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>SkyCity (SKC) has secured the right to apply for two online casino licences, though our analysis suggests the opportunity is relatively modest.</li><li>At the announced price of NZ$30m, we estimate the project is broadly net present value (NPV) neutral, with an internal rate of return (IRR) broadly in line with our estimate of SKC’s cost of capital.</li><li>At maturity, we think online gaming would contribute a modest ~5% of group pre-overhead EBITDA.</li></ul>

SkyCity (SKC) has secured the right to apply for two online casino licences, though our analysis suggests the opportunity is relatively modest.At the announced price of NZ$30m, we estimate the project is broadly net present value (NPV) neutral, with an internal rate of return (IRR) broadly in line with our estimate of SKC’s cost of capital.At maturity, we think online gaming would contribute a modest ~5% of group pre-overhead EBITDA.

<ul><li>SkyCity (SKC) provided a positive set of updates on its strategic initiatives.</li><li>The key new information was that SKC is launching a formal sale process for the Adelaide asset following its strategic review and enquiries from credible parties for the asset.</li><li>SKC suggested 1Q27 trading conditions were in line with the softer conditions experienced in 4Q26 (broadly in line with our estimates).</li></ul>

SkyCity (SKC) provided a positive set of updates on its strategic initiatives.The key new information was that SKC is launching a formal sale process for the Adelaide asset following its strategic review and enquiries from credible parties for the asset.SKC suggested 1Q27 trading conditions were in line with the softer conditions experienced in 4Q26 (broadly in line with our estimates).

<ul><li>The key news is that SKC is launching a formal sale process for Adelaide, having already received a number of credible bids for the asset.</li><li>We estimate a gross transaction value for Adelaide of ~NZ$180m-NZ$200m (excluding the A$21m fine payable to CBS).</li><li>The other announcements were largely a reiteration of information known to the market, albeit the updates do provide some confidence that SKC is progressing on various value enhancing strategies for shareholders.</li></ul>

The key news is that SKC is launching a formal sale process for Adelaide, having already received a number of credible bids for the asset.We estimate a gross transaction value for Adelaide of ~NZ$180m-NZ$200m (excluding the A$21m fine payable to CBS).The other announcements were largely a reiteration of information known to the market, albeit the updates do provide some confidence that SKC is progressing on various value enhancing strategies for shareholders.

SkyCity (SKC.NZ) - Progress on Strategic Initiatives and Trading Update

Director, Head of Research, Smartkarma

Pranav Rao

Director, Head of Research

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Event-Driven

<ul>
<li>Welcome to Curator’s Cut - a fortnightly roundup of standout themes from the 1,500+ insights shared on Smartkarma.</li>
<li>In this cut, we spotlight the shifting sentiment towards Indian equities, highlight the investable universe in Singapore around data centres, and draw attention to the gaming industry across continents.</li>
<li>Want to dig deeper? Comment or message with the themes you'd like to see highlighted next.</li>
</ul>


Welcome to Curator’s Cut - a fortnightly roundup of standout themes from the 1,500+ insights shared on Smartkarma.
In this cut, we spotlight the shifting sentiment towards Indian equities, highlight the investable universe in Singapore around data centres, and draw attention to the gaming industry across continents.
Want to dig deeper? Comment or message with the themes you'd like to see highlighted next.


Curator's Cut: Sentiment Shifts in India, Racking Up in Singapore & Gaming Across Borders

<ul><li>M&A activity is heating up at SkyCity (SKC).</li><li>SKC has also signalled that it is entering into a strategic review of its Adelaide precinct.</li><li>Our analysis of recent M&A transactions in the industry highlights that there is demand for regional Australasian casino assets.</li></ul>

M&A activity is heating up at SkyCity (SKC).SKC has also signalled that it is entering into a strategic review of its Adelaide precinct.Our analysis of recent M&A transactions in the industry highlights that there is demand for regional Australasian casino assets.

Australia

SKYCITY Entertainment Group Ltd. provides gaming and casino services. The Company offers various casinos accompanied with various bars, hotels, restaurants, and convention centers. SKYCITY Entertainment Group offers services in Australia and New Zealand.

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Skycity Entertainment (SKC AU)

SkyCity Weighing Up the Online Odds

SkyCity (SKC) has secured the right to apply for two online casino licences, though our analysis suggests the opportunity is relatively modest. At...

Forsyth Barr

SkyCity All the Cards in Play

SkyCity (SKC) provided a positive set of updates on its strategic initiatives. The key new information was that SKC is launching a formal sale...

Forsyth Barr

SkyCity (SKC.NZ) - Progress on Strategic Initiatives and Trading Update

The key news is that SKC is launching a formal sale process for Adelaide, having already received a number of credible bids for the asset. We...

Forsyth Barr

Curator's Cut: Sentiment Shifts in India, Racking Up in Singapore & Gaming Across Borders

This Curator's Cut highlights changing sentiment in Indian equities, Singapore data centres, and global gaming industry. Share your theme...

Pranav Rao

SkyCity Taking a Seat at the Deal Table

M&A activity is heating up at SkyCity (SKC). SKC has also signalled that it is entering into a strategic review of its Adelaide precinct. Our...

Forsyth Barr

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

SkyCity Weighing Up the Online Odds

SkyCity (SKC) has secured the right to apply for two online casino licences, though our analysis suggests the opportunity is relatively modest. At...

Forsyth Barr

SkyCity All the Cards in Play

SkyCity (SKC) provided a positive set of updates on its strategic initiatives. The key new information was that SKC is launching a formal sale...

Forsyth Barr

SkyCity (SKC.NZ) - Progress on Strategic Initiatives and Trading Update

The key news is that SKC is launching a formal sale process for Adelaide, having already received a number of credible bids for the asset. We...

Forsyth Barr

Curator's Cut: Sentiment Shifts in India, Racking Up in Singapore & Gaming Across Borders

​This Curator's Cut highlights changing sentiment in Indian equities, Singapore data centres, and global gaming industry. Share your theme...

Pranav Rao

SkyCity Taking a Seat at the Deal Table

M&A activity is heating up at SkyCity (SKC). SKC has also signalled that it is entering into a strategic review of its Adelaide precinct. Our...

Forsyth Barr

This Curator's Cut highlights changing sentiment in Indian equities, Singapore data centres, and global gaming industry. Share your theme...