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>Skellerup (SKL) reported another impressive result, with NPAT up +9% on the prior year.</li><li>After a weak 1H25, the Industrial division posted a record 2H25 despite some minor customer volatility from the tariffs.</li><li>SKL continues to trade on unchallenging valuation metrics (12-month forward PE of 16x, below the market at 17x), with solid growth prospects (FY25–28 EPS CAGR of +10%), low debt (0.2x EBITDA), and a strong cash yield (FY26 5.6%).</li></ul>

Skellerup (SKL) reported another impressive result, with NPAT up +9% on the prior year.After a weak 1H25, the Industrial division posted a record 2H25 despite some minor customer volatility from the tariffs.SKL continues to trade on unchallenging valuation metrics (12-month forward PE of 16x, below the market at 17x), with solid growth prospects (FY25–28 EPS CAGR of +10%), low debt (0.2x EBITDA), and a strong cash yield (FY26 5.6%).

Skellerup Holdings FY25 Result—Creaming It