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>Napier Port (NPH) reported a robust 3Q25 result, with strong earnings growth driven by pricing gains, effective cost management, and operating leverage.</li><li>Management continues to expect FY25 EBITDA to be at the top of its full-year guidance range of NZ$59m–NZ$63m, implying a flat 4Q25 versus the prior year.</li><li>NPH continues to trade at a wide discount to POT on both a one year forward EV/EBITDA and PE basis, the quantum of which we believe is unjustified.</li></ul>

Napier Port (NPH) reported a robust 3Q25 result, with strong earnings growth driven by pricing gains, effective cost management, and operating leverage.Management continues to expect FY25 EBITDA to be at the top of its full-year guidance range of NZ$59m–NZ$63m, implying a flat 4Q25 versus the prior year.NPH continues to trade at a wide discount to POT on both a one year forward EV/EBITDA and PE basis, the quantum of which we believe is unjustified.

<ul><li>Third-party data covering over 75% of Port of Tauranga’s (POT) cargo volume suggests POT enjoyed robust 4Q25 cargo volumes and will likely report FY25 volumes at or marginally ahead of guidance.</li><li>While the volume backdrop is supportive to near-term earnings, pricing will be the major driver of a strong FY25 result (due on 29 August 2025).</li><li>Moreover, we continue to see pricing as the key lever for POT to lift return on capital above current sub-WACC levels.</li></ul>

Third-party data covering over 75% of Port of Tauranga’s (POT) cargo volume suggests POT enjoyed robust 4Q25 cargo volumes and will likely report FY25 volumes at or marginally ahead of guidance.While the volume backdrop is supportive to near-term earnings, pricing will be the major driver of a strong FY25 result (due on 29 August 2025).Moreover, we continue to see pricing as the key lever for POT to lift return on capital above current sub-WACC levels.

Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

Equity, Bottom-up Analyst

Investics Research

It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity Bottom-up Research

<ul>
<li>We follow our initiations on <a href="https://www.smartkarma.com/entities/westports-holdings-bhd" target="_blank" data-smartkarma-citation="entities:3954:1" rel="noopener">Westports Holdings (WPRTS MK)</a> and <a href="https://www.smartkarma.com/entities/asian-terminals-inc" target="_blank" data-smartkarma-citation="entities:22959:1" rel="noopener">Asian Terminals (ATI PM)</a> with the <a href="https://www.smartkarma.com/entities/port-of-tauranga-ltd" target="_blank" data-smartkarma-citation="entities:3739:1" rel="noopener">Port of Tauranga (POT NZ)</a> .</li>
<li>The company has shown strong pricing power, significantly raising its access charges at MetroPort starting September 1, 2025, to over NZ$130/transaction.</li>
<li>Despite this, based on our numbers, the stock trades at 26.6x/22x FY25/26 PE (ex-freehold land value). We believe this is expensive and would be neutral on the name. </li>
</ul>


We follow our initiations on Westports Holdings (WPRTS MK) and Asian Terminals (ATI PM) with the Port of Tauranga (POT NZ) .
The company has shown strong pricing power, significantly raising its access charges at MetroPort starting September 1, 2025, to over NZ$130/transaction.
Despite this, based on our numbers, the stock trades at 26.6x/22x FY25/26 PE (ex-freehold land value). We believe this is expensive and would be neutral on the name. 


Port of Tauranga (POT NZ): High Quality But Fairly Valued

International Container Terminal Services / Equity Bottom-Up

International Container Terminal Services (ICT PM)

International Container Terminal Services

<ul>
<li>This is a short insight, informing readers that we intend to initiate a container port terminal product, following our recent initiation on <a href="https://www.smartkarma.com/entities/asian-terminals-inc" target="_blank" data-smartkarma-citation="entities:22959:1" rel="noopener">Asian Terminals (ATI PM)</a> </li>
<li>This product will be followed by initiations on high-quality companies like <a href="https://www.smartkarma.com/entities/westports-holdings-bhd" target="_blank" data-smartkarma-citation="entities:3954:1" rel="noopener">Westports Holdings (WPRTS MK)</a> / <a href="https://www.smartkarma.com/entities/intl-container-term-svcs-inc" target="_blank" data-smartkarma-citation="entities:20001:1" rel="noopener">ICTSI (ICT PM)</a> / <a href="https://www.smartkarma.com/entities/port-of-tauranga-ltd" target="_blank" data-smartkarma-citation="entities:3739:1" rel="noopener">Port of Tauranga (POT NZ)</a>, etc, and a monthly screen.
</li>
<li>In this insight, we will highlight our rationale for introducing this product and outline the screening metrics for companies. </li>
</ul>


This is a short insight, informing readers that we intend to initiate a container port terminal product, following our recent initiation on Asian Terminals (ATI PM) 
This product will be followed by initiations on high-quality companies like Westports Holdings (WPRTS MK) / ICTSI (ICT PM) / Port of Tauranga (POT NZ), etc, and a monthly screen.

In this insight, we will highlight our rationale for introducing this product and outline the screening metrics for companies. 


Initiation of A Container Port Terminal Product

<ul><li>The favourable pricing backdrop for Port of Tauranga (POT) continues, with the company set to materially increase its access pricing at MetroPort from 1 September 2025.</li><li>POT currently trades at ~19x one-year forward EV/EBITDA, which appears consistent with its post-COVID history on a bond rate-adjusted basis.</li><li>Our revised NPAT forecast for FY26 implies +19% growth on FY25, driven almost entirely by pricing initiatives.</li></ul>

The favourable pricing backdrop for Port of Tauranga (POT) continues, with the company set to materially increase its access pricing at MetroPort from 1 September 2025.POT currently trades at ~19x one-year forward EV/EBITDA, which appears consistent with its post-COVID history on a bond rate-adjusted basis.Our revised NPAT forecast for FY26 implies +19% growth on FY25, driven almost entirely by pricing initiatives.

New Zealand

Port of Tauranga Limited activities include the provision of wharf facilities, back up land for the storage and transit of import and export cargo, berthage, cranes, tug and pilotage services for exporters, importers and shipping companies and the leasing of land and buildings.  The Group also operates a container terminal and has bulk cargo marshalling operations.

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

Port of Tauranga (POT NZ)

Napier Port Running a Tight Ship

Napier Port (NPH) reported a robust 3Q25 result, with strong earnings growth driven by pricing gains, effective cost management, and operating...

Forsyth Barr

Port Of Tauranga - Appetising FIGS

While the volume backdrop is supportive to near-term earnings, pricing will be the major driver of a strong FY25 result (due on 29 August 2025).

Forsyth Barr