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>Turners Automotive (TRA) has delivered top-quartile earnings growth and consistency in the NZ market over the past nine years.</li>
<li>TRA trades at a -5% discount to our blended auto retail and NZ retail peer set, which trade on ~13x 12-month forward EPS.</li>
<li>We reiterate our OUTPERFORM rating, with an increased target price of NZ$7.05.</li>
</ul>


Turners Automotive (TRA) has delivered top-quartile earnings growth and consistency in the NZ market over the past nine years.
TRA trades at a -5% discount to our blended auto retail and NZ retail peer set, which trade on ~13x 12-month forward EPS.
We reiterate our OUTPERFORM rating, with an increased target price of NZ$7.05.


Turners Automotive Group Ltd - Still Gas in the Tank