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© 2026 Annolyse. Analytical briefings for NZX company announcements.

←Back to principles

Running examples

The current NZX companies that most clearly illustrate each Annolyse principle, selected from the latest generated rankings.

Examples generated 24 April 2026 from principles snapshot 24 April 2026.

Process vs outcome

The quality of the business trajectory and the quality of the market outcome are separate signals.

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RAK

Rakon

Decoupled upside

Rakon currently illustrates a decoupled Mr. Market case: fundamentals are classified as stable while the share price moved +265.1% over 12 months. That difference is the useful part of the signal, not a recommendation.

  • Fundamentals: stable
  • Price direction: up
  • 12-month price change: +265.1%
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VGL

Vista Group International

Opportunity signal

Vista Group International currently illustrates process versus outcome because fundamentals are classified as improving while the share price is down -46.5% over 12 months. The market outcome looks poor; the business-direction signal is stronger than the price chart alone suggests.

  • Fundamentals: improving
  • Price direction: down
  • 12-month price change: -46.5%
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AOF

AoFrio

Opportunity signal

AoFrio currently illustrates process versus outcome because fundamentals are classified as improving while the share price is down -17.2% over 12 months. The market outcome looks poor; the business-direction signal is stronger than the price chart alone suggests.

  • Fundamentals: improving
  • Price direction: down
  • 12-month price change: -17.2%
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GXH

Green Cross Health

Decoupled upside

Green Cross Health currently illustrates a decoupled Mr. Market case: fundamentals are classified as stable while the share price moved +91.7% over 12 months. That difference is the useful part of the signal, not a recommendation.

  • Fundamentals: stable
  • Price direction: up
  • 12-month price change: +91.7%
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KMD

KMD Brands

Decoupled downside

KMD Brands currently illustrates a decoupled Mr. Market case: fundamentals are classified as stable while the share price moved -82.0% over 12 months. That difference is the useful part of the signal, not a recommendation.

  • Fundamentals: stable
  • Price direction: down
  • 12-month price change: -82.0%
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Price action is noise

Large market moves are most useful when viewed beside the underlying business volatility.

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MPG

Metro Performance Glass

Panicking Mr. Market

Metro Performance Glass is a panicking Mr. Market example: fundamentals are stable while the share price fell -42.5%. The noise ratio is 14.4×, so the market moved much more than the business inputs.

  • Fundamental volatility: 5.3%
  • Price volatility: 76.4%
  • Noise ratio: 14.4×
  • 12-month price change: -42.5%
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MFB

My Food Bag Group

Euphoric Mr. Market

My Food Bag Group is a euphoric Mr. Market example: fundamentals are stable while the share price rose +23.7%. The noise ratio is 10.6×, so the price range moved much more than the business inputs.

  • Fundamental volatility: 3.8%
  • Price volatility: 40.9%
  • Noise ratio: 10.6×
  • 12-month price change: +23.7%
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SCT

Scott Technology

Euphoric Mr. Market

Scott Technology is a euphoric Mr. Market example: fundamentals are stable while the share price rose +22.2%. The noise ratio is 8.6×, so the price range moved much more than the business inputs.

  • Fundamental volatility: 7.0%
  • Price volatility: 60.2%
  • Noise ratio: 8.6×
  • 12-month price change: +22.2%
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GXH

Green Cross Health

Euphoric Mr. Market

Green Cross Health is a euphoric Mr. Market example: fundamentals are stable while the share price rose +91.7%. The noise ratio is 8.4×, so the price range moved much more than the business inputs.

  • Fundamental volatility: 8.7%
  • Price volatility: 73.8%
  • Noise ratio: 8.4×
  • 12-month price change: +91.7%
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PEB

Pacific Edge

Euphoric Mr. Market

Pacific Edge is a euphoric Mr. Market example: fundamentals are stable while the share price rose +51.8%. The noise ratio is 7.3×, so the price range moved much more than the business inputs.

  • Fundamental volatility: 16.3%
  • Price volatility: 118.5%
  • Noise ratio: 7.3×
  • 12-month price change: +51.8%
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Net-buyer yield

For accumulators, the useful question is whether each new dollar now buys more earnings or cash flow while the business held up.

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SKT

Sky Network Television

Net-buyer favourable

Sky Network Television is currently net-buyer favourable: earnings yield improved by n/a, FCF yield moved by +2592 bps, and fundamentals are classified as improving. That makes the accumulation arithmetic more favourable than it was around the lookback anchor.

  • Earnings yield: 23.3%
  • Earnings yield change: n/a
  • FCF yield: 38.9%
  • FCF yield change: +2592 bps
  • Fundamentals: improving
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KMD

KMD Brands

Net-buyer favourable

KMD Brands is currently net-buyer favourable: earnings yield improved by n/a, FCF yield moved by +2515 bps, and fundamentals are classified as stable. That makes the accumulation arithmetic more favourable than it was around the lookback anchor.

  • Earnings yield: n/a
  • Earnings yield change: n/a
  • FCF yield: 37.8%
  • FCF yield change: +2515 bps
  • Fundamentals: stable
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MPG

Metro Performance Glass

Net-buyer favourable

Metro Performance Glass is currently net-buyer favourable: earnings yield improved by n/a, FCF yield moved by +2350 bps, and fundamentals are classified as stable. That makes the accumulation arithmetic more favourable than it was around the lookback anchor.

  • Earnings yield: 21.2%
  • Earnings yield change: n/a
  • FCF yield: 31.4%
  • FCF yield change: +2350 bps
  • Fundamentals: stable
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TGG

T&G Global Limited and subsidiary companies

Net-buyer favourable

T&G Global Limited and subsidiary companies is currently net-buyer favourable: earnings yield improved by n/a, FCF yield moved by +1292 bps, and fundamentals are classified as improving. That makes the accumulation arithmetic more favourable than it was around the lookback anchor.

  • Earnings yield: 3.4%
  • Earnings yield change: n/a
  • FCF yield: 20.3%
  • FCF yield change: +1292 bps
  • Fundamentals: improving
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SEK

Seeka

Net-buyer favourable

Seeka is currently net-buyer favourable: earnings yield improved by +885 bps, FCF yield moved by -506 bps, and fundamentals are classified as improving. That makes the accumulation arithmetic more favourable than it was around the lookback anchor.

  • Earnings yield: 14.1%
  • Earnings yield change: +885 bps
  • FCF yield: 23.5%
  • FCF yield change: -506 bps
  • Fundamentals: improving
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