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>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

<ul><li>The tide has gone out and IFT appears suitably clothed</li><li>Improved net debt following Vodafone NZ pay out, slightly offset by ~NZ$140m Longroad  injection </li><li>Most target  price changes of technical character (moving cash from Vodafone NZ to IFT)</li></ul>

The tide has gone out and IFT appears suitably clothedImproved net debt following Vodafone NZ pay out, slightly offset by ~NZ$140m Longroad  injection Most target  price changes of technical character (moving cash from Vodafone NZ to IFT)

Infratil: 1H23; Getting the Important Things Right

<ul><li>Infratil (IFT) reported a 1H23 result in-line with our expectations</li><li>1H23 net debt of ~NZ$1,012m was ~+NZ$100m ahead of our forecast, likely due to a pre-money infusion of capital into Longroad.</li><li>Longroad (LR) valuation of NZ$920.7m may raise some questions</li></ul>

Infratil (IFT) reported a 1H23 result in-line with our expectations1H23 net debt of ~NZ$1,012m was ~+NZ$100m ahead of our forecast, likely due to a pre-money infusion of capital into Longroad.Longroad (LR) valuation of NZ$920.7m may raise some questions

Infratil (IFT): 1H23 Result – Initial Impressions

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 Ltd (IFT NZ)

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

Infratil: 1H23; Getting the Important Things Right

Infratil (IFT) reported an in-line 1H23 result with a few overs and unders - all the three key holdings; Vodafone NZ, Canberra Data Centres (CDC)...

Forsyth Barr

Infratil (IFT): 1H23 Result – Initial Impressions

Infratil (IFT) reported a 1H23 result in-line with our expectations - 1H23 net debt of ~NZ$1,012m was ~+NZ$100m ahead of our forecast, likely due...

Forsyth Barr

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