3%up+5.3%2.1×Aligned movement
MCYMercury NZEBITDA margin: 33.1%, unprecedented high; 5-period mean 25.6%, range 22.5%-30.8%.7.8%16.3%flat0.0%2.1×Aligned movement
MEEMe TodayEBITDA margin: -32.4%, unprecedented high; 4-period mean -76.6%, range -97.7%--47.9%.53.8%110.2%up+15.1%2.0×Aligned movement
PHLPromisia HealthcareOCF / EBITDA cash conversion: 96.2%, below normal range; 3-period mean 167.2%, range 107.1%-197.5%.29.1%58.0%up+51.1%2.0×Aligned movement
FRWFreightways Group13.5%25.1%down-9.1%1.9×Aligned movement
VCTVectorRevenue growth: 8.3%, unprecedented high; 5-period mean -4.6%, range -11.2%-4.7%.10.1%18.6%down-8.4%1.8×Aligned movement
PEBPacific Edge47.4%85.1%up+23.0%1.8×Aligned movement
FPHFisher & Paykel Healthcare24.9%42.2%up+37.5%1.7×Aligned movement
SKCSkyCity Entertainment GroupEBITDA margin: 14.8%, below normal range; 3-period mean 20.6%, range 16.0%-26.3%.44.2%73.1%down-10.7%1.7×Aligned movement
GNZGoodman Property Trust10.5%17.0%down-12.6%1.6×Aligned movement
GENGeneral Capital18.2%28.6%up+13.5%1.6×Aligned movement
PFIProperty for Industry13.3%17.8%down-11.4%1.3×Aligned movement
NPHNapier Port Holdings17.3%22.4%up+6.6%1.3×Aligned movement
MCKMillennium & Copthorne Hotels New ZealandOCF / EBITDA cash conversion: 68.6%, above normal range; 3-period mean 40.5%, range 25.6%-63.3%.20.6%26.1%up+10.7%1.3×Aligned movement
PGWPGG Wrightson14.6%18.2%down-10.5%1.2×Aligned movement
GNEGenesis EnergyPBT growth: -46.3%, below normal range; 3-period mean -7.6%, range -29.8%-19.3%.22.7%27.2%flat-3.6%1.2×Aligned movement
POTPort of Tauranga17.6%20.5%up+6.0%1.2×Aligned movement
HLGHallenstein GlassonPBT growth: 43.7%, above normal range; 5-period mean 11.8%, range -25.3%-29.3%.43.2%49.7%up+58.1%1.2×Aligned movement
THLTourism Holdings41.5%41.1%up+7.4%1.0×Aligned movement
BRWBremworthRevenue growth: -49.7%, unprecedented low; 4-period mean -4.3%, range -14.4%-10.7%.49.7%43.7%down-24.3%0.9×Aligned movement
WHSThe Warehouse Group47.1%41.2%down-18.8%0.9×Aligned movement
ARBArborGen HoldingsEBITDA margin: 16.8%, below normal range; 3-period mean 19.1%, range 17.7%-21.2%.97.6%83.2%down-54.2%0.9×Aligned movement
SKTSky Network TelevisionRevenue growth: 7.7%, unprecedented high; 4-period mean 1.9%, range -2.0%-4.1%.28.8%24.5%up+5.3%0.8×Aligned movement
RTOBlackwell Global Holdings77.5%56.8%down-9.9%0.7×Aligned movement
WINWinton Land114.1%75.8%down-47.0%0.7×Aligned movement
RYMRyman Healthcare94.1%59.0%down-34.5%0.6×Aligned movement
BFGBurger Fuel GroupEBITDA margin: 18.4%, above normal range; 3-period mean 13.4%, range 13.2%-13.7%.41.6%24.8%up+20.3%0.6×Aligned movement
IKEikeGPS Group69.6%39.3%up+5.3%0.6×Aligned movement
RUARua Bioscience93.5%50.7%down-16.7%0.5×Aligned movement
SPNSouth Port New ZealandRevenue growth: 13.5%, above normal range; 5-period mean 7.3%, range 2.7%-12.7%.45.4%19.9%down-5.2%0.4×Aligned movement
SCLScales CorporationRevenue growth: 104.9%, unprecedented high; 4-period mean 10.4%, range 0.0%-21.9%.104.9%29.2%up+7.1%0.3×Aligned movement
MELMeridian EnergyEBITDA margin: 27.1%, above normal range; 3-period mean 18.5%, range 12.6%-24.3%.72.0%15.7%flat-5.0%0.2×Aligned movement
FBUFletcher BuildingOCF / EBITDA cash conversion: 103.8%, above normal range; 3-period mean 62.2%, range 47.0%-86.1%.589.0%42.5%flat+3.5%0.1×Aligned movement
IPRIperion35.3%0.0%flat0.0%0.0×Aligned movement
BGPBriscoe GroupOperating working-capital movement: NZ$-0.8m, below normal range; 2/3 prior periods had builds averaging NZ$14.7m, and none had a working-capital release.n/m27.0%down-15.7%n/mAligned movement
TWRTowern/m18.9%up+12.8%n/mAligned movement
ERDEROADEBITDA margin: 20.0%, below normal range; 3-period mean 28.6%, range 25.8%-30.7%.n/m92.7%down-45.3%n/mAligned movement
MHJMichael Hill Internationaln/m40.0%flat+1.2%n/mAligned movement
GMTGoodman Property Trust19.7%n/minsufficient datan/mInsufficient data
How this is calculated

Price volatility is the 52-week high-to-low range divided by the midpoint. Fundamental volatility is the larger of recent revenue change or EBITDA-equivalent change over the comparable period.

Noise ratio is price volatility divided by fundamental volatility. It is suppressed as n/m when fundamental volatility is below 2% and is capped visually at >100×. Fundamental volatility changes above 1000% are treated as n/m because they are usually denominator effects.

Price direction uses a 5% flat band. Euphoric and panicking Mr. Market rows require stable fundamentals with a price move of at least 20% in either direction.

Price volatility is the 52-week high-to-low range divided by the midpoint. Fundamental volatility is the larger of recent revenue or EBITDA-equivalent change. Noise ratio measures how much more the market moved than the business, but is only shown when fundamental volatility is at least 2% and is capped visually at >100×. High gaps indicate Mr. Market was particularly emotional; direction comes from the price-direction column. See the full principles methodology for thresholds and edge cases.

Listed investment vehicles are excluded from these principle rankings because operating cash flow and earnings-yield metrics work differently for these structures: AFI, BAI, BRM, HFL, KFL, MLN, TEM.

CVT and GNZ currently have incomplete 52-week market-data fields, so their noise ratios remain not meaningful until those inputs resolve.