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>The favourable pricing backdrop for Port of Tauranga (POT) continues, with the company set to materially increase its access pricing at MetroPort from 1 September 2025.</li><li>POT currently trades at ~19x one-year forward EV/EBITDA, which appears consistent with its post-COVID history on a bond rate-adjusted basis.</li><li>Our revised NPAT forecast for FY26 implies +19% growth on FY25, driven almost entirely by pricing initiatives.</li></ul>

The favourable pricing backdrop for Port of Tauranga (POT) continues, with the company set to materially increase its access pricing at MetroPort from 1 September 2025.POT currently trades at ~19x one-year forward EV/EBITDA, which appears consistent with its post-COVID history on a bond rate-adjusted basis.Our revised NPAT forecast for FY26 implies +19% growth on FY25, driven almost entirely by pricing initiatives.

Port of Tauranga

Port of Tauranga The Price Is Right