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>EBOS Group (EBO) reiterated its FY26 EBITDA and implied NPAT guidance as part of its 2025 annual shareholder meeting (ASM) materials.</li><li>The SVS acquisition is outperforming expectations.</li><li>More broadly, we see the guidance reiteration as a small positive amid uncertainty and it suggests healthcare margins will sequentially stabilise in FY25 from 2H25 after consecutive periods of sequential declines.</li></ul>

EBOS Group (EBO) reiterated its FY26 EBITDA and implied NPAT guidance as part of its 2025 annual shareholder meeting (ASM) materials.The SVS acquisition is outperforming expectations.More broadly, we see the guidance reiteration as a small positive amid uncertainty and it suggests healthcare margins will sequentially stabilise in FY25 from 2H25 after consecutive periods of sequential declines.

Sky Network Television / Equity Bottom-Up

<ul>
<li>Sky TV (SKT) reported a solid FY26 result, with adjusted EBITDA up +6% year-on-year and modestly ahead of our expectations.</li>
<li>The key highlight of the result however is strong free cash flow and dividends—exactly what investors are looking for from SKT.</li>
<li>SKT has declared a final FY26 dividend of NZ17cps, taking total FY26 dividends to NZ32cps (fully imputed), ahead of our NZ30cps estimate.</li>
</ul>


Sky TV (SKT) reported a solid FY26 result, with adjusted EBITDA up +6% year-on-year and modestly ahead of our expectations.
The key highlight of the result however is strong free cash flow and dividends—exactly what investors are looking for from SKT.
SKT has declared a final FY26 dividend of NZ17cps, taking total FY26 dividends to NZ32cps (fully imputed), ahead of our NZ30cps estimate.


Sky TV (SKT): FY26 Result–Initial Impressions

Thematic (Sector/Industry)

<ul><li>The quality growth stock landscape in New Zealand is dominated by F&amp;P Healthcare (FPH), Mainfreight (MFT), and EBOS Group (EBO).</li><li>Each offers attractive investment attributes with strong track records of execution.</li><li>Structurally, we like all three companies, with each well positioned for continued growth and favourable returns. </li></ul>

The quality growth stock landscape in New Zealand is dominated by F&amp;P Healthcare (FPH), Mainfreight (MFT), and EBOS Group (EBO).Each offers attractive investment attributes with strong track records of execution.Structurally, we like all three companies, with each well positioned for continued growth and favourable returns. 

Quality Growth Stocks: F&P Healthcare, Mainfreight and EBOS Group - The Creme De La Creme

<ul>
<li>We expect Sky TV (SKT) to report a solid FY26 result on Friday 28 August 2026.</li>
<li>We believe a dividend target of &gt;NZ35cps by FY29 would be taken well by the market.</li>
<li>SKT is also in a very attractive net cash position (NZ$60m—NZ$70m); clarity on how it intends to return this to shareholders (or invest at attractive returns) would be welcome.</li>
</ul>


We expect Sky TV (SKT) to report a solid FY26 result on Friday 28 August 2026.
We believe a dividend target of &gt;NZ35cps by FY29 would be taken well by the market.
SKT is also in a very attractive net cash position (NZ$60m—NZ$70m); clarity on how it intends to return this to shareholders (or invest at attractive returns) would be welcome.


<ul>
<li>Sky TV (SKT)’s competitive backdrop is becoming more challenging, both in entertainment and sports, but to varying degrees.</li>
<li>We modestly reduce our earnings estimates but retain OUTPERFORM.</li>
<li>We believe dividends can grow from FY26 and see its ~13% gross dividend yield as attractive.</li>
</ul>


Sky TV (SKT)’s competitive backdrop is becoming more challenging, both in entertainment and sports, but to varying degrees.
We modestly reduce our earnings estimates but retain OUTPERFORM.
We believe dividends can grow from FY26 and see its ~13% gross dividend yield as attractive.


New Zealand

EBOS Group Limited supplies and distributes medical consumable products and equipment to the hospital and primary care sectors of the New Zealand and Australian healthcare markets. The Company's products include diagnostic instruments, surgical instruments and prosthesis, feminine protection, anesthetic equipment, and other consumer products.

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Ebos Group Ltd (EBO NZ)

EBOS Group 103rd AGM—Baby Steps

EBOS Group (EBO) reiterated its FY26 EBITDA and implied NPAT guidance as part of its 2025 annual shareholder meeting (ASM) materials.

Forsyth Barr

Sky TV (SKT): FY26 Result–Initial Impressions

Sky TV (SKT) reported a solid FY26 result, with adjusted EBITDA up +6% year-on-year and modestly ahead of our expectations. The key highlight of...

Forsyth Barr

Quality Growth Stocks: F&P Healthcare, Mainfreight and EBOS Group - The Creme De La Creme

The quality growth stock landscape in New Zealand is dominated by F&P Healthcare (FPH), Mainfreight (MFT), and EBOS Group (EBO).

Forsyth Barr

Sky TV FY26 Preview—A Lot to Watch

We expect Sky TV (SKT) to report a solid FY26 result on Friday 28 August 2026. We believe a dividend target of >NZ35cps by FY29 would be taken...

Forsyth Barr

Sky TV Playing Defense

Sky TV (SKT)’s competitive backdrop is becoming more challenging, both in entertainment and sports, but to varying degrees. We modestly reduce our...

Forsyth Barr

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