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>We retain our positive bias on The a2 Milk Company (ATM) heading into its 1H24 result on 19 February 2024 with our mosaic of datapoints continuing to be positive.</li><li>Specifically, Kantar data (what we view as comfortably the best data proxy for ATM) suggests upside risk to 1H24 consensus Infant Formula (IF) revenue forecasts.</li><li>While the share price has performed strongly over recent months, earnings multiples remain relatively undemanding and we retain our OUTPERFORM rating, particularly given increased confidence on the FY24 outlook.</li></ul>

We retain our positive bias on The a2 Milk Company (ATM) heading into its 1H24 result on 19 February 2024 with our mosaic of datapoints continuing to be positive.Specifically, Kantar data (what we view as comfortably the best data proxy for ATM) suggests upside risk to 1H24 consensus Infant Formula (IF) revenue forecasts.While the share price has performed strongly over recent months, earnings multiples remain relatively undemanding and we retain our OUTPERFORM rating, particularly given increased confidence on the FY24 outlook.

The A2 Milk Company - We Still Like the Formula

A2 Milk Co Ltd

The A2 Milk Company - We Still Like the Formula