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>IFT to invest US$360m–US$410m for 60%–80% of Console Connect</li><li>A beneficiary of global data tailwinds — global diversity added to IFT's digital infrastructure portfolio</li><li>What does Console Connect do?: CC's current next-generation platform enables customers to self-provision a private internet connection utilising CC's vast globally integrated network of 3rd party data centres, cloud zones, international cables and SaaS platforms on a pay-as-you-go bandwidth basis. </li></ul>

IFT to invest US$360m–US$410m for 60%–80% of Console ConnectA beneficiary of global data tailwinds — global diversity added to IFT's digital infrastructure portfolioWhat does Console Connect do?: CC's current next-generation platform enables customers to self-provision a private internet connection utilising CC's vast globally integrated network of 3rd party data centres, cloud zones, international cables and SaaS platforms on a pay-as-you-go bandwidth basis. 

<ul><li>IFT in the driving seat of two mega trends, supported by a solid cash generative New Zealand core</li><li>One NZ in a better position than SPK with no private cloud headwinds and mobile momentum</li><li>Acquisition makes sense in IFT's portfolio — allowing portfolio flexibility</li></ul>

IFT in the driving seat of two mega trends, supported by a solid cash generative New Zealand coreOne NZ in a better position than SPK with no private cloud headwinds and mobile momentumAcquisition makes sense in IFT's portfolio — allowing portfolio flexibility

Infratil: Consolidating Core; Reinstate OUTPERFORM

<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?

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: Connecting the Dots

Infratil (IFT) has announced a conditional investment into Console Connect (CC), a top 3 global software-defined interconnection platform; IFT is...

Forsyth Barr

Infratil: Consolidating Core; Reinstate OUTPERFORM

Reinstating our rating on Infratil (IFT) as OUTPERFORM following its capital raise and acquisition of the remaining half of One NZ, New Zealand's...

Forsyth Barr

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

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