The current NZX companies that most clearly illustrate each Annolyse principle, based on the latest published company and market data.
Examples generated 22-10-2026 3:14am NZT using company and market data prepared 22-10-2026 3:14am NZT.
The quality of the business trajectory and the quality of the market outcome are separate signals.
RAK
Rakon currently illustrates a decoupled Mr. Market case: fundamentals are classified as stable while the share price moved +176.8% over 12 months. That difference is the useful part of the signal, not a recommendation. Historical context adds: Revenue growth: 30.2%, above normal range; 3-period mean -19.9%, range -32.0%-2.0%.
ArborGen Holdings currently illustrates process versus outcome because fundamentals are classified as improving while the share price is down -56.8% over 12 months. The market outcome looks poor; the business-direction signal is stronger than the price chart alone suggests. Historical context adds: EBITDA margin: 16.8%, below normal range; 3-period mean 19.1%, range 17.7%-21.2%.
WIN
Winton Land 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.
Summerset Group Holdings currently illustrates process versus outcome because fundamentals are classified as improving while the share price is down -41.2% over 12 months. The market outcome looks poor; the business-direction signal is stronger than the price chart alone suggests. Historical context adds: Debtor days: 105.6 days, above normal range; 3-period mean 54.7 days, range 50.8 days-57.6 days.
Ryman Healthcare currently illustrates process versus outcome because fundamentals are classified as improving while the share price is down -33.7% over 12 months. The market outcome looks poor; the business-direction signal is stronger than the price chart alone suggests.
Large market moves are most useful when viewed beside the underlying business volatility.
APL
Asset Plus is a panicking Mr. Market example: fundamentals are stable while the share price fell -25.0%. The noise ratio is 11.0×, so the market moved much more than the business inputs.
Precinct Properties is a panicking Mr. Market example: fundamentals are stable while the share price fell -23.2%. The noise ratio is 8.1×, so the market moved much more than the business inputs.
Steel & Tube Holdings is a panicking Mr. Market example: fundamentals are stable while the share price fell -58.2%. The noise ratio is 6.5×, so the market moved much more than the business inputs. Historical context adds: EBITDA margin: -10.4%, below normal range; 3-period mean 4.9%, range -0.6%-8.8%.
KMD
KMD Brands is a panicking Mr. Market example: fundamentals are stable while the share price fell -58.5%. The noise ratio is 5.1×, so the market moved much more than the business inputs.
BLIS Technologies is a euphoric Mr. Market example: fundamentals are stable while the share price rose +68.7%. The noise ratio is 4.7×, so the price range moved much more than the business inputs. Historical context adds: Revenue growth: 16.0%, above normal range; 3-period mean 12.2%, range 9.7%-14.2%.
For accumulators, the useful question is whether each new dollar now buys more earnings or cash flow while the business held up.
KMD
KMD Brands is currently net-buyer favourable: earnings yield improved by n/a, FCF yield moved by +3792 bps, and fundamentals are classified as stable. That makes the accumulation arithmetic more favourable than it was around the lookback anchor.
MOVE Logistics Group is currently net-buyer favourable: earnings yield improved by n/a, FCF yield moved by +3307 bps, and fundamentals are classified as improving. That makes the accumulation arithmetic more favourable than it was around the lookback anchor. Historical context adds: ROE: 2.7%, above normal range; 3-period mean -107.7%, range -177.0%--9.6%.
Promisia Healthcare is currently net-buyer favourable: earnings yield improved by +2938 bps, FCF yield moved by n/a, and fundamentals are classified as improving. That makes the accumulation arithmetic more favourable than it was around the lookback anchor. Historical context adds: OCF / EBITDA cash conversion: 96.2%, below normal range; 3-period mean 167.2%, range 107.1%-197.5%.
Argosy Property is currently net-buyer favourable: earnings yield improved by +1150 bps, FCF yield moved by n/a, and fundamentals are classified as stable. That makes the accumulation arithmetic more favourable than it was around the lookback anchor.
Sky Network Television is currently net-buyer favourable: earnings yield improved by +1078 bps, FCF yield moved by +1587 bps, and fundamentals are classified as improving. That makes the accumulation arithmetic more favourable than it was around the lookback anchor. Historical context adds: OCF / EBITDA cash conversion: 126.7%, above normal range; 3-period mean 85.5%, range 76.2%-103.4%.