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>We view Gentrack’s (GTK) acquisition of Dubai Technology Partners (DTP) for Veovo constructively.</li><li>Given earnings accretion, existing product partnerships between Veovo and DTP, and GTK’s ability to cash fund the transaction, we see downside risk as limited.</li><li>We incorporate DTP into our forecasts, and our target price lifts +6% to NZ$9.20, also partly reflecting higher peer multiples.</li></ul>

We view Gentrack’s (GTK) acquisition of Dubai Technology Partners (DTP) for Veovo constructively.Given earnings accretion, existing product partnerships between Veovo and DTP, and GTK’s ability to cash fund the transaction, we see downside risk as limited.We incorporate DTP into our forecasts, and our target price lifts +6% to NZ$9.20, also partly reflecting higher peer multiples.

<ul><li>Kraken and Origin Energy's (ORG) 2026 joint investor briefing reinforced the scale of competition Gentrack (GTK) faces.</li><li>We understand its 30m meter point pipeline announced at FY25 remains on track.</li><li>We make no changes to our estimates or our NZ$8.70 target price; the near-term thesis hinges on 2H26 contract conversion.</li></ul>

Kraken and Origin Energy's (ORG) 2026 joint investor briefing reinforced the scale of competition Gentrack (GTK) faces.We understand its 30m meter point pipeline announced at FY25 remains on track.We make no changes to our estimates or our NZ$8.70 target price; the near-term thesis hinges on 2H26 contract conversion.

<ul><li>The December 2025 quarter saw five of the six tech names under our coverage report results.</li><li>During the period, we upgraded Gentrack (GTK) to OUTPERFORM despite a somewhat underwhelming FY25 result, with our thesis supported by the announcement of a strong potential contract pipeline and continued platform progress.</li><li>Over the quarter, the S&amp;P/NZX IT Index fell ~-17%, materially underperforming the NZX50, which rose ~+2%.</li></ul>

The December 2025 quarter saw five of the six tech names under our coverage report results.During the period, we upgraded Gentrack (GTK) to OUTPERFORM despite a somewhat underwhelming FY25 result, with our thesis supported by the announcement of a strong potential contract pipeline and continued platform progress.Over the quarter, the S&amp;P/NZX IT Index fell ~-17%, materially underperforming the NZX50, which rose ~+2%.

Forsyth Barr Technology Digest Edition 13—Tech Falls Out Of Sync With Markets

<ul><li>Gentrack (GTK) used its 2025 Strategy Day to reiterate confidence in its long-term growth trajectory, providing expanded detail but little materially new information.</li><li>GTK sees itself as well placed to benefit from the substantial modernisation cycle under way in global energy, water, and airport software.</li><li>The stock has risen materially since its FY25 results (+36%), as the market places greater emphasis on conversion of the pipeline opportunities, likely in the latter part of FY26.</li></ul>

Gentrack (GTK) used its 2025 Strategy Day to reiterate confidence in its long-term growth trajectory, providing expanded detail but little materially new information.GTK sees itself as well placed to benefit from the substantial modernisation cycle under way in global energy, water, and airport software.The stock has risen materially since its FY25 results (+36%), as the market places greater emphasis on conversion of the pipeline opportunities, likely in the latter part of FY26.

<ul>
<li>We lift our rating on Gentrack (GTK) to OUTPERFORM from NEUTRAL, reflecting an improved risk-reward backdrop underpinned by: (1) greater contract visibility, (2) building g2.0 momentum, and (3) sustained strength at Veovo.</li>
<li>GTK reported a reassuring FY25 result in line with guidance, but the disclosure of ten pipeline opportunities representing ~30m meter points was the key piece of new information.</li>
<li>GTK's cash balance of ~NZ$85m also provides optionality to pursue inorganic growth opportunities.</li>
</ul>


We lift our rating on Gentrack (GTK) to OUTPERFORM from NEUTRAL, reflecting an improved risk-reward backdrop underpinned by: (1) greater contract visibility, (2) building g2.0 momentum, and (3) sustained strength at Veovo.
GTK reported a reassuring FY25 result in line with guidance, but the disclosure of ten pipeline opportunities representing ~30m meter points was the key piece of new information.
GTK's cash balance of ~NZ$85m also provides optionality to pursue inorganic growth opportunities.


Gentrack On Current in FY25, Powering Up for FY27

New Zealand

Gentrack Group Limited is a computer consulting company. The Company provides software solutions to energy & water utilities and airports.

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We view Gentrack’s (GTK) acquisition of Dubai Technology Partners (DTP) for Veovo constructively. Given earnings accretion, existing product...

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Gentrack (GTK) used its 2025 Strategy Day to reiterate confidence in its long-term growth trajectory, providing expanded detail but little...

Forsyth Barr

Gentrack On Current in FY25, Powering Up for FY27

GTK reported a reassuring FY25 result in line with guidance, but the disclosure of ten pipeline opportunities representing ~30m meter points was...

Forsyth Barr

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