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>Napier Port (NPH) reported third quarter profitability significantly down on the prior year given depressed cargo volumes following Cyclone Gabrielle, further exacerbated by adverse weather events during the quarter.</li><li>3Q23 underlying EBITDA fell -44% to NZ$7.5m, while underlying NPAT fell -73%.</li><li>Volatility in earnings remains a key feature of the company, reflective of its concentrated cargo base and high fixed costs (providing [de]operating leverage). </li></ul>

Napier Port (NPH) reported third quarter profitability significantly down on the prior year given depressed cargo volumes following Cyclone Gabrielle, further exacerbated by adverse weather events during the quarter.3Q23 underlying EBITDA fell -44% to NZ$7.5m, while underlying NPAT fell -73%.Volatility in earnings remains a key feature of the company, reflective of its concentrated cargo base and high fixed costs (providing [de]operating leverage). 

Napier Port - Cyclone Aftermath Dampens Profits