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>The March 2026 quarter delivered a continuation of mixed economic signals, although updates from NZ's listed auto retailers remained constructive.</li><li>Against this backdrop, Turners Automotive (TRA) continued to exhibit operational resilience, as reflected in management's upgraded FY26 guidance announced at the company's 2026 Investor Day.</li><li>We lift TRA's target price by +3% to NZ$8.65, driven by a recovery in peer multiples and with an expected 12-month total return of +3%, retain our UNDERPERFORM rating.</li></ul>

The March 2026 quarter delivered a continuation of mixed economic signals, although updates from NZ's listed auto retailers remained constructive.Against this backdrop, Turners Automotive (TRA) continued to exhibit operational resilience, as reflected in management's upgraded FY26 guidance announced at the company's 2026 Investor Day.We lift TRA's target price by +3% to NZ$8.65, driven by a recovery in peer multiples and with an expected 12-month total return of +3%, retain our UNDERPERFORM rating.

Forsyth Barr Vehicle Digest Edition 12—The Wheels Are Turning

Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

<ul><li>Gevo is focused on making cost-effective, scalable, drop- in fuels and chemicals.</li><li>These include low-carbon ethanol, synthetic aviation fuel (SAF), renewable natural gas (RNG), and other products.</li><li>Gevo’s strategy is to have profitable and scalable carbon-abating operations that transform output, like corn, and ethanol from rural communities into products that satisfy significant global demand, like SAF. </li></ul>

Gevo is focused on making cost-effective, scalable, drop- in fuels and chemicals.These include low-carbon ethanol, synthetic aviation fuel (SAF), renewable natural gas (RNG), and other products.Gevo’s strategy is to have profitable and scalable carbon-abating operations that transform output, like corn, and ethanol from rural communities into products that satisfy significant global demand, like SAF. 

Gevo, Inc: Transformation Underway; Opportunity in Future Undersupplied US Jet Fuel Market

<ul><li>Gevo runs a geographically diversified and interconnected energy business.</li><li>The company’s key strategy involves using plant sugars (mostly corn) and fermentation technologies to create high-value, low-carbon drop-in fuels that can be mixed with fossil fuels like aviation fuel, reducing carbon emissions.</li><li>The Gevo North Dakota facility sequesters biogenic CO2 underground, generating valuable credits and enabling ultra-low carbon intensity (CI) ethanol production.</li></ul>

Gevo runs a geographically diversified and interconnected energy business.The company’s key strategy involves using plant sugars (mostly corn) and fermentation technologies to create high-value, low-carbon drop-in fuels that can be mixed with fossil fuels like aviation fuel, reducing carbon emissions.The Gevo North Dakota facility sequesters biogenic CO2 underground, generating valuable credits and enabling ultra-low carbon intensity (CI) ethanol production.

Gevo, Inc: In Case You Missed It - Gevo's Virtual NDR Key Takeaways and New CFO Introduction

<ul><li>Gevo runs a geographically diversified and interconnected energy business.</li><li>The Gevo North Dakota facility sequesters biogenic CO2 underground, generating valuable credits and enabling ultra-low carbon intensity (CI) ethanol production.</li><li>In South Dakota, the company’s greenfield alcohol-to-jet project (ATJ-60) is in the financing phase. </li></ul>

Gevo runs a geographically diversified and interconnected energy business.The Gevo North Dakota facility sequesters biogenic CO2 underground, generating valuable credits and enabling ultra-low carbon intensity (CI) ethanol production.In South Dakota, the company’s greenfield alcohol-to-jet project (ATJ-60) is in the financing phase. 

Gevo, Inc: 1Q25 Results; Accelerating SAF Strategy with ATJ-30; Nearing Positive Adjusted EBITDA

<ul><li>We recently attended a virtual analysts tour of Gevo’s North Dakota Low-Carbon Ethanol and Carbon Capture and Sequestration (CCS) facilities.</li><li>The tour of the facilities, which are in Richardton, North Dakota, was led by a team, including Dr. Patrick Gruber, CEO, Alex Torro, VP of Operations and Process Engineering, and several other representatives.</li><li>The recently acquired facilities capture CO2 emitted during the fermentation stage of the ethanol production process and sequester the CO2 underground. </li></ul>

We recently attended a virtual analysts tour of Gevo’s North Dakota Low-Carbon Ethanol and Carbon Capture and Sequestration (CCS) facilities.The tour of the facilities, which are in Richardton, North Dakota, was led by a team, including Dr. Patrick Gruber, CEO, Alex Torro, VP of Operations and Process Engineering, and several other representatives.The recently acquired facilities capture CO2 emitted during the fermentation stage of the ethanol production process and sequester the CO2 underground. 

Gevo, Inc: Senior Management Hosts Virtual Tour of CCS-Ethanol Facilities in North Dakota

United States

Gevo Inc. operates as a technology development company for biobutanol. The Company offers products that enable the production of fuels for the diesel and jet markets, and the production of green chemicals derived from renewable resources.

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Gevo (GEVO US)

Forsyth Barr Vehicle Digest Edition 12—The Wheels Are Turning

The March 2026 quarter delivered a continuation of mixed economic signals, although updates from NZ's listed auto retailers remained...

Forsyth Barr

Gevo, Inc: Transformation Underway; Opportunity in Future Undersupplied US Jet Fuel Market

Gevo’s strategy is to have profitable and scalable carbon-abating operations that transform output, like corn, and ethanol from rural communities...

Water Tower Research

Gevo, Inc: In Case You Missed It - Gevo's Virtual NDR Key Takeaways and New CFO Introduction

The Gevo North Dakota facility sequesters biogenic CO2 underground, generating valuable credits and enabling ultra-low carbon intensity (CI)...

Water Tower Research

Gevo, Inc: 1Q25 Results; Accelerating SAF Strategy with ATJ-30; Nearing Positive Adjusted EBITDA

The Gevo North Dakota facility sequesters biogenic CO2 underground, generating valuable credits and enabling ultra-low carbon intensity (CI)...

Water Tower Research

Gevo, Inc: Senior Management Hosts Virtual Tour of CCS-Ethanol Facilities in North Dakota

We recently attended a virtual analysts tour of Gevo’s North Dakota Low-Carbon Ethanol and Carbon Capture and Sequestration (CCS) facilities.

Water Tower Research

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