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>Lingering cost pressures delaying margin recovery: FRW's pricing power has been a key driver of its business model in recent years supported by rational competitor behaviour in the core NZ parcels market. </li><li>Volume risks apparent: FRW is not immune to the economic cycle</li><li>M&amp;A is the known unknown: Management's track record in driving value and earnings accretion through acquisitions was boosted by the favourable Big Chill deal (completed in early 2020).</li></ul>

Lingering cost pressures delaying margin recovery: FRW's pricing power has been a key driver of its business model in recent years supported by rational competitor behaviour in the core NZ parcels market. Volume risks apparent: FRW is not immune to the economic cycleM&amp;A is the known unknown: Management's track record in driving value and earnings accretion through acquisitions was boosted by the favourable Big Chill deal (completed in early 2020).

Freightways: Untimely Delivery of Economic Challenges

Freightways Ltd

Freightways: Untimely Delivery of Economic Challenges