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>The a2 Milk Company (ATM)'s 12 month forward PE has de-rated materially year-to-date, while EPS estimates are up modestly.</li><li>ATM is now trading on ~23x 12 month forward PE (~19x cash adjusted), which is a near all-time low.</li><li>Following recent robust data suggesting market share gains across offline and online channels, and an improving gross margin outlook, we think FY23 earnings guidance may prove to be conservative. </li></ul>

The a2 Milk Company (ATM)'s 12 month forward PE has de-rated materially year-to-date, while EPS estimates are up modestly.ATM is now trading on ~23x 12 month forward PE (~19x cash adjusted), which is a near all-time low.Following recent robust data suggesting market share gains across offline and online channels, and an improving gross margin outlook, we think FY23 earnings guidance may prove to be conservative. 

A2 Milk Co Ltd

The A2 Milk Company - Wheying Up FY24