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

Vista Group International / Equity Bottom-Up

<ul><li>Sentiment on Vista Group (VGL) has softened in recent months, reflecting: (1) weaker than expected box office trends; (2) a lack of confirmation regarding a previously flagged significant enterprise win; and (3) the market digesting accelerated spend to support the cloud transition.</li><li>Despite these perceived headwinds, VGL reiterated its 2025 site count guidance at a November conference and has not walked back FY25 revenue and margin guidance.</li><li>VGL has de-rated by ~-18% over the last three months to trade at ~17.6x consensus EV/EBITDA 12-month forward, which we view as attractive relative to our forecast +30% EBITDA CAGR from FY25 to FY28.</li></ul>

Sentiment on Vista Group (VGL) has softened in recent months, reflecting: (1) weaker than expected box office trends; (2) a lack of confirmation regarding a previously flagged significant enterprise win; and (3) the market digesting accelerated spend to support the cloud transition.Despite these perceived headwinds, VGL reiterated its 2025 site count guidance at a November conference and has not walked back FY25 revenue and margin guidance.VGL has de-rated by ~-18% over the last three months to trade at ~17.6x consensus EV/EBITDA 12-month forward, which we view as attractive relative to our forecast +30% EBITDA CAGR from FY25 to FY28.

Vista Group Box Office Blues, Cloud Still Silver Lined

Independent Investment Research, The IDEA!

The IDEA!

Independent Investment Research

The Idea-Driven Equities Analyses company (the IDEA!) is an employee-owned boutique providing independent investment research and financial consultancy services with a clear focus on the Benelux countries. The company was founded in the summer of 2007 by Henk Slotboom and Maarten Verbeek, both with more than 35 years of professional experience in the financial sector. The IDEA! differentiates itself by focusing on adding value through self-initiated in-depth, idea-driven investment research, as well as by bespoke research assignments for institutional investors, hedge funds and private equity. In addition, we provide market intelligence, strategic research and – together with our business partners – consultancy services to businesses. In case you are interested in receiving more information, a sample of our products or an introductory meeting, please send a message to info@theidea.nl.

<ul><li>In this edition: • Adyen | revises its FY25 outlook downward • Ahold Delhaize | Amazon launches free same-day grocery delivery for US Prime members</li></ul>

In this edition: • Adyen | revises its FY25 outlook downward • Ahold Delhaize | Amazon launches free same-day grocery delivery for US Prime members

What's News in Amsterdam - 14 August (Adyen | Ahold Delhaize)

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Adyen N.V., an Amsterdam-based payments company, recently shared its financial and business update for the first quarter of 2025.</li><li>The company reported robust financial performance, highlighting a 22% year-over-year increase in net revenue, driven primarily by solid gains in wallet share from existing clients.</li><li>Despite prevailing macroeconomic uncertainties, Adyen expressed confidence in its future growth trajectory, underpinned by broadbased expansion across various pillars and geographic regions, notably in Europe and North America.</li></ul>

Adyen N.V., an Amsterdam-based payments company, recently shared its financial and business update for the first quarter of 2025.The company reported robust financial performance, highlighting a 22% year-over-year increase in net revenue, driven primarily by solid gains in wallet share from existing clients.Despite prevailing macroeconomic uncertainties, Adyen expressed confidence in its future growth trajectory, underpinned by broadbased expansion across various pillars and geographic regions, notably in Europe and North America.

Adyen: Initiation of Coverage- How Unified Commerce & Embedded Finance Are Fueling a Global Takeover!

<ul><li>In this edition: • Adyen | strong net revenue growth and take rate, both ahead of expectations • ASM International | clearly better than expected 25Q3 results, however, order intake well below consensus • InPost | High Court to rule on legal ownership dispute regarding Yodel • Philips | received warning letter from FDA after inspection at three facilities • Corbion | solid 25Q3 results – reiterates FY25 outlook guidance • PostNL/DHL/InPost | reliability of parcel delivery in the Netherlands is deteriorating • Dutch banking sector | Argenta believed to be interested in buying NIBC • Dutch General Elections | polls are predicting a close finish</li></ul>

In this edition: • Adyen | strong net revenue growth and take rate, both ahead of expectations • ASM International | clearly better than expected 25Q3 results, however, order intake well below consensus • InPost | High Court to rule on legal ownership dispute regarding Yodel • Philips | received warning letter from FDA after inspection at three facilities • Corbion | solid 25Q3 results – reiterates FY25 outlook guidance • PostNL/DHL/InPost | reliability of parcel delivery in the Netherlands is deteriorating • Dutch banking sector | Argenta believed to be interested in buying NIBC • Dutch General Elections | polls are predicting a close finish

ASM International NV - What's New(s) in Amsterdam

<ul><li>September’s soft US box office data highlights the challenge of the film industry reaching VGL’s US$9.4bn estimate in FY25, with the +10% growth assumption now unlikely to be achieved given the current slate of upcoming films and the US economy.</li><li>VGL has called out a major contract that will be needed to meet FY25 expectations, and we have yet to receive notification of this signing.</li><li>We consider an announcement of the choice of a global payments supplier, or even a pilot programme, as imminent.</li></ul>

September’s soft US box office data highlights the challenge of the film industry reaching VGL’s US$9.4bn estimate in FY25, with the +10% growth assumption now unlikely to be achieved given the current slate of upcoming films and the US economy.VGL has called out a major contract that will be needed to meet FY25 expectations, and we have yet to receive notification of this signing.We consider an announcement of the choice of a global payments supplier, or even a pilot programme, as imminent.

Vista Group Box Office Data Fades as Payments Near Debut

Netherlands

Adyen N.V. provides payment solutions. The Company offers a platform that enable merchants and businesses to process payments online, mobile, and point-of-sale systems with payment methods including card schemes, mobile wallets, and other local methods. Adyen serves customers worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Adyen BV (ADYEN NA)

Vista Group Box Office Blues, Cloud Still Silver Lined

Despite these perceived headwinds, VGL reiterated its 2025 site count guidance at a November conference and has not walked back FY25 revenue and...

Forsyth Barr

What's News in Amsterdam - 14 August (Adyen | Ahold Delhaize)

In this edition: • Adyen | revises its FY25 outlook downward • Ahold Delhaize | Amazon launches free same-day grocery delivery for US Prime members

The IDEA!

Adyen: Initiation of Coverage- How Unified Commerce & Embedded Finance Are Fueling a Global Takeover!

Adyen N.V., an Amsterdam-based payments company, recently shared its financial and business update for the first quarter of 2025. The company...

Baptista Research

ASM International NV - What's New(s) in Amsterdam

In this edition: • Adyen | strong net revenue growth and take rate, both ahead of expectations • ASM International | clearly better than expected...

The IDEA!

Vista Group Box Office Data Fades as Payments Near Debut

VGL has called out a major contract that will be needed to meet FY25 expectations, and we have yet to receive notification of this signing.

Forsyth Barr

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)