New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

Equity Bottom-Up

<ul><li>ASX-listed Sports Entertainment Group (SEG), the Australian sports media company, has agreed to acquire MediaWorks, the principal commercial radio competitor to NZME Limited (NZM), for NZ$130m.</li><li>The 5.1x EV/EBITDA multiple on CY26 budget earnings matches listed Australian audio peers and sits only modestly above NZM’s 4.1x group multiple on our FY26 estimates.</li><li>For NZM, we view the transaction as supportive of our valuation and modestly negative for competition.</li></ul>

ASX-listed Sports Entertainment Group (SEG), the Australian sports media company, has agreed to acquire MediaWorks, the principal commercial radio competitor to NZME Limited (NZM), for NZ$130m.The 5.1x EV/EBITDA multiple on CY26 budget earnings matches listed Australian audio peers and sits only modestly above NZM’s 4.1x group multiple on our FY26 estimates.For NZM, we view the transaction as supportive of our valuation and modestly negative for competition.

<ul><li>NZME (NZM) has agreed to acquire Stuff’s Petone print-plant equipment to right-size its print production capacity.</li><li>Management expects annualised operating savings of c.NZ$7.0m once installed, subject to print volumes, against total project investment of up to NZ$15.0m over two years.</li><li>Our spot valuation lifts +3% to NZ$1.20, reflecting higher peer multiples, model roll-forward, and lower long-term Publishing costs.</li></ul>

NZME (NZM) has agreed to acquire Stuff’s Petone print-plant equipment to right-size its print production capacity.Management expects annualised operating savings of c.NZ$7.0m once installed, subject to print volumes, against total project investment of up to NZ$15.0m over two years.Our spot valuation lifts +3% to NZ$1.20, reflecting higher peer multiples, model roll-forward, and lower long-term Publishing costs.

External broker reports(aggregated public sources), Bell Potter Securities

Bell Potter

External broker reports(aggregated public sources)

Bell Potter Securities

Bell Potter Securities is a leading Australian stockbroking, investment and financial advisory firm that provides a comprehensive offering of financial services to individuals, institutions and corporations. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Following recent industry data releases we have reviewed our FY24/25 forecasts and anticipate a strong FY24 performance at the result on 8th August, driven by potential listings growth above REA commentary for a 5-7% range (BPe: 8%) and positive geo mix (BPe: 2.5%) from outperformance in key Syd/Mel markets.</li><li>We expect 2% increase in revenue to $1,468m (Bberg consensus: $1,443m), and a 4% increase in EBITDA to $809m (consensus: $813m) incorporating 18.5% opex growth and the midpoint of guidance for share of associate losses.</li><li>Our revised estimates for FY24 EPS (BPe: 352cps) and DPS (BPe: 193cps) are in-line with consensus following upgrades of 8%/4%.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Following recent industry data releases we have reviewed our FY24/25 forecasts and anticipate a strong FY24 performance at the result on 8th August, driven by potential listings growth above REA commentary for a 5-7% range (BPe: 8%) and positive geo mix (BPe: 2.5%) from outperformance in key Syd/Mel markets.We expect 2% increase in revenue to $1,468m (Bberg consensus: $1,443m), and a 4% increase in EBITDA to $809m (consensus: $813m) incorporating 18.5% opex growth and the midpoint of guidance for share of associate losses.Our revised estimates for FY24 EPS (BPe: 352cps) and DPS (BPe: 193cps) are in-line with consensus following upgrades of 8%/4%.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

REA Group (REA): Compounding growth – upgrade to Buy

Australia

REA Group Limited provides online property listings, web development and internet related technology services to the real estate industry along with providing advertising services to Australian companies.  The Company also offers online real estate search services to the Australian public.

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REA Group Ltd (REA AU)

NZME Limited A Sound Benchmark For NZME

ASX-listed Sports Entertainment Group (SEG), the Australian sports media company, has agreed to acquire MediaWorks, the principal commercial radio...

Forsyth Barr

NZME Limited: Pressing More Out of Stuff

NZME (NZM) has agreed to acquire Stuff’s Petone print-plant equipment to right-size its print production capacity. Management expects annualised...

Forsyth Barr

REA Group (REA): Compounding growth – upgrade to Buy

Our revised estimates for FY24 EPS (BPe: 352cps) and DPS (BPe: 193cps) are in-line with consensus following upgrades of 8%/4%.

Bell Potter

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