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>Our mosaic of datapoints suggests the a2 Milk Company (ATM) has had a solid start to FY26.</li><li>Overall, we remain positive on the earnings outlook for ATM (FY26–FY29 EPS CAGR of ~+14%), but current valuation levels are unsustainable.</li><li>On the balance of probabilities, we see the risk–reward as negatively skewed.</li></ul>

Our mosaic of datapoints suggests the a2 Milk Company (ATM) has had a solid start to FY26.Overall, we remain positive on the earnings outlook for ATM (FY26–FY29 EPS CAGR of ~+14%), but current valuation levels are unsustainable.On the balance of probabilities, we see the risk–reward as negatively skewed.

A2 Milk Co Ltd

The A2 Milk Company Moomentum