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 upgrade our rating on Serko (SKO) to OUTPERFORM from NEUTRAL, with a target price rising +1% to NZ$3.70.</li><li>Serko's core business is estimated to deliver &gt;NZ$35m of EBITDA by FY28, representing an EV/EBITDA multiple of ~8x.</li><li>Recent performance in SKO’s underlying business has been robust, with significant operating leverage achieved.</li></ul>

We upgrade our rating on Serko (SKO) to OUTPERFORM from NEUTRAL, with a target price rising +1% to NZ$3.70.Serko's core business is estimated to deliver &gt;NZ$35m of EBITDA by FY28, representing an EV/EBITDA multiple of ~8x.Recent performance in SKO’s underlying business has been robust, with significant operating leverage achieved.

Serko Ltd

Serko Expectations Reset—Time to Fly