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>Macro challenges offset through cost controls: STU upgraded its EBIT guidance by +5% at the midpoint to NZ$31m–32m.</li><li>Inventory unwinding drives debt reduction: STU's focus on its balance sheet and running down inventory has reduced net debt by c.-NZ$50m on FY22 and resulted in net cash of NZ$6.5m at FY23. </li><li>More cyclical pressures on the horizon: FY24 is likely to be another challenging year. While STU's key non-residential exposure remains robust we expect some deterioration as higher interest rates pressure commercial development feasibilities. </li></ul>

Macro challenges offset through cost controls: STU upgraded its EBIT guidance by +5% at the midpoint to NZ$31m–32m.Inventory unwinding drives debt reduction: STU's focus on its balance sheet and running down inventory has reduced net debt by c.-NZ$50m on FY22 and resulted in net cash of NZ$6.5m at FY23. More cyclical pressures on the horizon: FY24 is likely to be another challenging year. While STU's key non-residential exposure remains robust we expect some deterioration as higher interest rates pressure commercial development feasibilities. 

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