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.

Thematic (Sector/Industry)

<ul><li>The Forsyth Barr Technology Digest provides a snapshot of recent information relevant to the listed technology industries across New Zealand, Australia and the globe.</li><li>We focus on three industry segments: Software &amp; Services, Technology hardware, and Semiconductors &amp; equipment</li><li>We aim to showcase what New Zealand technology is doing, update on recent news at a company and technology level, display stock performance, show relevant ratios and provide a brief snapshot of each technology company across New Zealand and Australia. </li></ul>

The Forsyth Barr Technology Digest provides a snapshot of recent information relevant to the listed technology industries across New Zealand, Australia and the globe.We focus on three industry segments: Software &amp; Services, Technology hardware, and Semiconductors &amp; equipmentWe aim to showcase what New Zealand technology is doing, update on recent news at a company and technology level, display stock performance, show relevant ratios and provide a brief snapshot of each technology company across New Zealand and Australia. 

Forsyth Barr: Technology Digest Edition 1 — AI Hitting the Mainstream

Equity Bottom-Up

<ul><li>Australasian recovery charges on, businesses unfazed by high fares </li><li>European resilience positive, though medium-term uncertainty lingers</li><li>Cash buffer offers protection in the event of a downturn: SKO has a significant cash buffer available, with net cash of NZ$103m at 30 September 2022</li></ul>

Australasian recovery charges on, businesses unfazed by high fares European resilience positive, though medium-term uncertainty lingersCash buffer offers protection in the event of a downturn: SKO has a significant cash buffer available, with net cash of NZ$103m at 30 September 2022

<ul><li>Serko (SKO) reported a 1H23 result that displayed a promising beat at the top line, though this was offset by a signalled step up in operating expenses</li><li>Contribution from the Booking.com JV displayed solid growth, though its short history makes comparisons difficult</li><li>While COVID-19 is now largely in the rear-view mirror, SKO enters a critical period for execution on the JV</li></ul>

Serko (SKO) reported a 1H23 result that displayed a promising beat at the top line, though this was offset by a signalled step up in operating expensesContribution from the Booking.com JV displayed solid growth, though its short history makes comparisons difficultWhile COVID-19 is now largely in the rear-view mirror, SKO enters a critical period for execution on the JV

Serko: 1H23 Result — Banking on Booking

<ul><li>Serko (SKO) reported a 1H23 result that displayed a promising beat at the top line, but this was more offset by concerns relating to rising expenses</li><li>Booking volumes in SKO’s key market of Australasia are nearing pre-COVID levels, helping segmental revenue come in at NZ$20.3m, +~14% ahead of our forecast</li><li>However, like many of its technology counterparts, SKO is suffering from high cost inflation, particularly in relation to its wage bill, contributing to total opex of NZ$42.3m in 1H23, +~19% ahead of our forecast.</li></ul>

Serko (SKO) reported a 1H23 result that displayed a promising beat at the top line, but this was more offset by concerns relating to rising expensesBooking volumes in SKO’s key market of Australasia are nearing pre-COVID levels, helping segmental revenue come in at NZ$20.3m, +~14% ahead of our forecastHowever, like many of its technology counterparts, SKO is suffering from high cost inflation, particularly in relation to its wage bill, contributing to total opex of NZ$42.3m in 1H23, +~19% ahead of our forecast.

Serko (SKO): 1H23 Result – First Impressions

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/pushpay-holdings-ltd" target="_blank" data-smartkarma-citation="entities:13737:1" rel="noopener">Pushpay Holdings (PPH NZ)</a> entered a scheme implementation deed (SID) with Sixth Street/BGH at NZ$1.34 per share, a 30.1% premium to the undisturbed price (12.6% premium to the last close).</li>
<li>The key conditions are shareholder and regulatory (OIO &amp; US antitrust) approvals. The scheme meeting is in 1Q23. </li>
<li>The offer is light. A concentrated shareholder register and signs of retail opposition are risks. A 75% deal probability, implies buying up to NZ$1.27 per share.</li>
</ul>



Pushpay Holdings (PPH NZ) entered a scheme implementation deed (SID) with Sixth Street/BGH at NZ$1.34 per share, a 30.1% premium to the undisturbed price (12.6% premium to the last close).
The key conditions are shareholder and regulatory (OIO &amp; US antitrust) approvals. The scheme meeting is in 1Q23. 
The offer is light. A concentrated shareholder register and signs of retail opposition are risks. A 75% deal probability, implies buying up to NZ$1.27 per share.


Pushpay Enters a SID with Sixth Street/BGH at NZ$1.34

New Zealand

Serko Ltd operates as an online corporate travel booking and expense management company.

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Serko Ltd (SKO NZ)

Forsyth Barr: Technology Digest Edition 1 — AI Hitting the Mainstream

The Forsyth Barr Technology Digest provides a snapshot of recent information relevant to the listed technology industries across New Zealand,...

Forsyth Barr

Serko: Steep Ascent, but Clouds Remain

The corporate travel recovery is in full swing, with strong bookings acknowledged in the usually slower Christmas and New Year period in Serko's...

Forsyth Barr

Serko: 1H23 Result — Banking on Booking

Serko (SKO) reported a 1H23 result that displayed a promising beat at the top line, though this was offset by a signalled step up in operating...

Forsyth Barr

Serko (SKO): 1H23 Result – First Impressions

Serko (SKO) reported a 1H23 result that displayed a promising beat at the top line, but this was more offset by concerns relating to rising...

Forsyth Barr

Pushpay Enters a SID with Sixth Street/BGH at NZ$1.34

The offer is light. A concentrated shareholder register and signs of retail opposition are risks. A 75% deal probability, implies buying up to...

Arun George

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Market Cap (USDm)

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