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>We view Gentrack’s (GTK) acquisition of Dubai Technology Partners (DTP) for Veovo constructively.</li><li>Given earnings accretion, existing product partnerships between Veovo and DTP, and GTK’s ability to cash fund the transaction, we see downside risk as limited.</li><li>We incorporate DTP into our forecasts, and our target price lifts +6% to NZ$9.20, also partly reflecting higher peer multiples.</li></ul>

We view Gentrack’s (GTK) acquisition of Dubai Technology Partners (DTP) for Veovo constructively.Given earnings accretion, existing product partnerships between Veovo and DTP, and GTK’s ability to cash fund the transaction, we see downside risk as limited.We incorporate DTP into our forecasts, and our target price lifts +6% to NZ$9.20, also partly reflecting higher peer multiples.

Gentrack

Gentrack Veovo Bolt-On Takes Flight