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>Recent global freight industry data points and peer commentary suggest more downside than upside risk to Mainfreight's (MFT) near-term outlook.</li><li>After a challenging start to FY26 (PBT was down -24% in the first 17 weeks), MFT is in catch-up mode, though its prior-year comparatives become more challenging for the remainder of the year.</li><li>Despite this backdrop, MFT's one-year forward PE has firmed to ~24x in recent weeks, while its closest global peers have de-rated.</li></ul>

Recent global freight industry data points and peer commentary suggest more downside than upside risk to Mainfreight's (MFT) near-term outlook.After a challenging start to FY26 (PBT was down -24% in the first 17 weeks), MFT is in catch-up mode, though its prior-year comparatives become more challenging for the remainder of the year.Despite this backdrop, MFT's one-year forward PE has firmed to ~24x in recent weeks, while its closest global peers have de-rated.

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Old Dominion Freight Line / Equity Bottom-Up

<ul><li>Old Dominion Freight Line's recent third-quarter earnings call for 2024 revealed several key aspects of the company's performance amidst a challenging economic environment.</li><li>The company reported a decrease in revenue, which totaled $1.47 billion, down 3.0% from the prior year.</li><li>The decline in LTL (less-than-truckload) tons per day, which fell by 4.8%, was slightly mitigated by a 1.5% increase in LTL revenue per hundredweight.</li></ul>

Old Dominion Freight Line's recent third-quarter earnings call for 2024 revealed several key aspects of the company's performance amidst a challenging economic environment.The company reported a decrease in revenue, which totaled $1.47 billion, down 3.0% from the prior year.The decline in LTL (less-than-truckload) tons per day, which fell by 4.8%, was slightly mitigated by a 1.5% increase in LTL revenue per hundredweight.

Old Dominion Freight Line: Dealing With Capacity Management Vulnerability & Other Challenges! - Major Drivers

<ul><li>Old Dominion Freight Line reported resilient financial performance in the second quarter of 2024, marked by consistent revenue growth and operational enhancements despite a stagnant domestic economy.</li><li>The quarter's results exemplify the company's ability to navigate economic headwinds while focusing on long-term strategic goals, which have been anchored by a steadfast commitment to superior service quality and prudent management practices.</li><li>Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li></ul>

Old Dominion Freight Line reported resilient financial performance in the second quarter of 2024, marked by consistent revenue growth and operational enhancements despite a stagnant domestic economy.The quarter's results exemplify the company's ability to navigate economic headwinds while focusing on long-term strategic goals, which have been anchored by a steadfast commitment to superior service quality and prudent management practices.Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

Old Dominion Freight Line Inc.: A Story Of Expanding Capacity and Network Optimization! - Major Drivers

<ul><li>Old Dominion Freight Line, a major freight carrier company, recently released its first quarter 2024 which reflected a challenging economic environment but also highlighted areas of growth.</li><li>Despite the continued softness in the domestic economy, Old Dominion was able to report modest year over-year increases in revenue and earnings per diluted share for two consecutive quarters.</li><li>Its Q1 2024 earnings per diluted share of $1.34 signifies a new company record for this period.</li></ul>

Old Dominion Freight Line, a major freight carrier company, recently released its first quarter 2024 which reflected a challenging economic environment but also highlighted areas of growth.Despite the continued softness in the domestic economy, Old Dominion was able to report modest year over-year increases in revenue and earnings per diluted share for two consecutive quarters.Its Q1 2024 earnings per diluted share of $1.34 signifies a new company record for this period.

Old Dominion Freight Line Inc.: How They Are Growing Volumes Through Operating Ratio Leverage! - Major Drivers

<ul><li>Old Dominion Freight Line released its fourth-quarter earnings.</li><li>In the quarter, the company saw a slowdown in the domestic economy which affected volume levels.</li><li>Despite this, the company saw a quarterly revenue and earnings per share increase for the first time in 2023, owing to an increase in the quality of its revenue.</li></ul>

Old Dominion Freight Line released its fourth-quarter earnings.In the quarter, the company saw a slowdown in the domestic economy which affected volume levels.Despite this, the company saw a quarterly revenue and earnings per share increase for the first time in 2023, owing to an increase in the quality of its revenue.

Old Dominion Freight Line Inc.: Investing In Technology & Capacity For Expansion In 2024 & Beyond! - Major Drivers

United States

Old Dominion Freight Line, Inc. is an inter-regional and multi-regional motor carrier.  The Company primarily transports less-than-truckload shipments of general commodities, such as consumer goods, textiles, and capital goods.  Old Dominion serves regional markets throughout the United States.

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Old Dominion Freight Line (ODFL US)

Mainfreight Freighting Re-Rating

Recent global freight industry data points and peer commentary suggest more downside than upside risk to Mainfreight's (MFT) near-term outlook.

Forsyth Barr

Old Dominion Freight Line: Dealing With Capacity Management Vulnerability & Other Challenges! - Major Drivers

Old Dominion Freight Line's recent third-quarter earnings call for 2024 revealed several key aspects of the company's performance amidst a...

Baptista Research

Old Dominion Freight Line Inc.: A Story Of Expanding Capacity and Network Optimization! - Major Drivers

Old Dominion Freight Line reported resilient financial performance in the second quarter of 2024, marked by consistent revenue growth and...

Baptista Research

Old Dominion Freight Line Inc.: How They Are Growing Volumes Through Operating Ratio Leverage! - Major Drivers

Old Dominion Freight Line, a major freight carrier company, recently released its first quarter 2024 which reflected a challenging economic...

Baptista Research

Old Dominion Freight Line Inc.: Investing In Technology & Capacity For Expansion In 2024 & Beyond! - Major Drivers

Old Dominion Freight Line released its fourth-quarter earnings. In the quarter, the company saw a slowdown in the domestic economy which affected...

Baptista Research

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