New Zealand Professional Investment Services Firm

Forsyth Barr

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.

New Zealand Professional Investment Services Firm, Forsyth Barr

Equity Bottom-Up

<ul><li>Freightways (FRW) has been one of the most acquisitive companies on the NZX over the past 20 years, yet its acquisition strategy has only recently started to add meaningful value as it has pursued larger deals within adjacent growth sectors.</li><li>We retain a NEUTRAL rating but recognise the attraction of value-add potential from future M&amp;A.</li><li>Its pipeline of potential opportunities is long (we suspect it includes parts of TGE, Hunter Express, ACN Delivers, Kings, and Capital Transport), according to management, but deals are usually subject to a willing buyer and a willing seller.</li></ul>

Freightways (FRW) has been one of the most acquisitive companies on the NZX over the past 20 years, yet its acquisition strategy has only recently started to add meaningful value as it has pursued larger deals within adjacent growth sectors.We retain a NEUTRAL rating but recognise the attraction of value-add potential from future M&amp;A.Its pipeline of potential opportunities is long (we suspect it includes parts of TGE, Hunter Express, ACN Delivers, Kings, and Capital Transport), according to management, but deals are usually subject to a willing buyer and a willing seller.

Freightways Ltd

Freightways A Truckload Of M&A