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>Meridian Energy (MEL) closed out a difficult FY25 with a solid June 2025 performance but confirmed FY25 is a year to put behind it.</li><li>Positives during the year include MEL’s strong retail performance, with +76k connections added; opex coming in below the low end of guidance; and solid progress on its development pipeline—albeit two projects expected to reach financial close by year end have not.</li><li>While we forecast a significant recovery in FY26 earnings, this is priced in and we retain our NEUTRAL rating.</li></ul>

Meridian Energy (MEL) closed out a difficult FY25 with a solid June 2025 performance but confirmed FY25 is a year to put behind it.Positives during the year include MEL’s strong retail performance, with +76k connections added; opex coming in below the low end of guidance; and solid progress on its development pipeline—albeit two projects expected to reach financial close by year end have not.While we forecast a significant recovery in FY26 earnings, this is priced in and we retain our NEUTRAL rating.

Meridian Energy The Only Way Is Up—June 2025 Op Stats

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>The <a href="https://www.smartkarma.com/entities/genex-power-ltd" target="_blank" data-smartkarma-citation="entities:29079:1" rel="noopener">Genex Power Ltd (GNX AU)</a> IE considers <a href="https://www.smartkarma.com/entities/electric-power-development-c" target="_blank" data-smartkarma-citation="entities:292:1" rel="noopener">Electric Power Development C (9513 JP)</a>’s scheme (A$0.275) and off-market takeover offer (A$0.270) fair and reasonable. </li>
<li>The offer is conditional on FIRB and shareholder approval. Skip Capital, which can block the scheme, has not declared its intention regarding J-Power's offer or launched a competing offer.</li>
<li>Skip’s silence suggests a greater probability of accepting the scheme offer. If the scheme fails, the takeover offer, due to its structure and price, caps the downside.</li>
</ul>


The Genex Power Ltd (GNX AU) IE considers Electric Power Development C (9513 JP)’s scheme (A$0.275) and off-market takeover offer (A$0.270) fair and reasonable. 
The offer is conditional on FIRB and shareholder approval. Skip Capital, which can block the scheme, has not declared its intention regarding J-Power's offer or launched a competing offer.
Skip’s silence suggests a greater probability of accepting the scheme offer. If the scheme fails, the takeover offer, due to its structure and price, caps the downside.


Genex Power (GNX AU): Scheme Vote on 16 July as Skip Remains Silent

New Zealand

NZ Windfarms Ltd. is a long term owner and operator of a renewable generation asset, with its principal revenue coming from the sale of sustainably generated electricity. The Company's core business activity is the operation and ownership of its wind farm in New Zealand.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Nz Windfarms (NWF NZ)

Meridian Energy The Only Way Is Up—June 2025 Op Stats

Meridian Energy (MEL) closed out a difficult FY25 with a solid June 2025 performance but confirmed FY25 is a year to put behind it.

Forsyth Barr

Genex Power (GNX AU): Scheme Vote on 16 July as Skip Remains Silent

Skip’s silence suggests a greater probability of accepting the scheme. The takeover offer caps the downside due to structure and price. The gross...

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)