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>Refined FY23 guidance (higher revenue but lower margins) implies low double digit EBITDA growth in FY23 versus FY22 which is consistent with our prior expectations and modestly below consensus</li><li>ATM also reaffirmed prior commentary that it anticipates SAMR re-registration approval in 2H23 and will transition to its new product in 1H24</li><li>We leave our forecasts unchanged and in light of ATM's downgraded margin expectations</li></ul>

Refined FY23 guidance (higher revenue but lower margins) implies low double digit EBITDA growth in FY23 versus FY22 which is consistent with our prior expectations and modestly below consensusATM also reaffirmed prior commentary that it anticipates SAMR re-registration approval in 2H23 and will transition to its new product in 1H24We leave our forecasts unchanged and in light of ATM's downgraded margin expectations

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The A2 Milk Company: Crawling Forward