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>Investore (IPL) has announced the acquisition of Bunnings New Lynn, consistent with its strategy to reduce supermarket exposure and secure leases with more fixed rental growth.</li><li>Gearing has increased to approximately 41.1%, above the target range, but the company plans to fund this through non-core asset sales and continue remixing the portfolio over the next 12-24 months.</li><li>IPL is trading at a -28% discount to its book value, with a market-implied portfolio cap rate of 7.6%.</li></ul>

Investore (IPL) has announced the acquisition of Bunnings New Lynn, consistent with its strategy to reduce supermarket exposure and secure leases with more fixed rental growth.Gearing has increased to approximately 41.1%, above the target range, but the company plans to fund this through non-core asset sales and continue remixing the portfolio over the next 12-24 months.IPL is trading at a -28% discount to its book value, with a market-implied portfolio cap rate of 7.6%.

Thematic (Sector/Industry)

<ul><li>The listed property sector has had a soft start to 2026, but we remain constructive for the year ahead.</li><li>Our preferred sector picks are Precinct (PCT), reflecting its high-quality portfolio, third-party capital strategy and attractive gross yield; Vital Healthcare (VHP), due to its long-leased healthcare portfolio and solid medium-term inflation linked earnings growth; and Stride (SPG), for its attractive yield, discount to NTA and leverage from its management fee income streams.</li><li>In this note, we outline five themes that we think should impact sector performance over the year ahead.</li></ul>

The listed property sector has had a soft start to 2026, but we remain constructive for the year ahead.Our preferred sector picks are Precinct (PCT), reflecting its high-quality portfolio, third-party capital strategy and attractive gross yield; Vital Healthcare (VHP), due to its long-leased healthcare portfolio and solid medium-term inflation linked earnings growth; and Stride (SPG), for its attractive yield, discount to NTA and leverage from its management fee income streams.In this note, we outline five themes that we think should impact sector performance over the year ahead.

<ul><li>Falling short-term interest rates have swung sentiment in the listed property sector’s favour.</li><li>We have rolled the lower forward interest rate curve through our models and adjusted our NAV assumptions, which drives a +3% to +9% increase in sector target prices.</li><li>The NZ property sector rose +5.8% in September, outperforming the broader market, which was up +2.8%.</li></ul>

Falling short-term interest rates have swung sentiment in the listed property sector’s favour.We have rolled the lower forward interest rate curve through our models and adjusted our NAV assumptions, which drives a +3% to +9% increase in sector target prices.The NZ property sector rose +5.8% in September, outperforming the broader market, which was up +2.8%.

European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>May saw selective convergence reassert itself across Europe’s dual-class universe, with broad tightening in several structurally wide and liquidity-driven spreads offsetting renewed widening in Carlsberg and Grifols.</li>
<li>Both median and mean tightened, confirming no systemic repricing of voting rights. Dispersion remains driven by liquidity, concentrated ownership, implementation constraints and episodic positioning reversals across Europe’s dual-class universe.</li>
<li>Handelsbanken, Media-for-Europe and Telecom Italia delivered the strongest tightening moves in May, while Carlsberg and Grifols reversed sharply, re-widening after April’s convergence phase.</li>
</ul>


May saw selective convergence reassert itself across Europe’s dual-class universe, with broad tightening in several structurally wide and liquidity-driven spreads offsetting renewed widening in Carlsberg and Grifols.
Both median and mean tightened, confirming no systemic repricing of voting rights. Dispersion remains driven by liquidity, concentrated ownership, implementation constraints and episodic positioning reversals across Europe’s dual-class universe.
Handelsbanken, Media-for-Europe and Telecom Italia delivered the strongest tightening moves in May, while Carlsberg and Grifols reversed sharply, re-widening after April’s convergence phase.


Liquid Universe of European Ordinary and Preferred Shares: May '26 Report

<ul>
<li>Dispersion persists across European holdcos, with discounts anchored by structure and governance rather than valuation. Convergence remains selective and catalyst-driven, not a broad-based re-rating.</li>
<li>Event-Driven asymmetry remains concentrated, with Vivendi offering legal-driven optionality and Rio conditional on strategic pressure, while most structures trade within stable equilibrium ranges.</li>
<li>Elsewhere, discounts reflect steady-state positioning, with GBL tightening on execution, Porsche stable at structural levels, and Nordic holdcos trading near parity as quality proxies.</li>
</ul>


Dispersion persists across European holdcos, with discounts anchored by structure and governance rather than valuation. Convergence remains selective and catalyst-driven, not a broad-based re-rating.
Event-Driven asymmetry remains concentrated, with Vivendi offering legal-driven optionality and Rio conditional on strategic pressure, while most structures trade within stable equilibrium ranges.
Elsewhere, discounts reflect steady-state positioning, with GBL tightening on execution, Porsche stable at structural levels, and Nordic holdcos trading near parity as quality proxies.


Selected European HoldCos and DLC: April 2026 Report

Sweden

Investor AB is an industrial holding company. The Company owns significant shareholdings in major public multinational companies and conducts private equity activities in Europe, North America, and Asia. Investor takes an active ownership role in many of the companies it owns.

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Investor (INVEB SS)

Investore Some More DIY

Investore (IPL) has announced the acquisition of Bunnings New Lynn, consistent with its strategy to reduce supermarket exposure and secure leases...

Forsyth Barr

Property Sector Five Themes For 2026

The listed property sector has had a soft start to 2026, but we remain constructive for the year ahead. Our preferred sector picks are Precinct...

Forsyth Barr

Real Estate Reflections Hot Property

We have rolled the lower forward interest rate curve through our models and adjusted our NAV assumptions, which drives a +3% to +9% increase in...

Forsyth Barr

Liquid Universe of European Ordinary and Preferred Shares: May '26 Report

European dual-class spreads tightened again in May as liquidity-driven convergence resumed. Handelsbanken, MFE and Telecom Italia led compression,...

Jesus Rodriguez Aguilar

Selected European HoldCos and DLC: April 2026 Report

European holdcos remain dispersed: Vivendi at deep discount, Rio offers conditional optionality, while most trade near equilibrium. Convergence...

Jesus Rodriguez Aguilar

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