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 downgrade Sanford (SAN) to NEUTRAL from OUTPERFORM.</li><li>Nonetheless, the underlying result was robust, buoyed by strong pricing in salmon and some wild-catch species, and offset by a more challenging mussels result.</li><li>While valuation is undemanding (~11x one-year forward PE and an ~8% FY27 free cash flow yield), we now view the risk–reward as balanced, and believe SAN would need to deliver further earnings upgrades to continue its re-rate.</li></ul>

We downgrade Sanford (SAN) to NEUTRAL from OUTPERFORM.Nonetheless, the underlying result was robust, buoyed by strong pricing in salmon and some wild-catch species, and offset by a more challenging mussels result.While valuation is undemanding (~11x one-year forward PE and an ~8% FY27 free cash flow yield), we now view the risk–reward as balanced, and believe SAN would need to deliver further earnings upgrades to continue its re-rate.

Sanford 1H26—Dropping Anchor, Down to NEUTRAL

Sanford Limited

Sanford 1H26—Dropping Anchor, Down to NEUTRAL