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>Synlait Milk's (SML) first-time half-year EBITDA guidance of NZ$58m–$63m implies material upgrades to consensus expectations (consensus was ~NZ$78m for FY25).</li><li>This reflects solid operational execution, as SML continues its turnaround with a focus on Ingredients margins (product optimisation) and cost control.</li><li>Our inference is that there hasn't been a material change in Advanced Nutrition performance from its key customers. No update was provide on full-year earnings, but we think SML should be within its NZ$200m–$250m net debt target range and below its 2.5x net debt to EBITDA covenant. </li></ul>

Synlait Milk's (SML) first-time half-year EBITDA guidance of NZ$58m–$63m implies material upgrades to consensus expectations (consensus was ~NZ$78m for FY25).This reflects solid operational execution, as SML continues its turnaround with a focus on Ingredients margins (product optimisation) and cost control.Our inference is that there hasn't been a material change in Advanced Nutrition performance from its key customers. No update was provide on full-year earnings, but we think SML should be within its NZ$200m–$250m net debt target range and below its 2.5x net debt to EBITDA covenant. 

Synlait Milk

Synlait Milk - New Year Cheer