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.

Event-Driven

Sports Entertainment Group  / Event-Driven

<ul><li>ASX-listed Sports Entertainment Group (SEG) has this morning announced the acquisition of MediaWorks for NZ$130m, or c.5.1x budgeted CY26 EBITDA (NZ$25.4m).</li><li>SEG expects to realise ~A$5m of annual synergies and for the deal to be immediately EPS accretive (pre-synergies).</li><li>SEG sees a credible path to MediaWorks achieving >NZ$38.0m EBITDA by FY30, seeing 'multiple levers' for growth across MediaWorks’ radio and digital assets.</li></ul>

ASX-listed Sports Entertainment Group (SEG) has this morning announced the acquisition of MediaWorks for NZ$130m, or c.5.1x budgeted CY26 EBITDA (NZ$25.4m).SEG expects to realise ~A$5m of annual synergies and for the deal to be immediately EPS accretive (pre-synergies).SEG sees a credible path to MediaWorks achieving >NZ$38.0m EBITDA by FY30, seeing 'multiple levers' for growth across MediaWorks’ radio and digital assets.

NZME (NZM)—Sports Entertainment Group (SEG) Acquires MediaWorks

Equity Bottom-Up

<ul><li>ASX-listed Sports Entertainment Group (SEG), the Australian sports media company, has agreed to acquire MediaWorks, the principal commercial radio competitor to NZME Limited (NZM), for NZ$130m.</li><li>The 5.1x EV/EBITDA multiple on CY26 budget earnings matches listed Australian audio peers and sits only modestly above NZM’s 4.1x group multiple on our FY26 estimates.</li><li>For NZM, we view the transaction as supportive of our valuation and modestly negative for competition.</li></ul>

ASX-listed Sports Entertainment Group (SEG), the Australian sports media company, has agreed to acquire MediaWorks, the principal commercial radio competitor to NZME Limited (NZM), for NZ$130m.The 5.1x EV/EBITDA multiple on CY26 budget earnings matches listed Australian audio peers and sits only modestly above NZM’s 4.1x group multiple on our FY26 estimates.For NZM, we view the transaction as supportive of our valuation and modestly negative for competition.

Australia

Sports Entertainment Group Limited provides digital broadcasting platform. The Company produces live and pre-recorded television programs and end-to-end live sport coverage for broadcasters. Sports Entertainment Group serves customers in Australia.

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Sports Entertainment Group (SEG AU)

NZME (NZM)—Sports Entertainment Group (SEG) Acquires MediaWorks

ASX-listed Sports Entertainment Group (SEG) has this morning announced the acquisition of MediaWorks for NZ$130m, or c.5.1x budgeted CY26 EBITDA...

Forsyth Barr

NZME Limited A Sound Benchmark For NZME

ASX-listed Sports Entertainment Group (SEG), the Australian sports media company, has agreed to acquire MediaWorks, the principal commercial radio...

Forsyth Barr

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