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>Spark NZ (SPK) has announced the sale of a ~75% stake in its data centre assets (DC Co).</li><li>SPK will receive ~NZ$850m in gross cash proceeds from asset sales over CY25.</li><li>We view the DC Co valuation as a combination of: (1) 20x existing asset EBITDA (in line with peers); (2) broadly book value for land in the pipeline and early development work; and (3) the earn-out, akin to a ~10%–15% development margin on the first half of the pipeline.</li></ul>

Spark NZ (SPK) has announced the sale of a ~75% stake in its data centre assets (DC Co).SPK will receive ~NZ$850m in gross cash proceeds from asset sales over CY25.We view the DC Co valuation as a combination of: (1) 20x existing asset EBITDA (in line with peers); (2) broadly book value for land in the pipeline and early development work; and (3) the earn-out, akin to a ~10%–15% development margin on the first half of the pipeline.

Spark New Zealand

Spark NZ The First Spark