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>Sanford (SAN) has announced a solid FY22 result driven by (1) a global recovery in demand post-COVID, (2) strong seafood prices across all divisions versus the prior year, and (3) better margins from improved product mix</li><li>SAN also announced a NZ10cps final dividend, which is the first since FY20</li><li>SAN trades at the bottom of its historical two-year PE range and near a historical value floor</li></ul>

Sanford (SAN) has announced a solid FY22 result driven by (1) a global recovery in demand post-COVID, (2) strong seafood prices across all divisions versus the prior year, and (3) better margins from improved product mixSAN also announced a NZ10cps final dividend, which is the first since FY20SAN trades at the bottom of its historical two-year PE range and near a historical value floor

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>
<a href="https://www.smartkarma.com/entities/tassal-group-ltd" target="_blank" data-smartkarma-citation="entities:16234:1" rel="noopener">Tassal (TGR AU)</a>'s scheme meeting is scheduled for 3 November. The IE considers the A$5.23 per share offer fair and reasonable.</li>
<li>The key condition is approval from shareholders - headcount test and approval by at least 75% of the votes cast on the scheme resolution. Cooke has received FIRB approval.</li>
<li>We continue to think that offer is attractive. At the last close price and for the 21 November implementation date, the gross and annualised spread is 1.2% and 8.8%, respectively.</li>
</ul>



Tassal (TGR AU)'s scheme meeting is scheduled for 3 November. The IE considers the A$5.23 per share offer fair and reasonable.
The key condition is approval from shareholders - headcount test and approval by at least 75% of the votes cast on the scheme resolution. Cooke has received FIRB approval.
We continue to think that offer is attractive. At the last close price and for the 21 November implementation date, the gross and annualised spread is 1.2% and 8.8%, respectively.


<ul><li>SAN provides investors exposure to marine property rights and has a competitive moat by holding ~20% of NZ's annual catch entitlements</li><li>Downside support appears robust, historically speaking</li><li>Execution risk of ambitious EBIT target range</li></ul>

SAN provides investors exposure to marine property rights and has a competitive moat by holding ~20% of NZ's annual catch entitlementsDownside support appears robust, historically speakingExecution risk of ambitious EBIT target range

Sanford: Fishing for Growth but Catching Value; OUTPERFORM

Thematic (Sector/Industry)

<ul><li>Positive undercurrents continue to develop</li><li>Regulatory reform: New Zealand producers continue to lag international peers partially due to a rigid regulatory framework which is not fit for purpose</li><li>A tale of two terms: short term pain for long term gain?</li></ul>

Positive undercurrents continue to developRegulatory reform: New Zealand producers continue to lag international peers partially due to a rigid regulatory framework which is not fit for purposeA tale of two terms: short term pain for long term gain?

Harvest Summary: Stacking up the Seafood Stocks

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tassal-group-ltd" target="_blank" data-smartkarma-citation="entities:16234:1" rel="noopener">Tassal (TGR AU)</a> entered a scheme implementation deed with Cooke at A$5.23 per share, a 48.6% premium to the undisturbed price of A$3.52.</li>
<li>The offer price is an all-time share price high. The scheme is not subject to due diligence or a financing condition. Cooke also noted that it had received FIRB approval.</li>
<li>This is a done deal. At last close and for year-end payment, the gross and annualised spread to the offer is 1.8% and 4.6%, respectively.</li>
</ul>



Tassal (TGR AU) entered a scheme implementation deed with Cooke at A$5.23 per share, a 48.6% premium to the undisturbed price of A$3.52.
The offer price is an all-time share price high. The scheme is not subject to due diligence or a financing condition. Cooke also noted that it had received FIRB approval.
This is a done deal. At last close and for year-end payment, the gross and annualised spread to the offer is 1.8% and 4.6%, respectively.


New Zealand

Sanford Limited owns and manages deepwater and inshore fisheries throughout New Zealand waters.  The Company also operates cool-storage, ship-building, engineering and aquaculture businesses.  The Company exports seafood throughout the world.  The Company's seafood products include orange roughy, squid, hoki, tuna, mussels and salmon.

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Sanford Limited (SAN NZ)

Sanford: Diving into Open Channels

Sanford (SAN) has announced a solid FY22 result driven by (1) a global recovery in demand post-COVID, (2) strong seafood prices across all...

Forsyth Barr

Tassal Scheme Meeting on 3 November

This looks like a done deal. At the last close price and for the 21 November implementation date, the annualised spread is 8.8%.

Arun George

Sanford: Fishing for Growth but Catching Value; OUTPERFORM

SAN provides investors exposure to marine property rights and has a competitive moat by holding ~20% of NZ's annual catch entitlements

Forsyth Barr

Harvest Summary: Stacking up the Seafood Stocks

The New Zealand seafood sector has the potential to experience significant growth in the long run, but the medium term remains highly uncertain

Forsyth Barr

Tassal Recommends Cooke’s A$5.23 Offer

This is a done deal. At last close and for year-end payment, the gross and annualised spread to the offer is 1.8% and 4.6%, respectively.

Arun George

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