https://fnarena.com/index.php/2025/08/01/in-brief-technologyone-gentrack-northern-star/

Some details on the customer going for Kraken

I want to point out that legacy product Velocity is different to G2.0 and a past velocity customer (tas water or tas power?) have gone with other providers. Therefore my conclusion is the migration from velocity to g2.0 might not be straightforward.

Also I need to dig deeper into MEZ (meridian)

Is Kraken cracking open the A&NZ markets?

Shareholders in Gentrack Group ((GKT)) have experienced a volatile ride over the last year, with the early December share price high of $13 now firmly in the rearview mirror.

Wilsons, who remains positive on the stock, was keen to point out UK Octopus-owned Kraken had seemingly forced its way into the domestic market by scooping up one of Gentrack’s key customers.

Wilsons found the announcement disappointing (of course) and evidence, at the margin, that competition is rising for the smart meter operator. Gentrack reported an existing customer had removed it from the process to modernise that customer’s existing billing solution.

Red Energy, with around 600k customers and over 1m meter points, is thought to be the one that got away. Red Energy had been using a legacy version of Velocity (its billing platform) and had been a customer for over ten years.

Kraken also pulled in Meridian (NZ) over Gentrack after writing off their internal solution. This was the first win for the offshore competitor in the A&NZ business-to-business sector.

The analyst believes Kraken will continue to concentrate on developed markets and is operating an aggressive strategy to “do whatever it takes” to justify its valuation, which is being targeted to incentivise new capital, with the mooted sale by Octopus Energy at an estimated valuation of GBP10bn, implying a total group value of more than GBP15bn.

Gentrack, in comparison, is seeking to expand into the rest of the world, including Europe and Southeast Asia. Management reiterated FY25 guidance at the update.

Wilsons has a target price of $11.21, compared to the FNArena consensus target of $12.833, with three Buy-equivalent ratings and one Hold-equivalent.

Held gtk ang org