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

Vista Group International / Equity Bottom-Up

<ul><li>Sentiment on Vista Group (VGL) has softened in recent months, reflecting: (1) weaker than expected box office trends; (2) a lack of confirmation regarding a previously flagged significant enterprise win; and (3) the market digesting accelerated spend to support the cloud transition.</li><li>Despite these perceived headwinds, VGL reiterated its 2025 site count guidance at a November conference and has not walked back FY25 revenue and margin guidance.</li><li>VGL has de-rated by ~-18% over the last three months to trade at ~17.6x consensus EV/EBITDA 12-month forward, which we view as attractive relative to our forecast +30% EBITDA CAGR from FY25 to FY28.</li></ul>

Sentiment on Vista Group (VGL) has softened in recent months, reflecting: (1) weaker than expected box office trends; (2) a lack of confirmation regarding a previously flagged significant enterprise win; and (3) the market digesting accelerated spend to support the cloud transition.Despite these perceived headwinds, VGL reiterated its 2025 site count guidance at a November conference and has not walked back FY25 revenue and margin guidance.VGL has de-rated by ~-18% over the last three months to trade at ~17.6x consensus EV/EBITDA 12-month forward, which we view as attractive relative to our forecast +30% EBITDA CAGR from FY25 to FY28.

Vista Group Box Office Blues, Cloud Still Silver Lined