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>Record May 2023 operating earnings set up the FY23 finish: We estimate May 2023 EBITDAF was NZ$117m, a new May record and tying with September 2022 as a record for any month.</li><li>Lifting FY23 and FY24 forecasts on back of the strong result: We have lifted our FY23 and FY24 EBITDAF forecasts ~+3% to NZ$796m and NZ$830m respectively, +NZ$31m and +NZ$24m ahead of median consensus. </li><li>Capex guidance changes all timing related:For the second time in two months MEL has lowered its capex guidance. </li></ul>

Record May 2023 operating earnings set up the FY23 finish: We estimate May 2023 EBITDAF was NZ$117m, a new May record and tying with September 2022 as a record for any month.Lifting FY23 and FY24 forecasts on back of the strong result: We have lifted our FY23 and FY24 EBITDAF forecasts ~+3% to NZ$796m and NZ$830m respectively, +NZ$31m and +NZ$24m ahead of median consensus. Capex guidance changes all timing related:For the second time in two months MEL has lowered its capex guidance. 

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