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 <em>c.</em>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.

Australia

ARN Media Limited operates as a media and entertainment company. The Company owns and manages radio, outdoor, and digital assets. ARN Media offers content marketing and outdoor advertising services, as well as digital radio service, live events, sports opinion, and video platforms.

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ARN Media (A1N 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

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