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>Acquiring the remaining 50% of One NZ for NZ$1.8bn: IFT has entered an agreement to purchase the remaining 50% of One NZ for NZ$1.8bn from its partner Brookfield.</li><li>Partially funded by a NZ$850m capital raise: IFT is raising NZ$850m of equity at NZ$9.20 per share corresponding to ~12.7% of outstanding shares via; (1) a fully underwritten NZ$750m Institutional Placement, and (2) a NZ$100m retail offer (plus an ability to accept oversubscriptions).</li><li>Guidance updated to reflect full One NZ ownership: IFT has updated its FY24 proportionate EBITDAF guidance to between NZ$800m to NZ$840m to reflect full One NZ ownership for 9.5 months of the year, with the underlying portfolio company guidance unchanged.</li></ul>

Acquiring the remaining 50% of One NZ for NZ$1.8bn: IFT has entered an agreement to purchase the remaining 50% of One NZ for NZ$1.8bn from its partner Brookfield.Partially funded by a NZ$850m capital raise: IFT is raising NZ$850m of equity at NZ$9.20 per share corresponding to ~12.7% of outstanding shares via; (1) a fully underwritten NZ$750m Institutional Placement, and (2) a NZ$100m retail offer (plus an ability to accept oversubscriptions).Guidance updated to reflect full One NZ ownership: IFT has updated its FY24 proportionate EBITDAF guidance to between NZ$800m to NZ$840m to reflect full One NZ ownership for 9.5 months of the year, with the underlying portfolio company guidance unchanged.

Infratil: One NZ Acquisition and Capital Raise

<ul><li>Infratil has announced that it will acquire the remaining ~50% of One NZ (formerly Vodafone NZ) that it doesn’t already own.</li><li>The transaction will be funded by an NZ$850m equity raise with the remainder funded by debt and cash on hand.</li><li>Infratil is paying 9.3x EV/EBITDA (9.8x adding back one off marketing and SaaS capitalisation) in-line with Sparks multiple and in-line with our current valuation of One NZ for our NAV calculations.</li></ul>

Infratil has announced that it will acquire the remaining ~50% of One NZ (formerly Vodafone NZ) that it doesn’t already own.The transaction will be funded by an NZ$850m equity raise with the remainder funded by debt and cash on hand.Infratil is paying 9.3x EV/EBITDA (9.8x adding back one off marketing and SaaS capitalisation) in-line with Sparks multiple and in-line with our current valuation of One NZ for our NAV calculations.

Infratil (IFT): Purchase Remaining 50% of One NZ and Capital Raise

<ul><li>Longroad has potential to be the key driver of IFT NAV for years to come: Over the last six years our implied spot valuation of CDC has increased by ~+NZ$3 (&gt;NZ$4 using IFT's provided independent valuation). </li><li>One NZ a standout performer; rapidly closing the gap to Spark: One NZ reported EBITDA margins of ~26.6%, up ~+2% from FY22</li><li>Management agree to amend incentive fee structure: Reflecting feedback from shareholders, IFT and the Manager have agreed to make amendments to the management agreement</li></ul>

Longroad has potential to be the key driver of IFT NAV for years to come: Over the last six years our implied spot valuation of CDC has increased by ~+NZ$3 (&gt;NZ$4 using IFT's provided independent valuation). One NZ a standout performer; rapidly closing the gap to Spark: One NZ reported EBITDA margins of ~26.6%, up ~+2% from FY22Management agree to amend incentive fee structure: Reflecting feedback from shareholders, IFT and the Manager have agreed to make amendments to the management agreement

Infratil: FY23 Result — CDC Passing the Baton?

<ul><li>Infratil (IFT) reports its FY23 result on Monday, 22 May.</li><li>IFT held a comprehensive investor day at the end of the financial year where it provided FY23 guidance for CDC and One NZ EBITDA, its two key holdings.</li><li>IFT may provide an updated valuation of Longroad after the Inflation Reduction Act (IRA) in the US</li></ul>

Infratil (IFT) reports its FY23 result on Monday, 22 May.IFT held a comprehensive investor day at the end of the financial year where it provided FY23 guidance for CDC and One NZ EBITDA, its two key holdings.IFT may provide an updated valuation of Longroad after the Inflation Reduction Act (IRA) in the US

<ul><li>CDC not acknowledging (any) slowdown in demand: CDC has grown by a CAGR of &gt;25% since IFT's investment</li><li>Renewables; platform benefits in practice: IFT has talked to the value of its platforms for several years</li><li>Vodafone NZ is showing strong momentum; diagnostic imaging recovering: IFT narrowed its EBITDAF guidance by lowering the top end by -NZ$5m and increasing the bottom end by +NZ$10m</li></ul>

CDC not acknowledging (any) slowdown in demand: CDC has grown by a CAGR of &gt;25% since IFT's investmentRenewables; platform benefits in practice: IFT has talked to the value of its platforms for several yearsVodafone NZ is showing strong momentum; diagnostic imaging recovering: IFT narrowed its EBITDAF guidance by lowering the top end by -NZ$5m and increasing the bottom end by +NZ$10m

New Zealand

Infratil Limited is an infrastructure investment company. The Company invests in airports, energy such as renewable and waste-energy, and public transportation.

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Infratil (IFT AU)

Infratil: One NZ Acquisition and Capital Raise

Infratil (IFT) has announced it is purchasing the remaining 50% of One NZ for NZ$1.8bn, four years after acquiring its initial 50%; To fund this...

Forsyth Barr

Infratil (IFT): Purchase Remaining 50% of One NZ and Capital Raise

Infratil has announced that it will acquire the remaining ~50% of One NZ (formerly Vodafone NZ) that it doesn’t already own and the transaction...

Forsyth Barr

Infratil: FY23 Result — CDC Passing the Baton?

Infratil (IFT) delivered a strong FY23 result where all main portfolio companies contributed; After several years of IFT relying heavily on CDC for...

Forsyth Barr

Infratil: FY23 Preview — Look Ahead

Infratil (IFT) reports its FY23 result on Monday, 22 May; IFT held a comprehensive investor day at the end of the financial year where it provided...

Forsyth Barr

Infratil: Behind the Scenes Edition

Infratil (IFT) hosted an unusually upbeat investor day, even by its own high standards; the three key portfolio companies; CDC, Vodafone NZ (soon...

Forsyth Barr

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