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

New Zealand King Salmon / Equity Bottom-Up

<ul><li>New Zealand King Salmon (NZK) has completed mediation with the two appellants (Department of Conservation and the McGuinness Institute) in its Blue Endeavour consent application</li><li>All parties have agreed on a revised set of conditions, although full details were not provided, this is a significant step forward.</li><li>The final regulatory steps (Environment Court orders and an aquaculture decision from the Ministry for Primary Industries) are likely to be formalities.</li></ul>

New Zealand King Salmon (NZK) has completed mediation with the two appellants (Department of Conservation and the McGuinness Institute) in its Blue Endeavour consent applicationAll parties have agreed on a revised set of conditions, although full details were not provided, this is a significant step forward.The final regulatory steps (Environment Court orders and an aquaculture decision from the Ministry for Primary Industries) are likely to be formalities.

New Zealand King Salmon (NZK): Blue Endeavour Mediation Completed

<ul>
<li>New Zealand King Salmon (NZK) has reported a FY23 result in line with our expectations.</li>
<li>The FY23 pro-forma EBITDA (pre-IFRS 16) loss of –NZ$4.4m is broadly consistent with our estimate of -NZ$4.2m</li>
<li>Demand appears robust in key markets, as price increases and favourable product mix has contributed to higher average selling prices in FY23 (+26% from FY22, and +12% versus our expectations).</li>
</ul>


New Zealand King Salmon (NZK) has reported a FY23 result in line with our expectations.
The FY23 pro-forma EBITDA (pre-IFRS 16) loss of –NZ$4.4m is broadly consistent with our estimate of -NZ$4.2m
Demand appears robust in key markets, as price increases and favourable product mix has contributed to higher average selling prices in FY23 (+26% from FY22, and +12% versus our expectations).


New Zealand King Salmon (NZK): FY23 Result – Initial Impressions

<ul><li>New Zealand King Salmon's (NZK) FY23 result was broadly in line with our expectations, with underlying EBITDA and NPAT supported by higher average selling prices, despite a lower than expected sales volume.</li><li>There were some positive surprises in the outlook commentary and included (1) a higher FY24 EBITDA guidance range (+24% at the midpoint) versus expectations at the May 2022 equity raise, and (2) improved harvest volume expectations from a stronger than expected seasonal harvest in FY23.</li><li>We upgrade our near-term forecasts reflecting stronger FY24 guidance.</li></ul>

New Zealand King Salmon's (NZK) FY23 result was broadly in line with our expectations, with underlying EBITDA and NPAT supported by higher average selling prices, despite a lower than expected sales volume.There were some positive surprises in the outlook commentary and included (1) a higher FY24 EBITDA guidance range (+24% at the midpoint) versus expectations at the May 2022 equity raise, and (2) improved harvest volume expectations from a stronger than expected seasonal harvest in FY23.We upgrade our near-term forecasts reflecting stronger FY24 guidance.

New Zealand King Salmon: FY23 Result — Turning Upstream

<ul><li>New Zealand King Salmon’s (NZK) trading update gave some early signs its revised farming model may be paying off.</li><li>NZK reduced its pro-forma EBITDA loss guidance range from–NZ$8m to –NZ$12m to –NZ$3m to –NZ$5m</li><li>While we were expecting improvements in this harvest season relative to the prior year as some issues (e.g. feed quality) were not likely to repeat, this result is positive given marine heatwaves continued in New Zealand waters over the 2022/2023 summer.</li></ul>

New Zealand King Salmon’s (NZK) trading update gave some early signs its revised farming model may be paying off.NZK reduced its pro-forma EBITDA loss guidance range from–NZ$8m to –NZ$12m to –NZ$3m to –NZ$5mWhile we were expecting improvements in this harvest season relative to the prior year as some issues (e.g. feed quality) were not likely to repeat, this result is positive given marine heatwaves continued in New Zealand waters over the 2022/2023 summer.

<ul><li>Operating model appears to be working as intended, but too soon to see results</li><li>Macroeconomic factors mostly weighing on costs rather than consumer demand</li><li>Blue Endeavour is still highly uncertain, we apply a 50% probability weighting on the option value</li></ul>

Operating model appears to be working as intended, but too soon to see resultsMacroeconomic factors mostly weighing on costs rather than consumer demandBlue Endeavour is still highly uncertain, we apply a 50% probability weighting on the option value

New Zealand King Salmon: Reeling in a Surprise Catch

New Zealand

New Zealand King Salmon Investments Limited provides fish farming services. The Company produces, grows, and sells salmons products. New Zealand King Salmon Investments serves customers worldwide.

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New Zealand King Salmon (NZK NZ)

New Zealand King Salmon (NZK): Blue Endeavour Mediation Completed

New Zealand King Salmon (NZK) has completed mediation with the two appellants (Department of Conservation and the McGuinness Institute) in its Blue...

Forsyth Barr

New Zealand King Salmon (NZK): FY23 Result – Initial Impressions

New Zealand King Salmon (NZK) has reported a FY23 result in line with our expectations. The FY23 pro-forma EBITDA (pre-IFRS 16) loss of –NZ$4.4m is...

Forsyth Barr

New Zealand King Salmon: FY23 Result — Turning Upstream

New Zealand King Salmon's (NZK) FY23 result was broadly in line with our expectations, with underlying EBITDA and NPAT supported by higher average...

Forsyth Barr

NZ King Salmon (NZK): Trading Update

New Zealand King Salmon’s (NZK) trading update gave some early signs its revised farming model may be paying off; NZK reduced its pro-forma EBITDA...

Forsyth Barr

New Zealand King Salmon: Reeling in a Surprise Catch

New Zealand King Salmon (NZK) has reported a positive end to FY23, with trading and production ahead of expectations that was driven primarily by...

Forsyth Barr

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