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>Conservative revenue guidance took some of the gloss off Serko's (SKO) otherwise strong 1H24 result.</li><li>Booking.com for Business (B4B) continues to exceed expectations, assisted by higher for longer hotel yields in Europe.</li><li>FY24 revenue guidance, while lifted as a result of the strong 1H24 result, reflected management's caution on the outlook for hotel yields and currency movements.</li></ul>

Conservative revenue guidance took some of the gloss off Serko's (SKO) otherwise strong 1H24 result.Booking.com for Business (B4B) continues to exceed expectations, assisted by higher for longer hotel yields in Europe.FY24 revenue guidance, while lifted as a result of the strong 1H24 result, reflected management's caution on the outlook for hotel yields and currency movements.

<ul><li>Strong top line performance with encouraging cost management: SKO experienced a strong top line finish to FY23, particularly from B4B</li><li>FY24 revenue growth to be driven by B4B, medium-term targets maintained: The strong FY23 revenue exit run-rate provides us confidence SKO will be able to reach the upper end of its FY24 revenue guidance range of NZ$63m–$70m.</li><li>CWT partnership and B4B global rollout provide further runway for growth: Travel management company CWT's partnership with B4B, expected to go live in June 2023, should drive an increase in customer acquisition for the B4B platform</li></ul>

Strong top line performance with encouraging cost management: SKO experienced a strong top line finish to FY23, particularly from B4BFY24 revenue growth to be driven by B4B, medium-term targets maintained: The strong FY23 revenue exit run-rate provides us confidence SKO will be able to reach the upper end of its FY24 revenue guidance range of NZ$63m–$70m.CWT partnership and B4B global rollout provide further runway for growth: Travel management company CWT's partnership with B4B, expected to go live in June 2023, should drive an increase in customer acquisition for the B4B platform

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

<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

New Zealand

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

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Serko Ltd (SKO NZ)

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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

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